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62.) Using Financial Statements for 2018-2019. The amount of shares of preferred stock for 2019 is 10,959.90. TRUE OR FALSE?

62.) Using Financial Statements for 2018-2019. The amount of shares of preferred stock for 2019 is 10,959.90. TRUE OR FALSE?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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62.) Using Financial Statements for 2018-2019. The amount of shares of preferred stock for 2019 is 10,959.90.

TRUE OR FALSE?

 

**Balance Sheet and Income Statement Overview (2018-2019)** --- **Balance Sheet** **Assets:** 1. **Current Assets:** - Cash: - 2019: $5,100,000 - 2018: $4,900,000 - Marketable Securities: - 2019: $102,000 - 2018: $98,000 - Accounts Receivable: - 2019: $1,632,000 - 2018: $1,568,000 - Inventories: - 2019: $2,856,000 - 2018: $2,744,000 - **Total Current Assets:** - 2019: $9,690,000 - 2018: $9,310,000 2. **Fixed Assets:** - Property, Plant, & Equipment: - 2019: $3,264,000 - 2018: $3,136,000 - Other Fixed Assets: - 2019: $2,703,000 - 2018: $2,597,000 - **Total Fixed Assets:** - 2019: $5,733,000 - 2018: $5,733,000 3. **Total Assets:** - 2019: $15,657,000 - 2018: $15,043,000 **Liabilities and Equity:** 1. **Liabilities:** - Current Liabilities: - Accounts Payable: - 2019: $1,878,840 - 2018: $1,805,160 - Notes Payable: - 2019: $1,722,270 - 2018: $1,654,730 - Accrued Expenses Payable: - 2019: $1,409,130 - 2018: $1,353,870 - Accrued Taxes Payable: - 2019: $1,252,560 - 2018: $1,203,440 - **Total Current Liabilities:**
Transcribed Image Text:**Balance Sheet and Income Statement Overview (2018-2019)** --- **Balance Sheet** **Assets:** 1. **Current Assets:** - Cash: - 2019: $5,100,000 - 2018: $4,900,000 - Marketable Securities: - 2019: $102,000 - 2018: $98,000 - Accounts Receivable: - 2019: $1,632,000 - 2018: $1,568,000 - Inventories: - 2019: $2,856,000 - 2018: $2,744,000 - **Total Current Assets:** - 2019: $9,690,000 - 2018: $9,310,000 2. **Fixed Assets:** - Property, Plant, & Equipment: - 2019: $3,264,000 - 2018: $3,136,000 - Other Fixed Assets: - 2019: $2,703,000 - 2018: $2,597,000 - **Total Fixed Assets:** - 2019: $5,733,000 - 2018: $5,733,000 3. **Total Assets:** - 2019: $15,657,000 - 2018: $15,043,000 **Liabilities and Equity:** 1. **Liabilities:** - Current Liabilities: - Accounts Payable: - 2019: $1,878,840 - 2018: $1,805,160 - Notes Payable: - 2019: $1,722,270 - 2018: $1,654,730 - Accrued Expenses Payable: - 2019: $1,409,130 - 2018: $1,353,870 - Accrued Taxes Payable: - 2019: $1,252,560 - 2018: $1,203,440 - **Total Current Liabilities:**
Expert Solution
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The organization can raise their fund using different resources and preferred stock are one of them. Preferred stockholders are eligible to get a fixed percentage of dividends.

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