XC Accounting question |Cheg+ v ? ??? ?https://edugenxvileplus.com, ed uni Wiley

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XC Accounting question |Cheg+ v ? ??? ?https://edugenxvileplus.com, ed uni WileyPLUS Kimmel, Financial Accounting, 8e FINANCIAL ACCOUNTING (ACCT 221) Home Read. Study & Practice Gradebook ORION Downloadable eTextbook CALCULATOR MESSAGE HY PRINTER VERSION Preferred stock, cumulative, 8,667 sharas authorized, 3,200 sharas issued and outstanding 530,400 2,308,000 2,938,400 1,180,000 4,019,400 29,800 S3,999,600 ASSIGNMENT RESOURCES common stock, no par, 746.120 shares authorizad, 577,000 shares issu Total paid-in capital Retained earnings Briof Exercse 11-7 Total paid-in capital and retained earnings Lessi Tressury stock (5,400 common shares xeric 11-6 Total stockholders' equity Prohem 117Am view of the stockholders' equty section, answer the following questions. (a) How many shares of common stock are outstanding? Common stock outstanding (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock Revicw Results by 5200 shares per share (c) What is the par value of the preferred stock? The par value of the preferred stock (d) If the annual dividend on proferred stock is $47,736, what is the dividend rate on preferred stock? The dividend rate (e) If dividends of $75.900 were in arrears on preferred stock, what would be the belance reported for reteined earnings? per share 1:34 PM O Type here to search 418/2018

Explanation / Answer

a) Common Stock outstanding = 577000-5400 = 571600 Shares

b) Stated value per share = 2308000/577000 = 4 per share

c) Par value of preferred stock = 530400/5200 = 102 per share

d) Dividend rate = 47736*100/530400 = 9%

e) Balance in retained earnings = 1180000-75900 = 1104100

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