Exercise 11-4 The stockholders\' equity section of Monty Corp.\'s balance sheet

Question

Exercise 11-4 The stockholders' equity section of Monty Corp.'s balance sheet at December 31 is presented here. MONTY CORP. Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding 612,000 2,276,000 2,888,000 1,164,000 4,052,000 27,733 $4,024,267 Common stock, no par, 735,776 shares authorized, 569,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (5,200 common shares) Total stockholders' equity

Explanation / Answer

a Common stock outstanding = 569000-5200= 563800 b Stated value = 2276000/569000= 4 c Par value = 612000/6000= 102 d Dividend rate = 48960/612000= 8% e Retained earnings balance = 1164000-72700= 1091300

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