Homework9 - 6A:120 Financial Accounting and Reporting...

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6A:120 Financial Accounting and Reporting Homework 9 Part 1: Financial Statement Application: 1. How many shares of common stock and preferred stock is Lowe’s authorized to issue? Lowe’s authorized to issue $5.6 billion shares of common stocks and $5 million preferred stock. 2. What is par value for Lowe’s common shares? Common stock par value is $.50 3. How many shares of common stock does Lowe’s have issued at the end of the 2006 fiscal year (which ended in February 2007)? $4,301 4. Give the journal entry Lowe’s made to repurchase its common stock in 2006. How many more shares are the able to repurchase? Treasure $1.6984 billion $0.0016 billion Cash $1.7 billion 5. When did Lowe’s announce a stock split? What was the fraction of shares issued for each share outstanding and what effect did the split have on the financial statements? Stock split 2 for 1 was announced on June 30 2006. Additional shares issued to effect the stock split totaling $384 million was reclassified from Capital in Excess of Par Value to
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This note was uploaded on 06/23/2008 for the course BUSINESS 06a taught by Professor Hart during the Spring '06 term at University of Iowa.

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Homework9 - 6A:120 Financial Accounting and Reporting...

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