Required information [The following information applies to the questions displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock: Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.60 per share cash dividend, date of record January 10. March 28 Purchased treasury stock for cash. April 5 Declared a $0.60 per share cash dividend, date of record April 10. Declared a $0.60 per share cash dividend, date of record July 10. July 5 July 31 Declared a 20% stock dividend when the stock's market value was $14 per share.. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a $0.60 per share cash dividend, date of record October 10. Required: 1. How many common shares are outstanding on each cash dividend date? Outstanding common shares January 5 April 5 July 5 $ 210,000 170,000 360,000 $ 740,000 October 5 $ 247,200 219,600 420,000 886,800 (50,000) $ 836,800

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 11P: Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative,...
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Required information
[The following information applies to the questions displayed below.]
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow.
Stockholders' Equity (January 1)
Common stock-$6 par value, 100,000 shares authorized, 35,000 shares issued and
outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
Stockholders' Equity (December 31)
Common stock-$6 par value, 100,000 shares authorized, 41,200 shares issued, 4,000
shares in treasury
Paid-in capital in excess of par value, common stock
Retained earnings ($50,000 restricted by treasury stock)
Less cost of treasury stock
Total stockholders' equity
The following transactions and events affected its equity during the year.
January 5 Declared a $0.60 per share cash dividend, date of record January 10.
March 28
April 5
July 5
July 31
August 14
October 5
Purchased treasury stock for cash.
Declared a $0.60 per share cash dividend, date of record April 10.
Declared a $0.60 per share cash dividend, date of record July 10.
Declared a 20% stock dividend when the stock's market value was $14 per share..
Issued the stock dividend that was declared on July 31.
Declared a $0.60 per share cash dividend, date of record October 10.
Required:
1. How many common shares are outstanding on each cash dividend date?
Outstanding common shares
January 5
April 5
July 5
$ 210,000
170,000
360,000
$ 740,000
October 5
$ 247,200
219,600
420,000
886,800
(50,000)
$ 836,800
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.60 per share cash dividend, date of record January 10. March 28 April 5 July 5 July 31 August 14 October 5 Purchased treasury stock for cash. Declared a $0.60 per share cash dividend, date of record April 10. Declared a $0.60 per share cash dividend, date of record July 10. Declared a 20% stock dividend when the stock's market value was $14 per share.. Issued the stock dividend that was declared on July 31. Declared a $0.60 per share cash dividend, date of record October 10. Required: 1. How many common shares are outstanding on each cash dividend date? Outstanding common shares January 5 April 5 July 5 $ 210,000 170,000 360,000 $ 740,000 October 5 $ 247,200 219,600 420,000 886,800 (50,000) $ 836,800
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