20f51e839947b4dafefea2f452bcf05e_15c544d2799b59d38d9647126d1903f3.doc

20f51e839947b4dafefea2f452bcf05e_15c544d2799b59d38d9647126d1903f3.doc

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ACCY 6105—Fa ‘17 Assignment #1 Due Thursday, September 28 (on Blackboard) Late or e-mailed assignments will not be graded Problem #1 GAP Access the 2016 Annual Report for The GAP online from the company’s website. Review the financial statements and the notes to the financial statements. 1. What is The GAPs fiscal year-end (in general, not just for each year). Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to January 31. 2. List the types of stock The GAP is authorized to issue. 2.3 billion shares of common stock 60 million shares of Class B Common Stock 30 million shares of one or more series of preferred stock 3. Briefly describe the different features of each type of stock. Common Stock: $0.05 par value ,voting rights, etc. Class B common stock: Convertible into common stock on a share-for-share basis, transfer of the shares is restricted. Holders are granted six votes per share on most matters and are entitled to a lower cash dividend. Preferred Stock: par value $0.05 per share, Board may determine issue price, dividend rate, redemption price, liquidation value, conversion features, and other terms. 4. Prepare the journal entry to record the declaration and payment of cash dividends for fiscal year 2016 (assume declaration and payment occurs simultaneously).
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