Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic Accounting And Fraud Examination

Authors: Mary Jo Kranacher, Richard Riley

2nd Edition

1119494338, 9781119494331

More Books

Students also viewed these Accounting questions

Question

Explain the planning horizon and the updating interval.

Answered: 1 week ago

Question

Explain how HR serves as a strategic business partner.

Answered: 1 week ago

Question

Describe a social audit.

Answered: 1 week ago

Question

Describe ethics training.

Answered: 1 week ago