The following information was extracted from the records of Cascade Company at the end of...
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Accounting
The following information was extracted from the records of Cascade Company at the end of the fiscal year after all adjusting entries were completed:
| Common stock ($0.01 par value; 330,000 shares authorized, 60,500 shares issued, 58,500 shares outstanding) | $ | 605 | |
| Additional paid-in capital | 469,000 | ||
| Dividends declared and paid during the year | 28,500 | ||
| Retained earnings at the end of the year | 325,000 | ||
| Treasury stock at cost (2,000 shares) | (21,500 | ) | |
Net income for the year was $101,500. The stock price is currently $15 per share.
Required:
1. Prepare the stockholders equity section of the balance sheet at the end of the fiscal year. 2. Compute the dividend yield ratio. Determine the number of shares of stock that received dividends.
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