The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity: BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.542 per share Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.552 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 From the Statement of Cash Flows: Cash flows from financing activities: Dividends paid 2024 2023 $ 72,334 $ 67,022 Required: How many shares of treasury stock were removed for use during 2023? Note: Enter your answer in thousands. Treasury stock removed during 2023 Paid-in capital-excess of par $ 0 Number of Treasury shares (30,651) Treasury stock amount Retained earnings (5,271) 386 (1,892) 404 $ (525,221) 10,828 9,498 $ 1,674,282 243,841 (69,042) 140,109 20,539 (6,758) 132,946 (16,080) 319,193 (123,806) (309,508) 1,849,081 82,055 (3,628) 288 7,185 (73,803) (205) 375 (3,023) $ 129,113 (18,440) 8,361 (48,768) $ (342,730) $ 1,857,333
The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity: BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.542 per share Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.552 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 From the Statement of Cash Flows: Cash flows from financing activities: Dividends paid 2024 2023 $ 72,334 $ 67,022 Required: How many shares of treasury stock were removed for use during 2023? Note: Enter your answer in thousands. Treasury stock removed during 2023 Paid-in capital-excess of par $ 0 Number of Treasury shares (30,651) Treasury stock amount Retained earnings (5,271) 386 (1,892) 404 $ (525,221) 10,828 9,498 $ 1,674,282 243,841 (69,042) 140,109 20,539 (6,758) 132,946 (16,080) 319,193 (123,806) (309,508) 1,849,081 82,055 (3,628) 288 7,185 (73,803) (205) 375 (3,023) $ 129,113 (18,440) 8,361 (48,768) $ (342,730) $ 1,857,333
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands):
From the Statement of Changes in Shareholders' Equity:
BALANCES at December 31, 2022
Net earnings
Sales of common stock under option plans
Cash dividends declared on common stock: $0.542 per share
Compensation under employee incentive plans
Treasury shares exchanged for Acquisitions
Purchase of shares for treasury
BALANCES at December 31, 2023
Net earnings
Sales of common stock under option plans
Cash dividends declared on common stock: $0.552 per share
Compensation under employee incentive plans
Purchase of shares for treasury
BALANCES at December 31, 2024
From the Statement of Cash Flows:
Cash flows from financing activities:
Dividends paid
2024
2023
$ 72,334
$ 67,022
Required:
How many shares of treasury stock were removed for use during 2023?
Note: Enter your answer in thousands.
Treasury stock removed during 2023
Paid-in capital-excess
of par
$ 0
Number of Treasury
shares
(30,651)
Treasury stock
amount
$ (525,221)
Retained earnings
(5,271)
386
10,828
$ 1,674,282
243,841
(69,042)
(1,892)
140,109
404
20,539
9,498
319,193
(6,758)
132,946
(16,080)
(123,806)
(309,508)
(3,628)
288
7,185
1,849,081
82,055
(73,803)
(205)
375
8,361
(3,023)
(48,768)
$ 129,113
(18,440)
$ (342,730)
$ 1,857,333
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