the stockholders equity section of traylor corporation s balance sheet at december 3 535280
The stockholders” equity section of Traylor Corporation”s balance sheet at December 31 is presented here.
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the stockholders equity section of traylor corporation s balance sheet at december 3 535280
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TRAYLOR CORPORATION |
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Stockholders” equity |
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Paid-in capital |
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Preferred stock, cumulative, 10,000 shares authorized, |
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6,000 shares issued and outstanding |
$ 600,000 |
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Common stock, no par, 750,000 shares authorized, |
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580,000 shares issued |
2,900,000 |
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Total paid-in capital |
3,500,000 |
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Retained earnings |
1,158,000 |
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Total paid-in capital and retained earnings |
4,658,000 |
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Less: Treasury stock (6,000 common shares) |
(32,000) |
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Total stockholders” equity |
$4,626,000 |
Instructions
From a review of the stockholders” equity section, answer 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?
(d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?
(e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?
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