Paid-in capital Preferred stock, cumulative, 8,000 shares authorized,4,000 shares issued and outstanding Common stock, no par, 700,000 shares authorized, 500,000 shares issued $320,000 Total paid-in capital 2,500,000 Retained earnings 2,820,000 Total paid-in capital and retained earnings 1,858,000 4,678,000 Less: Treasury stock (6,000 common shares) 31,200 Total stockholders' equity $4,646,800 From a review of the stockholders' equity section, answer the following questions. shares (a) How many shares of common stock are outstanding? %24 per share (b) Assuming there is a stated value, what is the stated value of the common stock? per share %2$ (c) What is the par value of the preferred stock? If the annual dividend on preferred stock is $16,000, what is the dividend rate on preferred stock? (d) If dividends of $32,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? %24 (e)

Paid-in capital Preferred stock, cumulative, 8,000 shares authorized,4,000 shares issued and outstanding Common stock, no par, 700,000 shares authorized, 500,000 shares issued $320,000 Total paid-in capital 2,500,000 Retained earnings 2,820,000 Total paid-in capital and retained earnings 1,858,000 4,678,000 Less: Treasury stock (6,000 common shares) 31,200 Total stockholders' equity $4,646,800 From a review of the stockholders' equity section, answer the following questions. shares (a) How many shares of common stock are outstanding? %24 per share (b) Assuming there is a stated value, what is the stated value of the common stock? per share %2$ (c) What is the par value of the preferred stock? If the annual dividend on preferred stock is $16,000, what is the dividend rate on preferred stock? (d) If dividends of $32,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? %24 (e)

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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