Question

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The equity sections from Atticus Group’s 2013 and 2014 year-end balance sheets follow.

  

Stockholders’ Equity (December 31, 2013)
Common stock—$4 par value, 50,000 shares     authorized, 35,000 shares issued and outstanding	$	140,000
Paid-in capital in excess of par value, common stock		100,000
Retained earnings		360,000
Total stockholders’ equity	$	600,000

Stockholders’ Equity (December 31, 2014)
Common stock—$4 par value, 50,000 shares     authorized, 41,000 shares issued, 5,000 shares in treasury	$	164,000
Paid-in capital in excess of par value, common stock		148,000
Retained earnings ($50,000 restricted by treasury stock)		400,000
		712,000
Less cost of treasury stock		(50,000	)
Total stockholders’ equity	$	662,000

The following transactions and events affected its equity during year 2014.

  

Jan.	5	Declared a $0.60 per share cash dividend, date of record January 10.
Mar.	20	Purchased treasury stock for cash.
Apr.	5	Declared a $0.60 per share cash dividend, date of record April 10.
July	5	Declared a $0.60 per share cash dividend, date of record July 10.
July	31	Declared a 20% stock dividend when the stock’s market value is $12 per share.
Aug.	14	Issued the stock dividend that was declared on July 31.
Oct.	5	Declared a $0.60 per share cash dividend, date of record October 10.

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

Answer 1

1) Common Share outstanding

	Jan 5	Apr 5	July 5	Oct 5
Common Share outstanding	35000 share	30000 Shares	30000 Shares	30000*1.2 = 36000 shares