Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 1 1 - 4 A ( Algo ) Analyzing changes in stockholders' equity accounts LO C 3 , P 2 , P 3 Skip

Problem 11-4A (Algo) Analyzing changes in stockholders' equity accounts LO C3, P2, P3
Skip to question
[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, 40,000 shares issued and outstanding $ 200,000
Paid-in capital in excess of par value, common stock 160,000
Retained earnings 340,000
Total stockholders equity $ 700,000
Stockholders Equity (December 31)
Common stock$5 par value, 100,000 shares authorized, 47,200 shares issued, 4,000 shares in treasury $ 236,000
Paid-in capital in excess of par value, common stock 210,400
Retained earnings ($30,000 restricted by treasury stock)420,000
866,400
Less cost of treasury stock (30,000)
Total stockholders equity $ 836,400
The following transactions and events affected its equity during the year.
January 5 Declared a $0.60 per share cash dividend, date of record January 10.
March 20 Purchased treasury stock for cash.
April 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 stocks market value was $12 per share.
August 14 Issued the stock dividend that was declared on July 31.
October 5 Declared a $0.60 per share cash dividend, date of record October 10.
Problem 11-4A (Algo) Part 2
2. What is the total dollar amount for each of the four cash dividends?

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

Step: 3

blur-text-image

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

Income Tax Planning

Authors: Thomas P. Langdon, E. Vance Grange, Michael A. Dalton

5th Edition

1936602075, 978-1936602070

More Books

Students also viewed these Accounting questions

Question

3. Use personal best goals, not between-student competition.

Answered: 1 week ago