The year-end balance sheet of Smithfield Products includes the following stockho
ID: 2380028 • Letter: T
Question
The year-end balance sheet of Smithfield Products includes the following stockholders' equity section
(with certain details omitted):
How many shares of preferred stock have been issued?
What is the total amount of the annual dividends paid to preferred stockholders? (Round intermediate calculations to 2 decimal places. Omit the "$" sign in your response)
How many shares of common stock are outstanding?
What was the average issuance price per share of common stock? (Round your answers to 2 decimal places. Omit the "$" sign in your response)
What is the amount of legal capital? (Omit the "$" sign in your response)
What is the total amount of paid-in capital? (Omit the "$" sign in your response)
What is the book value per share of common stock? (There are no dividends in arrears.) (Round your answers to 2 decimal places. Omit the "$" sign in your response)
Assume that retained earnings at the beginning of the year amounted to $717,500 and that net income for the year was $3,970,000. What was the dividend declared during the year on each share of common stock? (Hint: Net income increases retained earnings, whereas dividends decrease retained earnings.)
Stockholders' equity: 71/2% cumulative preferred stock, $100 par value, 100,000 shares authorized $ 2,500,000 Common stock, $2 par value, 900,000 shares authorized 900,000 Additional paid-in capital: Common stock 7,500,000 Retained earnings 2,595,000 Total stockholders' equity $ 13,495,000Explanation / Answer
a. 25,000
b. 187,500.00
c. 450,000
d. 18.67
e. 3,400,000
f. 10,900,000
g. 24.43
h. 4.65
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