The following is a portion of the Statement of Shareholders? Equity from Cisco Systems? July 29, 2017
Question:
The following is a portion of the Statement of Shareholders? Equity from Cisco Systems? July 29, 2017 annual report.
Required:1. How does Cisco account for its share buybacks? Treasury stock or retired shares?2. For its share buybacks in the period shown, was the price Cisco paid for the shares repurchased (a) more or (b) less than the average price at which Cisco had sold the shares previously?3. Reconstruct the journal entry Cisco used to record the buyback. The par amount of Cisco?s shares is $0.001.4. What two amounts caused the change in Cisco?s comprehensive income for the period shown?5. What was the amount of Accumulated other comprehensive income (loss) that Cisco reported in its July 29, 2017 balance sheet?
CISCO SYSTEMS, INC. Consolidated Statements of Equity (in part) Shares of Common Accumulated Other Total Stock and Shareholder' Additional Retained Common Comprehensive ($ in millions) Paid-In Capital Equity Stock Earnings Income $(326) Balance at July 25, 2016 Net income $44,516 $19,396 $63,586 5,029 9,609 9,609 Other comprehensive income (loss) 372 372 Issuance of common stock Repurchase of common stock Shares repurchased for tax withholdings on vesting of restricted stock units Cash dividends declared ($1.10 per common share) 92 708 708 (118) (1,050) (2,656) (3,706) (20) (619) (619) (5,511) (5,511) Tax effects from employee stock incentive plans (10) (10) Share-based compensation 1,540 1,540 expense Purchase acquisitions Balance at July 29, 168 168 $45,253 $20,838 $ 46 $66,137 2017 4,983
Step by Step Answer:
Requirement 1 The statement of shareholders equity explains why and how the various shareholders equity items in the balance sheet change from period to period The statement shows the beginning and en...View the full answer
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Related Video
A stock buyback is when a public company uses cash to buy shares of its own stock on the open market. A company may do this to return money to shareholders that it doesn\\\\\\\'t need to fund operations and other investments.This video will give you detailed overview about how stock buy back works and how it is useful tool for companies to raise capital .
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