Accounting Assignment
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 $241,125,000 and declared and paid dividends of $11,917,000.
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Stockholders' Equity :
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Current Year
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Last Year
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Common stock, Class A-116,720,308 and 116,645,495 shares issued; ? and ? shares outstanding
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1,167,000
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1,166,000
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Common stock, Class B (convertible)-4,100,929 shares issued and outstanding
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41,000
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41,000
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Additional paid-in capital
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773,055,000
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781,987,000
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Retained earnings
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2,587,727,000
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?
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Less treasury stock, at cost, Class A-47,156,748 and 45,450,148 shares
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(1,885,581,000
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(936,560,000
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1. What amount was reported in the Common Stock (Class A) account at the end of the current year?
3. What amount was reported in the Retained Earnings account at the end of last year?
4. At the end of the current year, have the treasury stock transactions increased assets or decreased assets? By how much?
5. During the current year, by what amount did treasury stock transactions increase or decrease stockholders' equity?