Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 40,000 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-$4 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 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 $0.50 per share cash dividend, date of record January 10. March 20 Purchased April 5 July 5 July 31 August 14 October 5 easury stock for cash. Declared a $0.50 per share cash dividend, date of record April 10. Declared a $0.50 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 $0.50 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 $ 160,000 120,000 360,000 $ 640,000 October 5 $ 188,000 190,000 420,000 798,000 (50,000) $ 748,000
Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 40,000 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-$4 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 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 $0.50 per share cash dividend, date of record January 10. March 20 Purchased April 5 July 5 July 31 August 14 October 5 easury stock for cash. Declared a $0.50 per share cash dividend, date of record April 10. Declared a $0.50 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 $0.50 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 $ 160,000 120,000 360,000 $ 640,000 October 5 $ 188,000 190,000 420,000 798,000 (50,000) $ 748,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Stockholders' Equity (January 1)
Common stock-$4 par value, 100,000 shares authorized, 40,000 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-$4 par value, 100,000 shares authorized, 47,000 shares issued, 5,000
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 $0.50 per share cash dividend, date of record January 10.
March 20 Purchased treasury stock for cash.
April 5
July 5
July 31
August 14
October 5
Declared a $0.50 per share cash dividend, date of record April 10.
Declared a $0.50 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 $0.50 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
$ 160,000
120,000
360,000
$ 640,000
October 5
$ 188,000
190,000
420,000
798,000
(50,000)
$ 748,000
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