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-$4 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-$4 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($40,000 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. Purchased treasury stock for cash. March 20 Declared a $0.50 per share cash dividend, date of record April 10. Declare a $0.50 per share cash dividend, of record July 10. April 5 July 5 July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 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 October 5 $ 140,000 100,000 340,000 $ 580,000 $ 164,000 148,000 400,000 712,000 (40,000) $ 672,000
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-$4 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-$4 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($40,000 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. Purchased treasury stock for cash. March 20 Declared a $0.50 per share cash dividend, date of record April 10. Declare a $0.50 per share cash dividend, of record July 10. April 5 July 5 July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 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 October 5 $ 140,000 100,000 340,000 $ 580,000 $ 164,000 148,000 400,000 712,000 (40,000) $ 672,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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-$4 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-$4 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in
treasury
Paid-in capital in excess of par value, common stock
Retained earnings ($40,000 restricted by treasury stock)
Less cost of treasury stock
Total stockhold
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.
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 $12 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.
April 5
July 5
July 31
August 14
October 5
Required:
1. How many common shares are outstanding on each cash dividend date?
Outstanding common shares
January 5
April 5
July 5
October 5
$ 140,000
100,000
340,000
$ 580,000
$164,000
148,000
400,000
712,000
(40,000)
$ 672,000
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