x2017 CC-Fall-Class-Sct ply IMy Applic ×\"eMyGateway Home nocccdxCreate & Print
ID: 2581486 • Letter: X
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x2017 CC-Fall-Class-Sct ply IMy Applic ×"eMyGateway Home nocccdxCreate & Print Schedule/Bill ttps://edugen.wileyplus.com/edugen/lti/main.uni Return to Blackboan Kimmel, Accounting, 6e Help I ment AYAYAI CORP. Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,500 shares authorized, 5,100 shares issued and outstanding 510,000 1,650,000 2,160,000 1,148,000 3,308,000 26,667 $3,281,333 Common stock, no par, 711,207 shares authorized, 550,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (5,000 common shares) Total stockholders' equity From a review of the stockholders' equity 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 shares s per share (c) What is the par value of the preferred stock? The par value of the preferred stock s per share All Rights Reserved. A Division of John Wiley & Sons. Inc,Explanation / Answer
Ans. A Outstanding common stock = 545000 shares Outstanding common stock = issued share - treasury share 550000 - 5000 545000 Ans. B Stated Value of common stock = 3 per share Stated Value of common stock = Common stock issued /No. of shares 1650000 / 550000 3 Ans. C Par value of preferred stock = 100 per share Par value of preferred stock = preferred stock / no. of shares 510000 / 5100 100 Ans.d Dividend Rate = 6% Dividend Rate = annual dividend / preferred stock 30600 / 510000 *100 6% Ans.e Retained Earnings balance = 1148000 *Retained earnings balance is still 1148000 because, cumulative dividends in arrears are only disclosed in the notes to the financial statements.
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