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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 d. On January 1, 2019, the firm's balance sheet showed common stock of $105,000 and additional paid-in capital on con $234,375. The only transaction affecting these accounts during 2019 was the sale of common stock. Calculate the nu 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. Pref dividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during tl months of 2019. Complete this question by entering your answers in the tabs below. Req A and B Req C and D Req E Req F 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.

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 d. On January 1, 2019, the firm's balance sheet showed common stock of $105,000 and additional paid-in capital on con $234,375. The only transaction affecting these accounts during 2019 was the sale of common stock. Calculate the nu 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. Pref dividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during tl months of 2019. Complete this question by entering your answers in the tabs below. Req A and B Req C and D Req E Req F 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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 $ 120,000 270,000 6,500 48,500 Less: Treasury stock, at cost (1,000 shares of common) (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 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. Req A and B Req C and D Req E Req F 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. а. Annual dividend b. Balance sheet amount for preferred stock Reg A and B Req C and D >
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 $ 120,000 270,000 6,500 48,500 Less: Treasury stock, at cost (1,000 shares of common) (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 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. Req A and B Req C and D Req E Req F 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. а. Annual dividend b. Balance sheet amount for preferred stock Reg A and B Req C and D >
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