Income and equity relations Selected information based on the comparative balance sheets for James John Corporation (James

Question:

Income and equity relations Selected information based on the comparative balance sheets for James John Corporation (James John), a U.S. clothing designer, manufacturer, and retailer, for the years ended March 31, 2008, 2007, and 2006, appears next James John applies U.S. GAAP and reports its results in millions of U.S. dollars.

James John issued no new shares of common stock after 2006. In 2007 James John reported net income of $308.5 million and declared and paid cash dividends of $19.6 million. In 2008 James John paid $234.4 million to repurchase shares of common stock. Compute the missing amounts for each of the threeyears.

James John Corporation Balance Sheet Data March 31, 2008, 2007, and 2006 March 31 2008 2007 2006 Common Stock . 1.1 Accu

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...