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Posted on Aug 04, 2024

E13-13. The stockholders' equity section of Erik Corporation at December 31 is as follows. Erik Corporation Balance Sheet til of December 31, 2017 Owner's Equity

E13-13. The stockholders' equity section of Erik Corporation at December 31 is as follows. Erik Corporation Balance Sheet til of December 31, 2017 Owner's Equity Paid In Capital Capital Stock 10% Preferred Stock, 550 par value, 10,000 shares authorised, 6,000 shares issued and outstanding Common Stock, no par value, 750,000 shares authorized 600,000 shares issued, and 590,000 shares outstanding Total Capital Stock Additional Paid-in Capital In excess of par-Preferred Stock in excess of par-Common Stock From Treasury Stock Total additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less: Treasury Stock (10,000 common shares) (at cost) Total Stockholders' Equity Instructions From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions (a) How many shares of common stock are outstanding? 1) Assuming there is a stated value, what is the stated value of the common stock? c) What is the par value of the preferred stock? (d) If the annual dividend on preferred stock is $30,000, what is the dividend rate on preferred stock? le) dividends of $60,000 were in arrears on preferred stock, what would be the balance in Retained Earnings? OST Acciant 251 AssignPartAcct V W X 174 300,000.0 175 176 Owner's Equity 177 Paid-In Capital 178 179 Capital Stock 180 10% Preferred Stock. $50 par value. 10,000 shares 181 authorized 6,000 shares issued and outstanding 182 183 Common Stock, no par value, 750,000 shares authorized, 184 600,000 shares issued, and 590.000 shares outstanding 185 Total Capital Stock 185 187 Additional Paid-in Capital 188 In excess of par-Preferred Stock 189 In excess of par-Common Stock 190 From Treasury Stock 131 Total additional Paid-in Capital 1.200,000.0 1.500.000,0 133 Total Paid-in Capital $ 1500,000.0 1.858.000.0 3,358,000.0 1640000 195 Retained Earnings 196 197 Toral Paid-in Capital and Retained Earnings 199 Less: Treasury Stock (10,000 common shares) (at cost) 200 201 Total Stock Holders' Equity 202 Finale e Ready # 3.294.000.0 ** e * Q A X 2:47P 12/15/2 E13-13. The stockholders' equity section of Erik Corporation at December 31 is as follows. Erik Corporation Balance Sheet til of December 31, 2017 Owner's Equity Paid In Capital Capital Stock 10% Preferred Stock, 550 par value, 10,000 shares authorised, 6,000 shares issued and outstanding Common Stock, no par value, 750,000 shares authorized 600,000 shares issued, and 590,000 shares outstanding Total Capital Stock Additional Paid-in Capital In excess of par-Preferred Stock in excess of par-Common Stock From Treasury Stock Total additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less: Treasury Stock (10,000 common shares) (at cost) Total Stockholders' Equity Instructions From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions (a) How many shares of common stock are outstanding? 1) Assuming there is a stated value, what is the stated value of the common stock? c) What is the par value of the preferred stock? (d) If the annual dividend on preferred stock is $30,000, what is the dividend rate on preferred stock? le) dividends of $60,000 were in arrears on preferred stock, what would be the balance in Retained Earnings? OST Acciant 251 AssignPartAcct V W X 174 300,000.0 175 176 Owner's Equity 177 Paid-In Capital 178 179 Capital Stock 180 10% Preferred Stock. $50 par value. 10,000 shares 181 authorized 6,000 shares issued and outstanding 182 183 Common Stock, no par value, 750,000 shares authorized, 184 600,000 shares issued, and 590.000 shares outstanding 185 Total Capital Stock 185 187 Additional Paid-in Capital 188 In excess of par-Preferred Stock 189 In excess of par-Common Stock 190 From Treasury Stock 131 Total additional Paid-in Capital 1.200,000.0 1.500.000,0 133 Total Paid-in Capital $ 1500,000.0 1.858.000.0 3,358,000.0 1640000 195 Retained Earnings 196 197 Toral Paid-in Capital and Retained Earnings 199 Less: Treasury Stock (10,000 common shares) (at cost) 200 201 Total Stock Holders' Equity 202 Finale e Ready # 3.294.000.0 ** e * Q A X 2:47P 12/15/2