Question
The stockholders equity section of Leyland Corporations balance sheet at December 31 is presented here. LEYLAND CORPORATION Balance Sheet (partial) Stockholders equity Paid-in capital Preferred
The stockholders equity section of Leyland Corporations balance sheet at December 31 is presented here.
LEYLAND CORPORATION Balance Sheet (partial) | ||
Stockholders equity | ||
Paid-in capital | ||
Preferred stock, cumulative,9,833shares authorized,5,900shares issued and outstanding | $619,500 | |
Common stock, no par,734,741shares authorized,568,200shares issued | 2,272,800 | |
Total paid-in capital | 2,892,300 | |
Retained earnings | 1,170,000 | |
Total paid-in capital and retained earnings | 4,062,300 | |
Less: Treasury stock (6,390common shares) | (34,080 | ) |
Total stockholders equity | $4,028,220 |
From a review of the stockholders equity section, answer the following questions.
(a) How many shares of common stock are outstanding?
Common stock outstanding | shares |
(b) Assuming there is a stated value, what is the stated value of the common stock?
The stated value of the common stock | $ per share |
(c) What is the par value of the preferred stock?
The par value of the preferred stock | $ per share |
(d) If the annual dividend on preferred stock is $49,560, what is the dividend rate on preferred stock?
The dividend rate | % |
(e) If dividends of $73,000were in arrears on preferred stock, what would be the balance reported for retained earnings?
The Retained Earnings balance | $ |
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