Francis Inc. has the following stockholders' equity section in its November 30, 2019, balance sheet: Paid-in capital: 12% preferred stock, $60 par value, 1,000 shares authorized, issued, and outstanding Common stock, $8 par value, 50,000 shares authorized, ? shares issued, ? shares outstanding Additional paid-in capital on common stock Additional paid-in capital from treasury stock Retained earnings Less: Treasury stock, at cost (1,000 shares of common) Total stockholders' equity 120,000 270,000 6,500 48,500 (9,000) $ ? Required: a. Calculate the amount of the total annual dividend requirement on preferred stock. b. Calculate the amount that should be shown on the balance sheet for preferred stock. c. Calculate the number of shares of common stock that are issued and the number of shares of common stock that are outstanding. d. On January 1, 2019, the firm's balance sheet showed common stock of $105,000 and additional paid-in capital on common stock of $234,375. The only transaction affecting these accounts during 2019 was the sale of common stock. Calculate the number of shares that were sold and the selling price per share. e. Choose the tranşaction that resulted in the additional paid-in capital from treasury stock. f. The retained earmings balance on January 1, 2019, was $45,150. Net income for the past 11 months was $12,000. Preferred stock dividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during the first 11 months of 2019. Complete this question by entering your answers in the tabs below. Req C and D Req E Req F Req A and B a. Calculate the amount of the total annual dividend requirement on preferred stock. b. Calculate the amount that should be shown on the balance sheet for preferred stock.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Francis Inc. has the following stockholders' equity section in its November 30, 2019, balance sheet:
Paid-in capital:
12% preferred stock, $60 par value, 1,000 shares authorized,
issued, and outstanding
Common stock, $8 par value, 50,000 shares authorized, ? shares
issued, ? shares outstanding
Additional paid-in capital on common stock
Additional paid-in capital from treasury stock
Retained earnings
Less: Treasury stock, at cost (1, 000 shares of common)
120,000
270,000
6,500
48,500
(9,000)
$
Total stockholders' equity
Required:
a. Calculate the amount of the total annual dividend requirement on preferred stock.
b. Calculate the amount that should be shown on the balance sheet for preferred stock.
c. Calculate the number of shares of common stock that are issued and the number of shares of common stock that are outstanding.
d. On January 1, 2019, the firm's balance sheet showed common stock of $105,000 and additional paid-in capital on common stock of
$234,375. The only transaction affecting these accounts during 2019 was the sale of common stock. Calculate the number of
shares that were sold and the selling price per share.
e. Choose the transaction that resulted in the additional paid-in capital from treasury stock.
f. The retained earmings balance on January 1, 2019, was $45,150. Net income for the past 11 months was $12,000. Preferred stock
dividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during the first 11
months of 2019.
Complete this question by entering your answers in the tabs below.
Req C and D
Req E
Req F,
Req A and B
a. Calculate the amount of the total annual dividend requirement on preferred stock.
b. Calculate the amount that should be shown on the balance sheet for preferred stock.
Transcribed Image Text:Francis Inc. has the following stockholders' equity section in its November 30, 2019, balance sheet: Paid-in capital: 12% preferred stock, $60 par value, 1,000 shares authorized, issued, and outstanding Common stock, $8 par value, 50,000 shares authorized, ? shares issued, ? shares outstanding Additional paid-in capital on common stock Additional paid-in capital from treasury stock Retained earnings Less: Treasury stock, at cost (1, 000 shares of common) 120,000 270,000 6,500 48,500 (9,000) $ Total stockholders' equity Required: a. Calculate the amount of the total annual dividend requirement on preferred stock. b. Calculate the amount that should be shown on the balance sheet for preferred stock. c. Calculate the number of shares of common stock that are issued and the number of shares of common stock that are outstanding. d. On January 1, 2019, the firm's balance sheet showed common stock of $105,000 and additional paid-in capital on common stock of $234,375. The only transaction affecting these accounts during 2019 was the sale of common stock. Calculate the number of shares that were sold and the selling price per share. e. Choose the transaction that resulted in the additional paid-in capital from treasury stock. f. The retained earmings balance on January 1, 2019, was $45,150. Net income for the past 11 months was $12,000. Preferred stock dividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during the first 11 months of 2019. Complete this question by entering your answers in the tabs below. Req C and D Req E Req F, Req A and B a. Calculate the amount of the total annual dividend requirement on preferred stock. b. Calculate the amount that should be shown on the balance sheet for preferred stock.
Help
Required:
a. Calculate the amount of the total annual dividend requirement on preferred stock.
b. Calculate the amount that should be shown on the balance sheet for preferred stock.
c. Calculate the number of shares of common stock that are issued and the number of shares.of common stock that are outstanding.
d. On January 1, 2019, the firm's balance sheet showed common stock of $105,000 and additional paid-in capital on common stock of
$234,375. The only transaction affecting these accounts during 2019 was the sale of common stock. Calculate the number of
shares that were sold and the selling price per share.
e. Choose the transaction that resulted in the additional paid-in capital from treasury stock.
f. The retained earnings balance on January 1, 2019, was $45,150. Net income for the past 11 months was $12,000. Preferred stock
dividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during the first 11
months of 2019.
Complete this question by entering your answers in the tabs below.
ces
Req A and B
Req C and D
Req E
teq F
The retained earnings balance on January 1, 2019, was $45,150. Net income for the past 11 months was $12,000. Preferred
stock dividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during the
first 11 months of 2019.
Common stock dividends
Req E
Req F >
Transcribed Image Text:Help Required: a. Calculate the amount of the total annual dividend requirement on preferred stock. b. Calculate the amount that should be shown on the balance sheet for preferred stock. c. Calculate the number of shares of common stock that are issued and the number of shares.of common stock that are outstanding. d. On January 1, 2019, the firm's balance sheet showed common stock of $105,000 and additional paid-in capital on common stock of $234,375. The only transaction affecting these accounts during 2019 was the sale of common stock. Calculate the number of shares that were sold and the selling price per share. e. Choose the transaction that resulted in the additional paid-in capital from treasury stock. f. The retained earnings balance on January 1, 2019, was $45,150. Net income for the past 11 months was $12,000. Preferred stock dividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during the first 11 months of 2019. Complete this question by entering your answers in the tabs below. ces Req A and B Req C and D Req E teq F The retained earnings balance on January 1, 2019, was $45,150. Net income for the past 11 months was $12,000. Preferred stock dividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during the first 11 months of 2019. Common stock dividends Req E Req F >
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