Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following are selected accounts and balances from the records of Angry Corporation on April 30, 2020. Common Stock, $12 par value, 90,000 shares authorized
The following are selected accounts and balances from the records of Angry Corporation on April 30, 2020. Common Stock, $12 par value, 90,000 shares authorized $816,000 Treasury Stock (7,800 common shares) 132,600 Paid-in Capital in Excess of Par Value - Common Stock 147.000 Preferred Stock, 8%, 5,000 shares authorized, 2,700 shares issued 310,500 Retained Earnings 303,800 Paid-in Capital in Excess of Par Value - Preferred Stock 45,900 Instructions: Answer each of the following questions. What is the total amount of net income that has been kept in the corporation? $ What is the maximum number of preferred shares the company can sell according to the corporate charter? shares Assuming there is a par value, what is the par value of the preferred stock? $ What is the total amount of cash paid in to the corporation by stockholders in exchange for preferred stock? $ How many shares of common stock are issued? shares How many shares of common stock are outstanding? shares Calculate total stockholders equity. $ The board of directors declares a full annual dividend to preferred shareholders. How much total cash will be paid to preferred shareholders? $ The board of directors declares a $2 per share cash dividend on common stock. How much total cash will be paid to common shareholders? $
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