Question: Accounting HW help please The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31)

Accounting HW help please

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$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding $ 175,000
Paid-in capital in excess of par value, common stock 135,000
Retained earnings 360,000
Total stockholders equity $ 670,000
Stockholders Equity (December 31)
Common stock$5 par value, 100,000 shares authorized, 41,400 shares issued, 3,000 shares in treasury $ 207,000
Paid-in capital in excess of par value, common stock 192,600
Retained earnings ($50,000 restricted by treasury stock) 400,000
799,600
Less cost of treasury stock (50,000 )
Total stockholders equity $ 749,600

The following transactions and events affected its equity during the year.

Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10.
Mar. 20 Purchased treasury stock for cash.
Apr. 5 Declared a $0.50 per share cash dividend, date of record April 10.
July 5 Declared a $0.50 per share cash dividend, date of record July 10.
July 31 Declared a 20% stock dividend when the stocks market value was $14 per share.
Aug. 14 Issued the stock dividend that was declared on July 31.
Oct. 5 Declared a $0.50 per share cash dividend, date of record October 10.

1. How many common shares are outstanding on each cash dividend date?

Jan. 5 Apr. 5 July 5 Oct. 5
Outstanding common shares

2.What is the total dollar amount for each of the four cash dividends?

Jan. 5 Apr. 5 July 5 Oct. 5
Cash Dividends

3.What is the amount of retained earnings transferred to paid-in capital accounts (capitalized) for the stock dividend?

4. What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal places.)

5. How much net income did the company earn this year?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!