Following is the stockholders' equity section from the Abercrombie & Fitch Co. balance sheet. Stockholders' Equity ($ thousands, except par value amounts) January 30, 2016 January 31, 2015 Class A common stock-$0.01 par value: 150,000 shares authorized and 103,300 shares issues at each of January 30, 2016, and January 31, 2015 $1,033 $1,033 Paid-in capital 407,029 434,137 Retained earnings 2,530,196 2,550,673 Accumulated other comprehensive loss, net of tax (114,619) (83,580) Treasury stock at average cost: 35,952 and 33,948 shares at January 30, 2016 and January 31, 2015, respectively (1,532,576) (1,512,562) Total Abercrombie & Fitch Co. stockholders' equity 1,291,063 1,389,701 Noncontrolling interests 4,659 0 Total shareholders' equity $ 1,295,722 $ 1,389,701 (a) Show the computation to yield the $1,033 balance reported for common stock. Enter complete number for number of shares (with all zeros). Answer (shares) x $ Answer = $1,033 thousand (b) How many shares are outstanding at 2016 fiscal year-end?(c) Use the common stock and paid-in capital accounts to determine the average price at which Abercrombie & Fitch issued its common stock. (Round your answer to two decimal places.)(d) Use the treasury stock account to determine the average price Abercrombie & Fitch paid when it repurchased its common shares. (Round your answer to two decimal places.) (Show how you arrived to answers.)

Question

Following is the stockholders' equity section from the Abercrombie & Fitch Co. balance sheet.

Stockholders' Equity ($ thousands, except par value amounts) January 30, 2016 January 31, 2015
Class A common stock-$0.01 par value: 150,000 shares authorized and 103,300 shares issues at each of January 30, 2016, and January 31, 2015 $1,033 $1,033
Paid-in capital 407,029 434,137
Retained earnings 2,530,196 2,550,673
Accumulated other comprehensive loss, net of tax (114,619) (83,580)
Treasury stock at average cost: 35,952 and 33,948 shares at January 30, 2016 and January 31, 2015, respectively (1,532,576) (1,512,562)
Total Abercrombie & Fitch Co. stockholders' equity 1,291,063 1,389,701
Noncontrolling interests 4,659 0
Total shareholders' equity $ 1,295,722 $ 1,389,701

(a) Show the computation to yield the $1,033 balance reported for common stock. Enter complete number for number of shares (with all zeros).
Answer (shares) x $ Answer = $1,033 thousand

(b) How many shares are outstanding at 2016 fiscal year-end?

(c) Use the common stock and paid-in capital accounts to determine the average price at which Abercrombie & Fitch issued its common stock. (Round your answer to two decimal places.)

(d) Use the treasury stock account to determine the average price Abercrombie & Fitch paid when it repurchased its common shares. (Round your answer to two decimal places.)

(Show how you arrived to answers.)

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Please solve the following then explain in steps how you solved the problem Revenue  for 2028 ???? D...

A: Statement of Retained Earning is a financial statement that represents the changes to the retained e...

Q: Deacon Company is a merchandising company that is preparing a budget for the three-month period ende...

A: Calculation of expected cash collections for April, May and June: Results of formulas used in excel ...

Q: John and Joan pay $16,500 of qualified adoption expenses in 2018 to finalize the adoption of a quali...

A: Qualified adoption expenses: - Adoption fees- Court and attorney fees- Travelling expenses- Other ex...

Q: 1-9 (3)  Calculate the missing information Revenues for 2028 $46,000 Dividends declared for 2028 unk...

A: Dividend Declare:Dividend declare is the event where the declaration is made by the company regardin...

Q: On August 1, 2019, Rafael Masey established Planet Realty, which completed the following transaction...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: Prince Paper has budgeted the following amounts for its next fiscal year: Total fixed expenses $400,...

A: Operating income: Income statement reports revenues and expenses from business operations, and the r...

Q: Chloe has done the accounting through August 16, the first sixteen days of business for her company....

A: Calculate the cash balance as of August 31, 2019. The cash balance as of August 31, 2019 is the bala...

Q: Altira Corporation provides the following information related to its merchandise inventory during th...

A: Click to see the answer

Q: At the end of the day, the cash register tape lists $885.69 as total income from services. Cash on h...

A: Journal entry: The record of business transactions in a chronological order in the journal is referr...

Q: My text book is  Hospitality Industry Financial Accounting (4th edition). I am in chapter 12 -- CURR...

A:  1. Required journal entry:

Q: Journal Entries for Payment of Employer Payroll Taxes Jason Chen owns a business called Chen Home Bu...

A: Record journal entry for payment of employee federal income tax, social security and Medicare taxes ...

Q: Please solve and explain in steps how you came to your answer. Revenues for 2028 $5000 Dividends dec...

A: Statement of Retained Earning is a financial statement that represents the changes to the retained e...

Q: If a taxpayer does not have enough tax liability to use all the available adoption credit, the unuse...

A: Adoption Credit: Adoption of a child needs certain basic expenses like court and attorney fees and s...

Q: Estefan’s accounts showed a gross profit for the year of £27,200. After the accounts were prepared i...

A: Gross Profit:  Gross margin is the amount of revenue earned from goods sold over the costs incurred ...

Q: Is a $2500 a material dollar amount? Explain.

A: Materiality concept:  The accounting concept which focusses that all the financial items and figures...

