Required Information [The following information applies to the questions displayed below.] Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively Total stockholders' equity $ 8,880,000 ? 14,670,000 12,070,000 (1,932,000) $ ? April 30, 2019 $ 8,880,000 2,400,000 14,140,000 11,794,000 (1,872,000) $35,342,000 Assume that on June 1 the board of directors declared a cash dividend of $0.23 per share on the outstanding shares of common stock. The dividend will be payable on July 15 to stockholders of record on June 15.
Required Information [The following information applies to the questions displayed below.] Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively Total stockholders' equity $ 8,880,000 ? 14,670,000 12,070,000 (1,932,000) $ ? April 30, 2019 $ 8,880,000 2,400,000 14,140,000 11,794,000 (1,872,000) $35,342,000 Assume that on June 1 the board of directors declared a cash dividend of $0.23 per share on the outstanding shares of common stock. The dividend will be payable on July 15 to stockholders of record on June 15.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required Information
[The following information applies to the questions displayed below.]
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
May 31, 2019
Paid-in capital:
Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized,
74,000 shares issued and outstanding
Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000
shares issued, respectively
Additional paid-in capital
Retained earnings
Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,
respectively
Total stockholders' equity
$ 8,880,000
Total cash dividend
?
14,670,000
12,070,000
(1,932,000)
$
?
April 30, 2019
$ 8,880,000
2,400,000
14,140,000
11,794,000
(1,872,000)
$35,342,000
Assume that on June 1 the board of directors declared a cash dividend of $0.23 per share on the outstanding shares of common stock.
The dividend will be payable on July 15 to stockholders of record on June 15.
e-1. Calculate the total amount of the dividend.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6db4719a-9a82-4a68-9040-c81531e716f9%2F3ddf752f-1cc1-4ca7-b086-d5f6bbec3531%2Fwi0h63p_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
May 31, 2019
Paid-in capital:
Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized,
74,000 shares issued and outstanding
Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000
shares issued, respectively
Additional paid-in capital
Retained earnings
Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,
respectively
Total stockholders' equity
$ 8,880,000
Total cash dividend
?
14,670,000
12,070,000
(1,932,000)
$
?
April 30, 2019
$ 8,880,000
2,400,000
14,140,000
11,794,000
(1,872,000)
$35,342,000
Assume that on June 1 the board of directors declared a cash dividend of $0.23 per share on the outstanding shares of common stock.
The dividend will be payable on July 15 to stockholders of record on June 15.
e-1. Calculate the total amount of the dividend.
![Required Information
[The following information applies to the questions displayed below.]
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
May 31, 2019
Paid-in capital:
Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized,
74,000 shares issued and outstanding
Common stock, $6 par value, 600,000 shares authorized, 420,000 and 480,000
shares issued, respectively
Additional paid-in capital
Retained earnings
Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,
respectively
Total stockholders' equity
$ 8,880,000
Cost per share
?
14,670,000
12,070,000
(1,932,000)
$
?
c. What was the average cost per share of the common stock purchased for the treasury during the month?
April 30, 2019
$ 8,880,000
2,400,000
14,140,000
11,794,000
(1,872,000)
$35,342,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6db4719a-9a82-4a68-9040-c81531e716f9%2F3ddf752f-1cc1-4ca7-b086-d5f6bbec3531%2F99x7lv_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
May 31, 2019
Paid-in capital:
Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized,
74,000 shares issued and outstanding
Common stock, $6 par value, 600,000 shares authorized, 420,000 and 480,000
shares issued, respectively
Additional paid-in capital
Retained earnings
Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,
respectively
Total stockholders' equity
$ 8,880,000
Cost per share
?
14,670,000
12,070,000
(1,932,000)
$
?
c. What was the average cost per share of the common stock purchased for the treasury during the month?
April 30, 2019
$ 8,880,000
2,400,000
14,140,000
11,794,000
(1,872,000)
$35,342,000
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