Answered step by step
Verified Expert Solution
Question
1 Approved Answer
undefined Total stockholders' equity $600,000 Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury Paid-in capital
undefined
Total stockholders' equity $600,000 Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($60,000 restricted by treasury stock) $164,000 148,000 400,000 712,000 (60,000) $652,000 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 $12 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. Problem 13-4A Part 1 Required: 1. How many common shares are outstanding on each cash dividend date? Jan. 5 35,000 Apr. 5 30,000 July 5 30,000 Oct. 5 24,000 Outstanding common sharesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started