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The stockholders' equity section on December 31, 2011, the balance sheet of American Corporation follows: Stockholders Equity Contributed capital Preferred stock (par $20; authorized 10,000 shares, issued, of which 500 shares are held as treasury stock) - $100,000 Common stock (no-par; authorized 20,000 shares, issued and outstanding 8,000 shares) - $600,000 Contributed capital (includes $1,500 from treasury stock transactions) - $16,500 Retained earnings - $34,000 Cost of treasury stock preferred - $9,500 What is the number of shares of preferred stock outstanding?

The stockholders' equity section on December 31, 2011, the balance sheet of American Corporation follows: Stockholders Equity Contributed capital Preferred stock (par $20; authorized 10,000 shares, issued, of which 500 shares are held as treasury stock) - $100,000 Common stock (no-par; authorized 20,000 shares, issued and outstanding 8,000 shares) - $600,000 Contributed capital (includes $1,500 from treasury stock transactions) - $16,500 Retained earnings - $34,000 Cost of treasury stock preferred - $9,500 What is the number of shares of preferred stock outstanding?

FINANCIAL ACCOUNTING
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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The stockholders' equity section on December 31, 2011, the balance sheet of American Corporation follows: Stockholders Equity Contributed capital Preferred stock (par $20; authorized 10,000 shares, issued, of which 500 shares are held as treasury stock) - $100,000 Common stock (no-par; authorized 20,000 shares, issued and outstanding 8,000 shares) - $600,000 Contributed capital (includes $1,500 from treasury stock transactions) - $16,500 Retained earnings - $34,000 Cost of treasury stock preferred - $9,500 What is the number of shares of preferred stock outstanding?
Transcribed Image Text:The stockholders' equity section on December 31, 2011, the balance sheet of American Corporation follows: Stockholders Equity Contributed capital Preferred stock (par $20; authorized 10,000 shares, issued, of which 500 shares are held as treasury stock) - $100,000 Common stock (no-par; authorized 20,000 shares, issued and outstanding 8,000 shares) - $600,000 Contributed capital (includes $1,500 from treasury stock transactions) - $16,500 Retained earnings - $34,000 Cost of treasury stock preferred - $9,500 What is the number of shares of preferred stock outstanding?
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