I am LOOSING it with my prof and this program and I desperatly need help. The information in the screenshot is the partial balance sheet. The homework wants to know 1) How many shares of preferred stock have been issued?2) How many shares of common stock have been issued? (It is not 12, 000 according to the program)3) If the common shares were issued at $12 per share, at what average price per share were the preferred shares issued? Required information[The following information applies to the questions displayed below.]The stockholders' equity section of Ironworks is presented here.IRONWORKSBalance Sheet (partial)($ and shares in thousands)Stockholders' equity:Preferred stock, $1 par valueCommon stock, $1 par valueAdditional paid-in capitalTotal paid-in capitalRetained earningsTreasury stock, 10,000 common sharesTotal stockholders' equity$4,20012,000262,200278,400270,000(140,000)$408,400Based on the stockholders' equity section of Ironworks, answer the following questions. Remember that all amounts arepresented in thousands.

Balance sheet is one of financial statements, it is prepared at the end of accounting period.…

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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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I am LOOSING it with my prof and this program and I desperatly need help. The information in the screenshot is the partial balance sheet. The homework wants to know

1) How many shares of preferred stock have been issued?

2) How many shares of common stock have been issued? (It is not 12, 000 according to the program)

3) If the common shares were issued at $12 per share, at what average price per share were the preferred shares issued?

Required information
[The following information applies to the questions displayed below.]
The stockholders' equity section of Ironworks is presented here.
IRONWORKS
Balance Sheet (partial)
($ and shares in thousands)
Stockholders' equity:
Preferred stock, $1 par value
Common stock, $1 par value
Additional paid-in capital
Total paid-in capital
Retained earnings
Treasury stock, 10,000 common shares
Total stockholders' equity
$4,200
12,000
262,200
278,400
270,000
(140,000)
$408,400
Based on the stockholders' equity section of Ironworks, answer the following questions. Remember that all amounts are
presented in thousands.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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