Reconciling Common Stock and Treasury Stock BalancesAssume this is the stockholders' equity section from the Abercrombie & Fitch balance sheet.Shareholders' Equity (thousands, except par value amounts)January 28, 2012January 29, 2011Class A common stock-$0.01 par value: 150,000 shares authorized and 101,900 shares issues at January 28, 2012, and January 29, 2011, respectively$320,470$290,751Paid-in capital319,451289,732Retained earnings2,051,4631,646,290Accumulated other comprehensive income (loss), net of tax7,118(994)Treasury stock at average cost: 18,141 and 14,999 shares at January 28, 2012 andJanuary 29, 2011, respectively(760,752)(530,764)Total shareholders' equity$ 1,618,299$ 1,405,283(a) How many shares are issued at January 28, 2012?Answer thousand(b) How many shares are outstanding at January 28, 2012?Answer thousand shares outstanding (c) Determine the average price at which Abercrombie & Fitch issued its common stock. (Round your answer to two decimal places.)$Answer (d) Use the treasury stock account to determine the average price Abercrombie & Fitch paid when it repurchased its common shares. (Round your answer to two decimal places.)$Answer

Common stock is the security which states the ownership in the corporation. And in the procedure of…

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Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.7E

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Reconciling Common Stock and Treasury Stock Balances
Assume this is the stockholders' equity section from the Abercrombie & Fitch balance sheet.

Shareholders' Equity (thousands, except par value amounts)	January 28, 2012	January 29, 2011
Class A common stock-$0.01 par value: 150,000 shares authorized and 101,900 shares issues at January 28, 2012, and January 29, 2011, respectively	$320,470	$290,751
Paid-in capital	319,451	289,732
Retained earnings	2,051,463	1,646,290
Accumulated other comprehensive income (loss), net of tax	7,118	(994)
Treasury stock at average cost: 18,141 and 14,999 shares at January 28, 2012 andJanuary 29, 2011, respectively	(760,752)	(530,764)
Total shareholders' equity	$ 1,618,299	$ 1,405,283

(a) How many shares are issued at January 28, 2012?
Answer

thousand

(b) How many shares are outstanding at January 28, 2012?
Answer

thousand shares outstanding

(c) Determine the average price at which Abercrombie & Fitch issued its common stock. (Round your answer to two decimal places.)
$Answer

(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.)
$Answer

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