Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please Help! What I put in is wrong too so ignore what I put. I need help on the whole thing The year-end balance sheet
Please Help! What I put in is wrong too so ignore what I put. I need help on the whole thing
The year-end balance sheet of Ft. Smith Products includes the following stockholders' equity section (with certain details omitted). Stockholders' equity: 7 1/24 cumulative preferred stock, $100 par value, 100,000 shares authorized $ 2,300,000 Common stock, $2 par value, 900,000 shares authorized 900,000 Additional paid-in capital: common stock 8,000,000 Retained earnings 2,595,000 Total stockholders' equity $13,795,000 Required: From this information, compute answers to the following questions. a. How many shares of preferred stock have been issued? b. What is the total amount of the annual dividends paid to preferred stockholders? (Round intermediate calculations to 2 decimal places.) c. How many shares of common stock are outstanding? d. What was the average issuance price per share of common stock? (Round your answers to 2 decimal places.) e. What is the amount of legal capital? f. What is the total amount of paid-in capital? g. What is the book value per share of common stock? (There are no dividends in a tears.) (Round your answers to 2 decimal places.) h. Assume that retained earnings at the beginning of the year amounted to $717,500 and that net income for the year was $3,970,000. What was the dividend declared during the year on each share of common stock? (Hint: Net income increases retained earnings. whereas dividends decrease retained earnings.) (Round your answers to 2 decimal places.) a b 2,300,000 shares 100 $ C d Number of issued shares of preferred stock Annual preferred stock dividend Number of outstanding shares of common stock Average issuance price of common stock Legal capital Paid-in capital Book value por share of common stock Common stock dividend per share 23,000 shares per share e. - 9 por share per share h
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started