The stockholders' equity section on December 31, 2022, on the balance sheet of PrimeTech Corporation is as follows: Stockholders' Equity Amount Contributed Capital: Preferred stock (par $25; authorized 15,000 shares, $200,000 issued, of which 300 shares are held as treasury stock) Common stock (no-par; authorized 30,000 shares, issued $750,000 and outstanding 12,000 shares) Contributed capital (includes $2,000 from treasury stock $25,000 transactions) Retained Earnings: $40,000 Cost of treasury stock (preferred) $6,000 What is the number of shares of preferred stock outstanding?

The stockholders' equity section on December 31, 2022, on the balance sheet of PrimeTech Corporation is as follows: Stockholders' Equity Amount Contributed Capital: Preferred stock (par $25; authorized 15,000 shares, $200,000 issued, of which 300 shares are held as treasury stock) Common stock (no-par; authorized 30,000 shares, issued $750,000 and outstanding 12,000 shares) Contributed capital (includes $2,000 from treasury stock $25,000 transactions) Retained Earnings: $40,000 Cost of treasury stock (preferred) $6,000 What is the number of shares of preferred stock outstanding?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 11P: Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative,...

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Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
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