Q: Please solve the following and explain in steps how you solved the calculation. Revenue for 2028 $80...

A: Calculate ending balance of  retained earnings:

Q: taxpayer who has the following transactions during the current calendar tax year: Accrued bus...

A: Compute Geraldine’s net income from her business for current year as shown below:

Q: Sandel Company makes 2 products, footballs and baseballs. Additional information follows: Footballs ...

A: Contribution Margin per unit:Contribution Margin per unit is the selling price per unit minus the va...

Q: Crazy Corporation issued $300,000 of 10%, 20-year bonds at 106 on January 1, 2012. Interest is payab...

A: The bond issue premium represents the excess of bonds proceeds on issue over the face value of the b...

Q: Number 6 Tasty Time Cafeteria operates cafeteria food services in public buildings in the Midwest. T...

A: Requirement A: Compute the degree of operating leverage of Tasty Time Cafeteria for both personnel s...

Q: This information relates to Larkspur Co. 1.   On April 5, purchased merchandise from Crane Compa...

A: (a) Prepare the journal entries to record the given transactions on Larkspur Company's Books.

Q: Support Department Cost Allocation—Reciprocal Services Method Blue Africa Inc. produces laptops and ...

A: Click to see the answer

Q: Please tell me if the following are an asset, liability or equity account and if they are real or no...

A: Following account are classifed as asset, liability , equity, Real and Nominal accounts are shown be...

Q: E7-7 (Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare a statement of reven...

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of ...

Q: Cheyenne Corp. has the following transactions related to notes receivable during the last 2 months o...

A: Note receivable: Note receivable refers to a written promise received by the creditor from the debto...

Q: Do It! Review 6-3a Blossom Company sells three different categories of tools (small, medium and lar...

A: Lower-of-cost-or-market: The lower-of-cost-or-market (LCM) is a method which requires the reporting ...

Q: The following expenditures and receipts are related to land, land improvements, and buildings acquir...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: HOME DEPOT CASH FLOW     Fiscal 1985 Fiscal 1984 Fiscal 1983     Feb-86 Feb-85 Feb-84   CASH F...

A: Statement of cash flows: This statement checks whether the organization has enough money to opearte ...

Q: What do the following account types fall under DR or CR and under what part of the accounting equati...

A: Assets are increased with Debit when they are acquired and for decreasing any asset, they need to be...

Q: What type of cost is this? Total Costs Units January $136250 500 February $190750 700 If it is a mix...

A: Determine cost per unit for both the months.

Q: I am working on a journal entry and this is the question. I am not sure on what accounts I should us...

A: Journalize the entry for salaries that will be paid next month:

Q: Inventory prior year 12/31 1940 units at 5 current year purchases 3/21 5140 units at 7 8/1 2840 unit...

A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased items ...

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did n...

A: As per IRS it is mandatory to file 1040 form if the income earned in year 2018 is $12,000 or more fo...

Q: Federal Income Tax WithholdingBob Browning's weekly gross earnings for the present week were $2,770....

A: Calculate the federal income tax with holding:

Q: Where do we record retained earnings in a balance sheet?

A: Retained earnings refers to the amount of earnings that are not paid as dividends to the stockholder...

Q: Which of the following is not a tax preference or adjustment item for the individual alternative min...

A: Alternative minimum tax (AMT) is the compulsory minimum tax which an individual or corporate has to ...

Q: Suppose Casey Title Company normally charges $400 for services related to selling a house. As part o...

A: Click to see the answer

Q: The Fields Company has two manufacturing departments, forming and painting. The company uses the wei...

A: Requirements are solved in the following table:

Q: roger owns a bicycle shop. once a week he and a group of friends rent the gym of the local club to p...

A: Roger is being unethical in his conduct for the reasons mentioned below: Roger is collecting cash fr...

Q: Your company opens and starts production this year and has variable costs per unit of $5,674 and sel...

A: Hence, under variable costing the amount of inventory reported is higher as compared to the amount o...

Q: If Morton Company expects to sell VCR's at $100 a unit with variable costs of $60 per unit and DVD's...

A: Formula to compute the weighted contribution margin:

Q: Debt Issued at a Premium (Straight Line) On December 31, 2013, Ironman Steel issued $950,000, 8-year...

A: Amortization of bond:The process of allocation and reduction of the discount or premium on bonds to ...

Q: The Blossom Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on...

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...

Q: Valiant Petro products refines crude oil to produce gasoline and kerosene. Joint costs incurred duri...

A: In the above equation, allocation csot for gasoline is calculated by taking total joint cost that is...

Q: ) Provide an accurate, full and complete explanation and implication of the information presented in...

A: Click to see the answer

Q: Discuss the importance of the three components of the cash flow statement in managing the finances o...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: Christine and Doug are married. In 2018, Christine earns a salary of $250,000 and Doug earns a salar...

A: Medicare Tax: It is a tax imposed by the Federal Insurance Contributions Act on both employers and e...

Q: Inventory information for Part 311 of Concord Corp. discloses the following information for the mont...

A: Calculate cost of goods sold and ending inventory under (1) LIFO and (2) FIFO, assuming periodic inv...

Q: Equivalent Units of Materials Cost The Filling Department of Eve Cosmetics Company had 2,400 ounces ...

A: Process Costing: Process costing is a method of cost accounting, which is used when the production i...

Q: Recording Purchases and Shipping Terms On May 12, Digital Distributors received three shipments of m...

A: Click to see the answer