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Using Financial Statements for 2018-2019. Net asset value per share of preferred stock for 2019 is $685.71. TRUE OR FALSE?

Using Financial Statements for 2018-2019. Net asset value per share of preferred stock for 2019 is $685.71. TRUE OR FALSE?

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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Question 66

Using Financial Statements for 2018-2019. Net asset value per share of preferred stock for 2019 is $685.71.

TRUE OR FALSE?

### Financial Statements #### Balance Sheet **Assets** - **2019** - Cash: $5,100,000 - Marketable Securities: $102,000 - Accounts Receivable: $1,632,000 - Inventories: $2,856,000 - Total Current Assets: $9,690,000 - Property, Plant, & Equipment: $3,624,000 - Other Fixed Assets: $2,703,000 - Total Fixed Assets: $6,327,000 - **Total Assets**: $15,657,000 - **2018** - Cash: $4,900,000 - Marketable Securities: $98,000 - Accounts Receivable: $1,568,000 - Inventories: $2,744,000 - Total Current Assets: $9,310,000 - Property, Plant, & Equipment: $3,136,000 - Other Fixed Assets: $2,597,000 - Total Fixed Assets: $5,733,000 - **Total Assets**: $15,043,000 **Liabilities & Equity** - **2019** - Accounts Payable: $1,878,840 - Notes Payable: $1,722,270 - Accrued Expenses Payable: $1,409,130 - Accrued Taxes Payable: $1,252,560 - Total Current Liabilities: $6,262,800 - Long-term Debt: $782,850 - Total Liabilities: $7,045,650 - Preferred Stock ($100 par, 6%): $1,095,990 - Common Stock ($5 par value): $2,035,410 - Paid-In Capital in Excess of Par: $4,227,290 - Retained Earnings: $1,252,560 - Total Stockholder's Equity: $8,611,350 - **Total Liabilities & Equity**: $15,657,000 - **2018** - Accounts Payable: $1,805,160 - Notes Payable: $1,654,730 - Accrued Expenses Payable: $1,
Transcribed Image Text:### Financial Statements #### Balance Sheet **Assets** - **2019** - Cash: $5,100,000 - Marketable Securities: $102,000 - Accounts Receivable: $1,632,000 - Inventories: $2,856,000 - Total Current Assets: $9,690,000 - Property, Plant, & Equipment: $3,624,000 - Other Fixed Assets: $2,703,000 - Total Fixed Assets: $6,327,000 - **Total Assets**: $15,657,000 - **2018** - Cash: $4,900,000 - Marketable Securities: $98,000 - Accounts Receivable: $1,568,000 - Inventories: $2,744,000 - Total Current Assets: $9,310,000 - Property, Plant, & Equipment: $3,136,000 - Other Fixed Assets: $2,597,000 - Total Fixed Assets: $5,733,000 - **Total Assets**: $15,043,000 **Liabilities & Equity** - **2019** - Accounts Payable: $1,878,840 - Notes Payable: $1,722,270 - Accrued Expenses Payable: $1,409,130 - Accrued Taxes Payable: $1,252,560 - Total Current Liabilities: $6,262,800 - Long-term Debt: $782,850 - Total Liabilities: $7,045,650 - Preferred Stock ($100 par, 6%): $1,095,990 - Common Stock ($5 par value): $2,035,410 - Paid-In Capital in Excess of Par: $4,227,290 - Retained Earnings: $1,252,560 - Total Stockholder's Equity: $8,611,350 - **Total Liabilities & Equity**: $15,657,000 - **2018** - Accounts Payable: $1,805,160 - Notes Payable: $1,654,730 - Accrued Expenses Payable: $1,
Expert Solution
Step 1 Total net assets (excluding preference liabilities)=Total assets-total liabilities

Total net assets=15657000-7045650

=8611350

 

 

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