Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below) The equity sections for Atticus Group at the beginning of the year (January 1)

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information [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-56 par value, 100,000 Shares authorized, 35,000 shares issued and outstanding $ 210,000 Paid-in capital in excess of par value, common stock 170,000 Retained earnings 320,000 Total stockholders' equity $ 700,000 Stockholders' Equity (December 31) Common stock-56 par value, 180,000 shares authorized, 41,200 shares Issued, 4,000 shares in treasury Pald-in capital in excess of par value, common stock Retained earnings (350,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity 5 247,200 194,800 420,000 862,000 (50,000) $ 812,000 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 $0.68 per share cash dividend, date of record April 10. July 5 Declared a 50.60 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $10 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a 50.68 per share cash dividend, date of record October 10. Required: 1. How many common shares are outstanding on each cash dividend date? January 5 April 5 Julys October 5 Outstanding common shares Prey 8m of 5 Next > Required information 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 Kanuary 1) Common stock-56 par value, 199,000 shares authorized, 35,000 shares issued and outstanding $ 210,000 Pald-in capital in excess of par value, common stock 170,000 Retained earnings Total stockholders' equity $ 700,000 320,000 Stockholders' Equity December 31) Common stock-56 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid in capital in excess of par value, common stock Retained earnings (558,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following consactions and events affected its equity during the year, $ 247,200 194,800 420,000 862,00 (50,000) 5.812,000 January 5 Declared a 50.60 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash April 5 Declared a 50.60 per share cash dividend, date of record April 10. July 5 Declared a 50.60 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $10 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a 50.60 per share cash dividend, date of record October 10. 2. What is the total dollar amount for each of the four cash dividends? January 5 April 5 July 5 October 5 Cash dividend amounts Required information {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-55 par value, 100,800 shares authorized, 35,000 shares issued and outstanding $ 210,000 Paid-in capital in excess of par value, common stock 170,000 Retained earnings 320,000 Total stockholders' equity $ 700,000 Stockholders' Equity (December 31) Common stock-56 par value, 100,800 shares authorized, 41,200 shares issued, 4,800 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings (550,000 restricted by treasury stock) $ 247,200 194,800 420,000 862,000 (50,000) S 812,600 Less cost of treasury stock Total stockholders equity 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 50.60 per share cash dividend, date of record April 18. July 5 Declared a 50.6e per share cash dividend, date of record July 10. July 31 Declared a 20x stock dividend when the stock's market value was $10 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a 50.60 per share cash dividend, date of record October 10. 3. What is the amount of retained earnings transferred to paid in capital accounts (capitalized) for the stock dividend? Capitalization amount ! Required information [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-56 par value, 100,800 shares authorized, 35,800 shares issued and outstanding $ 210,000 Paid-in capital in excess of par value, common stock 178,000 Retained earnings 320,000 Total stockholders' equity $ 780,000 Stockholders' Equity December 31 Common stock-56 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury $ 247,280 Paid-in capital in excess of par value, common stock 194,800 Retained earnings ($50,000 restricted by treasury stock) 420,000 862,000 Less cost of treasury stock (50,000) Total stockholders equity S 812,000 The following transactions and events affected its equity during the year January 5 Declared a 59.60 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 stock's market value was $10 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a 50.60 per share cash dividend, date of record October 18. 4. What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal places.) Cost per share Required information [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-56 par value, 100,000 shares authorized, 35,000 shares issued and outstanding $ 210,000 Paid in capital in excess of par value, common stock 170,000 Retained earnings 320,000 Total stockholders equity $ 700,000 $ 247,280 194,880 420,000 862,000 (50,000) 5 812,000 Stockholders' Equity (December 31) Common stock-56 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings (550,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year January 5 Declared a 50.68 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 $0.68 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $10 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a 50.60 per share cash dividend, date of record October 10. 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

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

Horngrens Accounting The Managerial Chapters

Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

11th Global Edition

1292105879, 978-1292105871

More Books

Students also viewed these Accounting questions

Question

What are employee assistance programs and wellness programs?

Answered: 1 week ago