E11-4 The stockholders' equity section of Lachlin Corporation's balance sheet at Decem- ber 31 is presented here. Answer LACHLIN CORPORATION stockhe Balance Sheet (partial) (LO 2, 4 Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6.000 shares issued and outstanding Common stock, no par, 750,000 shares authorized, $600,000 580,000 shares issued 2,900,000 Total paid-in capital Retained earnings 3,500,000 1,158,000 Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) 4,658,000 32,000 Total stockholders' equity $4,626,000 Instructions From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? (b) Assuming there is a stated value, what is the stated value of the common stock? (c) What is the par value of the preferred stock? (d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on pre- ferred stock? (e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? noive exnerience in

E11-4 The stockholders' equity section of Lachlin Corporation's balance sheet at Decem- ber 31 is presented here. Answer LACHLIN CORPORATION stockhe Balance Sheet (partial) (LO 2, 4 Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6.000 shares issued and outstanding Common stock, no par, 750,000 shares authorized, $600,000 580,000 shares issued 2,900,000 Total paid-in capital Retained earnings 3,500,000 1,158,000 Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) 4,658,000 32,000 Total stockholders' equity $4,626,000 Instructions From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? (b) Assuming there is a stated value, what is the stated value of the common stock? (c) What is the par value of the preferred stock? (d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on pre- ferred stock? (e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? noive exnerience in

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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