Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Apple inc provides its executives compensation under a variety of share based compensation plan including restricted stock awards. The following disclosure note from Apple's 2009 annual report describes the plan created for the company's chief executive officer, Steve Jobs; CEO RESTRICTED STOCK AWARD
On March 19, 2003, the company's board of Directors granted 10 million shares of restricted stock to the company's CEO that vested on March 19, 2006. The amount of the restrict stock award expensed by the company was based on the closing market price of the company's common stock on the date of grant and was amortized ratably on a straight line basis over the three year requisite service period. Upon vesting during 2006, the 10 million shares of restricted stock had a fair value of $646.6 million and had grant date fair value of $7.48 per share. The restricted stock award wat net share settled such that the company withheld shares with value equivalent to the CEO's minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld of 4.6 million were based on the value of the restricted stock awarded on the vesting date as determined by the company's closing stock price of $64.66. the remaining shares net of those withheld were delivered to the company's CEO. Total payments for the CEO's tax obligations to the taxing authorities were $296 million in 2006 and are reflected as a financing activity within the consolidated statements of cash flows. The net share settlement had the effect of share repurchases by the company as it reduced and retired the number of shares outstanding and did not represent an expense to the company. The company's CEO has no remaining shares of restricted stock. Real World Financials Required. 1. How much compensation did Apple record for its CEO related to the restricted stock in its fiscal year ended. 2. What was the CEO's combined income tax and employment tax rate that Apple used to determine the shares to be withheld at vesting? 3. From the information provided in the disclosure note, recreate the journal entries Apple used to record compensation expense and its related tax affects on September 24, 2005 , the end of the 2005 fiscal year. 4. From the information provided in the disclosure not, recreate the journal entries Apple used to record the vesting of the restricted stock and its related tax effect s on March 16, 2006, assuming the remaining compensation expense already has been recorded.
donnelly corporation manufactures and sells t-shirts imprinted with college names and slogans. last year the shirts
Story Inc. has 5,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2013. What is the annual dividend on the preferred stock?
which of the following groups would be considered an internal user of financial statements?a bank reviewing a loan
the following information describes transactions for morgenstern advertising company during july a. on july 5
the cash account of safe and secure security systems reported a balance of 2490 at may 31 2011. there were outstanding
mehta company traded a used welding machine cost 26082 accumulated depreciation 8694 for office equipment with an
the inventory at may 1 and the costs charged to work in process-department b during may for stella company are as
For each transaction, give (a) the name of the account being debited or credited, (b) the basic account type (A, L, SE, R, E), (c) whether the account is increased (1) or decreased (2) due to the transaction, and (d) whether the account normally hold..
would the cost of telephone operators for a toll-free hotline to help customers operate products be product costs or
spring corp. has two divisions daffodil and tulip. daffodil produces a gadget that tulip could use in its production.
Prepare journal entries to record the budget for the parking garage, the payment and receipt of the General Fund contribution, and the issuance of the bonds, assuming the premium remained in the Capital Projects Fund. Identify the fund(s) used to ..
Werner Chemical, Inc., leased a protein analyzer on September 30, 2013-Depreciation is recorded on a straight-line basis at the end of each fiscal year. The useful life of the equipment is five years.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd