Stockholders equity Paid-in capital ...
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Accounting
| Stockholders equity | |||
|---|---|---|---|
| Paid-in capital | |||
| Preferred stock, cumulative, 10,000 shares authorized, 7,000 shares issued and outstanding | $840,000 | ||
| Common stock, no par, 700,000 shares authorized, 570,000 shares issued | 2,850,000 | ||
| Total paid-in capital | 3,690,000 | ||
| Retained earnings | 1,858,000 | ||
| Total paid-in capital and retained earnings | 5,548,000 | ||
| Less: Treasury stock (12,000 common shares) | 62,400 | ||
| Total stockholders equity | $5,485,600 |
From a review of the stockholders equity section, answer the following questions.
| (a) | How many shares of common stock are outstanding? | shares | |||
|---|---|---|---|---|---|
| (b) | Assuming there is a stated value, what is the stated value of the common stock? | per share | |||
| (c) | What is the par value of the preferred stock? | per share | |||
| (d) | If the annual dividend on preferred stock is $42,000, what is the dividend rate on preferred stock? | % | |||
| (e) | If dividends of $84,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? |
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