Question
The stockholders equity section of Haley Corporation at December 31 is as follows. HALEY CORPORATION Balance Sheet (partial) Paid-in capital Preferred stock, 10,000 shares authorized,
The stockholders equity section of Haley Corporation at December 31 is as follows.
HALEY CORPORATION Balance Sheet (partial) | |||
---|---|---|---|
Paid-in capital | |||
Preferred stock, 10,000 shares authorized, 6,000 shares issued and outstanding | $300,000 | ||
Common stock, no par, 750,000 shares authorized, 600,000 shares issued | 1,200,000 | ||
Total paid-in capital | 1,500,000 | ||
Retained earnings | 1,858,000 | ||
Total paid-in capital and retained earnings | 3,358,000 | ||
Less: Treasury stock (10,000 common shares) | 64,000 | ||
Total stockholders equity | $3,294,000 |
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? | |
(b) | 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? |
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