Question

E11-6 (Algo) Finding Amounts Missing from the Stockholders' Equity Section LO11-1, 11-3, 11-7 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 $241,115,000 and declared and paid dividends of $11,907,000. Stockholders' Equity: Current Year Last Year Common stock, Class A-116,630,308 and 116,575,495 shares issued; ? and ? $ 1,166,000 $ 1,166,000 shares outstanding Common stock, Class B (convertible)- 4,150,929 shares issued and outstanding Additional paid-in capital 42,000 42,000 761,055,000 783,987,000 Retained earnings 2,447,727,000 ? Less treasury stock, at cost, Class A- 47,216,748 and 45,370,148 shares (1,870,581,000) (924,560,000) Required: 1. What is the par value of Magnum's Class A common stock? 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? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 and 5 Req 6 What is the par value of Magnum's Class A common stock? (Round your answer to 2 decimal places.) Par value of common stock <Req 1 Req 2 >

          E11-6 (Algo) Finding Amounts Missing from the Stockholders' Equity Section LO11-1, 11-3, 11-7
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 $241,115,000 and declared and paid dividends of $11,907,000.
Stockholders' Equity:
Current Year
Last Year
Common stock, Class A-116,630,308 and
116,575,495 shares issued; ? and ?
$ 1,166,000 $ 1,166,000
shares outstanding
Common stock, Class B (convertible)-
4,150,929 shares issued and
outstanding
Additional paid-in capital
42,000
42,000
761,055,000
783,987,000
Retained earnings
2,447,727,000
?
Less treasury stock, at cost, Class A-
47,216,748 and 45,370,148 shares
(1,870,581,000) (924,560,000)
Required:
1. What is the par value of Magnum's Class A common stock?
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?
Complete this question by entering your answers in the tabs below.
Req 1
Req 2
Req 3
Req 4 and 5
Req 6
What is the par value of Magnum's Class A common stock? (Round your answer to 2 decimal places.)
Par value of common stock
<Req 1
Req 2 >

E11-6 (Algo) Finding Amounts Missing from the Stockholders' Equity Section LO11-1, 11-3, 11-7
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 241,115,000 and declared and paid dividends of11,907,000.
Stockholders' Equity:
Current Year
Last Year
Common stock, Class A-116,630,308 and
116,575,495 shares issued; ? and ?
1,166,000 1,166,000
shares outstanding
Common stock, Class B (convertible)-
4,150,929 shares issued and
outstanding
Additional paid-in capital
42,000
42,000
761,055,000
783,987,000
Retained earnings
2,447,727,000
?
Less treasury stock, at cost, Class A-
47,216,748 and 45,370,148 shares
(1,870,581,000) (924,560,000)
Required:
1. What is the par value of Magnum's Class A common stock?
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?
Complete this question by entering your answers in the tabs below.
Req 1
Req 2
Req 3
Req 4 and 5
Req 6
What is the par value of Magnum's Class A common stock? (Round your answer to 2 decimal places.)
Par value of common stock
<Req 1
Req 2 >

Added by Stephen S.

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