Question 24 The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31. Common Stock – $5 par, 60,000 shares issued $400,000 Paid-In Capital in Excess of Par-Common Stock 640,000 Preferred Stock – $100 par, 5,000 shares issued 560,000 Paid-In Capital in Excess of Par-Preferred 190,000 Retained Earnings 290,000 Treasury Stock (cost – $10 per share) 80,000 If net income for the year was $75,000 and a preferred stock dividend of $40,000 was paid, what was the beginning value of retained earnings?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
1. How many shares of
fill in the blank 1 shares
2. What was the average market price per share at which common stock was issued? If required, round your answer to two decimal places.
$fill in the blank 2 per share
3. What was the average market price per share at which
$fill in the blank 3 per share
4. What is the total value of the paid-in capital portion of
$fill in the blank 4
5. What is the total value of stockholders' equity?
$fill in the blank 5
6. How many shares of common stock are outstanding?
fill in the blank 6 shares
7. If net income for the year was $75,000 and a preferred stock dividend of $20,000 was paid, what was the beginning value of
| Beginning value of retained earnings | $fill in the blank 7 |
| Earnings per share |
by Bartleby Expert
