Analyzing the stockholders’ equity section of the balance sheet
The balance sheet of Buzzcraft, Inc., reported the following:
| Preferred stock, $7 par, 5%, | |
| 1,000 shares authorized and issued | $ 7,000 |
| Common stock, $1.50 par value, 43,000 shares authorized; 11,000 shares issued | 16,500 |
| Paid-in capital in excess of par—common | 224,000 |
| Total paid-in capital | 247,500 |
| Retained earnings | 80,000 |
| Total stockholders’ equity | $ 327,500 |
Preferred dividends are in arrears for two years, including the current year. On the balance sheet date, the market value of the Buzzcraft common stock was $28 per share.
Requirements
1.Is the preferred stock cumulative or noncumulative? How can you tell?
2.What is the total paid-in capital of the company?
3.What was the total market value of the common stock?
4.Compute the book value per share of the common stock.
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