Assume that the stockholders' equity section on the balance sheet of Mangum's, a popular department store,...

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Assume that the stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income of $241,235,000 and declared and paid dividends of $11,911,000. Stockholders' Equity: Common stock, Class A-116,650, 308 and 116,465,495 shares issued; ? and ? shares outstanding Common stock, Class B (convertible)-4,140,929 shares issued and outstanding Additional paid-in capital Retained earnings Less treasury stock, at cost, Class A-47,116,748 and 45,430,148 shares Required: 1. What is the par value of Magnum's Class A common stock? Current Year $ 1,167,000 41,000 775,055,000 2,507,727,000 (1,872,581,000) Last Year $ 1,165,000 41,000 792,987,000 ? (930,560,000) 2. How many shares of Class A Common Stock were outstanding at the end of last year and the end of the current year? 3. What amount was reported in the Retained Earnings account at the end of last year? 4. How is the dollar amount in the treasury stock account at the end of the current year reflected on the asset side of the balance sheet? 5. During the current year, by what amount did treasury stock transactions increase or decrease stockholders' equity? 6. At the end of the current year, what was the average price paid per share for shares held in treasury stock? Assume that the stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income of $241,235,000 and declared and paid dividends of $11,911,000. Stockholders' Equity: Common stock, Class A-116,650, 308 and 116,465,495 shares issued; ? and ? shares outstanding Common stock, Class B (convertible)-4,140,929 shares issued and outstanding Additional paid-in capital Retained earnings Less treasury stock, at cost, Class A-47,116,748 and 45,430,148 shares Required: 1. What is the par value of Magnum's Class A common stock? Current Year $ 1,167,000 41,000 775,055,000 2,507,727,000 (1,872,581,000) Last Year $ 1,165,000 41,000 792,987,000 ? (930,560,000) 2. How many shares of Class A Common Stock were outstanding at the end of last year and the end of the current year? 3. What amount was reported in the Retained Earnings account at the end of last year? 4. How is the dollar amount in the treasury stock account at the end of the current year reflected on the asset side of the balance sheet? 5. During the current year, by what amount did treasury stock transactions increase or decrease stockholders' equity? 6. At the end of the current year, what was the average price paid per share for shares held in treasury stock?

Answer rating: 100% (QA)

1 Par Value of Class A Common Stock The par value of Class A common stock is the amount assigned to ... View the full answer