Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with both parts. Required information Problem 11-4A Analyzing changes in stockholders' equity accounts LO C3, P2, P3 [The following information applies to the

Please help with both parts. image text in transcribedimage text in transcribedimage text in transcribed

Required information Problem 11-4A Analyzing changes in stockholders' equity accounts LO C3, P2, P3 [The following information applies to the questions displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$5 par value, 100,000 shares authorized, 30,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $150,000 110,000 360,000 $620,000 Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 35, 400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($40,000 restricted by treasury stock) $177,000 158,600 420,000 755,600 (40,000 $ 715,600 Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. Jan. 5 Declared a $0.60 per share cash dividend, date of record January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5 Declared a $0.60 per share cash dividend, date of record April 10. July 5 Declared a $0.60 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $14 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $0.60 per share cash dividend, date of record October 10. 2. What is the total dollar amount for each of the four cash dividends? Jan. 5 Apr. 5 Oct. 5 July 5 16,200 $ Cash dividend amounts $ 18,000 $ 16,200 $ 19,440 Problem 11-4A Part 5 5. How much net income did the company earn this year? Net income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing As A Career

Authors: Richa Yamini Goel

1st Edition

B09RMBWZ2L, 979-8412866512

More Books

Students also viewed these Accounting questions