How many shares of preferred stock have been issued?How many shares of common stock have been issued?Total paid-in capital is $81.60 million. At what average price per share were the common shares issued? The stockholders' equity section of The Seventies Shop is presented here.THE SEVENTIES SHOPBalance Sheet (partial)($ in thousands)Stockholders' equity:Preferred stock, $50 par valueCommon stock, $5 par valueAdditional paid-in capitalTotal paid-in capitalRetained earningsTreasury stockTotal stockholders' equity$017,00064,60081,60050,000(3,100)$128,500Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that allamounts are presented in thousands.

A company can raise funds by issuing common stock and preferred stock. Common stock carries voting…

How many shares of preferred stock have been issued? How many shares of common stock have been issued? Total paid-in capital is $81.60 million. At what average price per share were the common shares issued?

How many shares of preferred stock have been issued? How many shares of common stock have been issued? Total paid-in capital is $81.60 million. At what average price per share were the common shares issued?

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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Question

How many shares of preferred stock have been issued?

How many shares of common stock have been issued?

Total paid-in capital is $81.60 million. At what average price per share were the common shares issued?

The stockholders' equity section of The Seventies Shop is presented here.
THE SEVENTIES SHOP
Balance Sheet (partial)
($ in thousands)
Stockholders' equity:
Preferred stock, $50 par value
Common stock, $5 par value
Additional paid-in capital
Total paid-in capital
Retained earnings
Treasury stock
Total stockholders' equity
$0
17,000
64,600
81,600
50,000
(3,100)
$128,500
Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all
amounts are presented in thousands.

Definition Definition Type of stock which is granted priority over dividend distributions as compared to common stockholders. Preferred stocks also do not carry any voting rights. Notably, in a case where a company is going to be liquidated, preferred stockholders have a priority claim on the value of assets of the company as quoted in the balance sheet, as compared to the common stockholders.

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