Exercise 15-17

Carla Corporation's post-closing trial balance at December 31, 2017, is shown as follows.

The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.

Prepare the stockholders' equity section of Carla's balance sheet at December 31, 2017.

Exercise 15-21

The outstanding capital stock of Crane Corporation consists of2,000shares of $100par value,8% preferred, and5,100shares of $50par value common.

Assuming that the company has retained earnings of $86,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions.

Brief Exercise 16-11

Ayayai Corporation had312,000shares of common stock outstanding on January 1, 2017. On May 1, Ayayai issued29,700shares.

Exercise 15-17 Carla Corporation's post-closing trial balance at December 31, 2017, is shown as follows. CARLA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Dr. Cr. Accounts payable $ 416,000 Accounts receivable $ 497,000 Accumulated depreciationbuildings 178,000 Additional paid-in capital in excess of parcommon 1,267,000 From treasury stock 173,000 Allowance for doubtful accounts 30,000 Bonds payable 274,000 Buildings 1,404,000 Cash 181,000 Common stock ($1 par) 188,000 Dividends payable (preferred stockcash) 4,000 Inventory 612,000 Land 429,000 Preferred stock ($50 par) 500,000 Prepaid expenses 40,000 Retained earnings 315,000 Treasury stock (common at cost) 182,000 Totals $3,345,000 $3,345,000 At December 31, 2017, Carla had the following number of common and preferred shares. Common Preferred Authorized 564,000 60,000 Issued 188,000 10,000 Outstanding 179,000 10,000 The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders' equity section of Carla's balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.) CARLA CORPORATION Stockholders' Equity $ : $ Exercise 15-21 The outstanding capital stock of Crane Corporation consists of 2,000 shares of $100 par value, 8% preferred, and 5,100 shares of $50 par value common. Assuming that the company has retained earnings of $86,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions. (a) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred $ Common $ (b) The preferred stock is cumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred $ Common $ (c) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.) Preferred $ Common $ Brief Exercise 16-11 Ayayai Corporation had 312,000 shares of common stock outstanding on January 1, 2017. On May 1, Ayayai issued 29,700 shares. (a) Compute the weighted-average number of shares outstanding if the 29,700 shares were issued for cash. $ Weighted-average number of shares outstanding (b) Compute the weighted-average number of shares outstanding if the 29,700 shares were issued in a stock dividend. $ Weighted-average number of shares outstanding