Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income

The stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income of $241,065,000 and declared and paid dividends of $11,917,000.

Stockholders Equity : Current Year Last Year
Common stock, Class A116,710,308 and 116,475,495 shares issued; ? and ? shares outstanding 1,167,000 1,165,000
Common stock, Class B (convertible)4,030,929 shares issued and outstanding 40,000 40,000
Additional paid-in capital 768,055,000 793,987,000
Retained earnings 2,587,727,000 ?
Less treasury stock, at cost, Class A47,156,748 and 45,360,148 shares (1,870,581,000 ) (928,560,000 )

1. How many shares of Class A Common Stock were outstanding at the end of last year and the end of the current year?

2.What amount was reported in the Retained Earnings account at the end of last year? (Enter your answer in thousands.)

3.At the end of the current year, have the treasury stock transactions increased assets or decreased assets? By how much? (Enter the amount as positive value. Enter your answer in thousands.)

4.During the current year, by what amount did treasury stock transactions increase or decrease stockholders' equity? (Enter the amount as positive value. Enter your answer in thousands.)

5.At the end of the current year, what was the average price paid per share for shares held in treasury stock? (Round your answer to 2 decimal places.)

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

Accounting Accounting Made Simple For Beginners

Authors: Robert Briggs

1st Edition

1761032739, 978-1761032738

More Books

Students also viewed these Accounting questions