Question

In: Accounting

The Urban Outfitters Company had the following financial information on June 30,2018, the end of their...

  1. The Urban Outfitters Company had the following financial information on June 30,2018, the end of their fiscal year:

       Preferred stock, 9%, $100 par value,75,000 shares

        authorized, ____??___shares issued.................    $4,000,000

        Common stock, $15 par value, 2,500,000 shares

        authorized; __??__ shares issued and _??____

        outstanding ..................................         9,000,000

        Additional paid-in capital

           In excess of par value-common...................      900,000   

        Retained Earnings ..................................   2,400,000                                                        

        Treasury stock (5,000 shares)..............              240,000

      

     INSTRUCTIONS

     Complete the following statements and show your computations. (Show

    computations)    

  1. The number of shares of common stock outstanding was _______________.
  2. The total annual preferred stock dividend is_______________.
  3. The total Paid-In-Capital is_____________________.    

     (d) The number of shares of preferred stock issued was __________.

     (e) The average sales price per share of the common stock when issued was                                  

     (f) The cost per share of the treasury stock was $_____________.

                                                       

Solutions

Expert Solution

(a)The number of shares of common stock outstanding was $9,000,000/$15          6,00,000.00
(b) The total annual preferred stock dividend is 40000 x $100 x 9% $      3,60,000.00
© The total Paid-In-Capital is (4000000+9000000+900000) $ 1,39,00,000.00
(d) The number of shares of preferred stock issued was ($4,000,000/100)             40,000.00
(e) The average sales price per share of the common stock when issued was (9000000+900000)/600,000 shares                                                 16.50
(f) The cost per share of the treasury stock was $240,000/5000 shares $                48.00
Urban Outfitters
Shareholders' equity
Preferred stock, 9%, $100 par value,75,000 shares authorized, 40,000 shares issued $    40,00,000.00
Common stock, $15 par value, 2,500,000 shares authorized; 600,000 shares issued and outstanding $    90,00,000.00
Additional paid-in capital In excess of par value-common $      9,00,000.00
Total Paid in capital $ 1,39,00,000.00
Retained Earnings $    24,00,000.00
Less: Treasury stock $    -2,40,000.00
Total stockholdes' equity $ 1,60,60,000.00

ekkarill92 answered 9 months ago
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