E11-6 (Algo) Finding Amounts Missing from the Stockholders' Equity Section LO11-1, 11-3, 11-7 Assume that 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 $241,195,000 and declared and paid dividends of $11,915,000. Stockholders' Equity: Common stock, Class A-116,580,308 and 116,455,495 shares issued; ? and ? shares outstanding Common stock, Class B (convertible)-4,070,929 shares issued and outstanding Additional paid-in capital Retained earnings Less treasury stock, at cost, Class A-47,266,748 and 45,300,148 shares Current Year $ 1,166,000 41,000 780,055,000 2,497,727,000 (1,884,581,000) Last Year $1,165,000 41,000 780,987,000 (925,560,000) 7 Required: 1. What is the par value of Magnum's Class A common stock? 2. How many shares of Class A Common Stock were outstanding at the end of last year and the end of the current year? 3. What amount was reported in the Retained Earnings account at the end of last year? 4. How is the dollar amount in the treasury stock account at the end of the current year reflected on the asset side of the balance sheet? 5. During the current year, by what amount did treasury stock transactions increpse or decrease stockholders' equity? 6. At the end of the current year, what was the average price paid per share for shares held in treasury stock?
E11-6 (Algo) Finding Amounts Missing from the Stockholders' Equity Section LO11-1, 11-3, 11-7 Assume that 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 $241,195,000 and declared and paid dividends of $11,915,000. Stockholders' Equity: Common stock, Class A-116,580,308 and 116,455,495 shares issued; ? and ? shares outstanding Common stock, Class B (convertible)-4,070,929 shares issued and outstanding Additional paid-in capital Retained earnings Less treasury stock, at cost, Class A-47,266,748 and 45,300,148 shares Current Year $ 1,166,000 41,000 780,055,000 2,497,727,000 (1,884,581,000) Last Year $1,165,000 41,000 780,987,000 (925,560,000) 7 Required: 1. What is the par value of Magnum's Class A common stock? 2. How many shares of Class A Common Stock were outstanding at the end of last year and the end of the current year? 3. What amount was reported in the Retained Earnings account at the end of last year? 4. How is the dollar amount in the treasury stock account at the end of the current year reflected on the asset side of the balance sheet? 5. During the current year, by what amount did treasury stock transactions increpse or decrease stockholders' equity? 6. At the end of the current year, what was the average price paid per share for shares held in treasury stock?
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.23E
Related questions
Question
Subject :Accounting
Transcribed Image Text:E11-6 (Algo) Finding Amounts Missing from the Stockholders' Equity Section LO11-1, 11-3, 11-7
Assume that 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 $241,195,000 and declared and paid dividends of $11,915,000.
Stockholders' Equity:
Common stock, Class A-116,580,308 and 116,455,495 shares issued; 7 and 7
shares outstanding
Common stock, Class B (convertible)-4,070,929 shares issued and
outstanding
Additional paid-in capital
Retained earnings.
Less treasury stock, at cost, Class A-47,266,748 and 45,300,148 shares
Current Year
Complete this question by entering your answers in the tabs below.
$ 1,166,000
41,000
780,055,000
2,497,727,000
(1,884,581,000)
Last Year
$1,165,000
41,000
780,987,000
(925,560,000)
7
Required:
1. What is the par value of Magnum's Class A common stock?
2. How many shares of Class A Common Stock were outstanding at the end of last year and the end of the current year?
3. What amount was reported in the Retained Earnings account at the end of last year?
4. How is the dollar amount in the treasury stock account at the end of the current year reflected on the asset side of the balance
sheet?
5. During the current year, by what amount did treasury stock transactions increase or decrease stockholders' equity?
6. At the end of the current year, what was the average price paid per share for shares held in treasury stock?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,