Assume that the stockholders' equity section on the balance sheet of Mangum's, a popular department store, isshown below. During the year, the company reported net income of $241,125,000 and declared and paiddividends of $11,909,000.Stockholders' Equity:Common stock, Class A-116,610,308 and116,535,495 shares issued; ? and ? sharesoutstandingCommon stock, Class B (convertible)-4,170,929shares issued and outstandingAdditional paid-in capitalRetained earningsLess treasury stock, at cost, Class A-47,176,748 and 45,340,148 shares$Current Year1,166,00042,000769,055,0002,607,727,000(1,891,581,000)$Last Year1,165,00042,000796,987,000?(941,560,000)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 currentyear?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 sideof 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?

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Answered: Assume that the stockholders' equity…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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The following information is available for Metloc Rock Corporation: Common Stock ($5 par) $1,620,000 Retained Earnings 1,205,000 An 17% stock dividend is declared and paid when the market value was $12 per share. Compute total stockholders' equity after the stock dividend. Total Stockholders' Equity
The stockholders’ equity section of Creighton Company’s balance sheet is shown as follows: CREIGHTON COMPANY As of December 31, Year 3 Stockholders’ equity Preferred stock, $10 stated value, 7% cumulative,300 shares authorized, 50 issued and outstanding $ 500 Common stock, $10 par value, 250 shares authorized,100 issued and outstanding 1,000 Common stock, class B, $20 par value, 400 sharesauthorized, 150 issued and outstanding 3,000 Common stock, no par, 150 shares authorized,100 issued and outstanding 2,200 Paid-in capital in excess of stated value—preferred 600 Paid-in capital in excess of par value—common 1,200 Paid-in capital in excess of par value—class B common 750 Retained earnings 7,000 Total stockholders’ equity $ 16,250 Requireda. Assuming the preferred stock was originally issued for cash, determine the amount of cash collected when the stock was issued.b. Based on the class B common stock alone,…
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Ayayai Corp. has these accounts at December 31: Common Stock, $10 par, 4,500 shares issued, $45,000; Paid-in Capital in Excess of Par $20,250; Retained Earnings $43,000; and Treasury Stock, 400 shares, $8,800. Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information.) Ayayai Corp. Balance Sheet (Partial) SA

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