Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 30 Jul 2017 My Price 9.00

Mendy’s and Arby’s Wendy’s

Before the merger of Mendy’s and Arby’s Wendy’s made a huge purchase of its own shares and in total bought back over 26 million shares for approximately $1 billion. Before the purchase, 125.5 million shares were outstanding, and the financial statements appeared as follows (dollars in millions)
Income Statement
Revenue ………...… $ 2,439
Expense …………….. 2,345
Net income ………….…. 94
Balance sheet
Assets …………….. $ 3,060
Liabilities …………. $1,048
Shareholder’s Equity $2,012
(a) Provide the journal entry for the treasury stock purchase.
(b) Compute the ration of total liabilities to shareholders’ equity before and after the purchase.
(c) Compute earnings per share before and after the purchase.
(d) Compute on why a company might choose to purchase treasury stock.

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 04:07 PM My Price 9.00

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