2. The Redback Corporation has the following balances in stockholders equity on December 31st Common Stock-$4.00 par, 90,000 issued Additional paid in capital-common Preferred stock-$ 75 par, 8,000 issued Additional paid in capital -preferred Retained earnings Treasury stock (cost- $8.00 per share) $360,000 900,000 600,000 300,000 350,000 104,000 Answer the following questions: 1. How many shares of treasury stock are owned? 2. What was the average market price per share at which common stock was issued? 3. What was the average market price per share at which preferred stock was issued? 4. What is the total value of the Paid in Capital portion of stockholders equity? 5. What is the total value of stockholders equity? 6. How many shares of common stock are outstanding? 7. If net income for the year was $104,700 and a preferred stock dividend of $20,000 was paid, what was the beginning value of retained earnings? How much is earnings per share for the year? Other The following totals for the month of April were taken from the payroll register of Conrad Company: 1. $73,800 5,535 14,760 4,100 Salaries expense Social security and medicare taxes withheld Income taxes withheld Retirement savings 7,500 Salaries subject to federal and state unemployment taxes of 6.2% How much is the total payroll expense (Payroll Payroll taxes) for Conrad Company for this payroll? Assume that the monthly salaries expense remains the same for the entire year and no employees are hired or fired during that time. Based on what you learned in Chapter 11 about payroll taxes, do you expect the total payroll expense to stay the same every month? Explain. 2. The current assets nd current liabilities for Kandy Company and Nik Nak Company are shown as follows at the end of 2016 Kandy Company (in Nik Nak Company millions) For the Year ending Year ending December 31, 2016 December 31, 2016 (in millions) For the Current Assets: Cash and cash equivalents 31,312 21,546 Short-term investments 10,304 3,572 9.552 Accounts receivable 8,209 Inventories 1,346 1,660 3.195 Total current assets 19,740 17.730 Accrued and other current liabilities Total current liabilities These represent prepaid expenses and other non-quick current assets. Required: (1) Determine the quick ratio for both companies. Round to two decimal places. oc