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E11-4 The stockholders' equity section of Lachlin Corporation's balance sheet at Decem- odor0nora moodo aleiznoa owsivollot ads gni ber 31 is presented here. sbiego lolone 000.00 LACHLIN CORPORATION 000. brobi Balance Sheet (partial) Insnu sdT oulev Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding Common stock, no par, 750,000 shares authorized, 580,000 shares issued yrmani $ 600,000 2,900,000 3,500,000 ordi Total paid-in capital 2 ni borotupbeord aen Retained earnings 1,158,000 l Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) 4,658,000 32,000 $4,626,000 Total stockholders' equity 000 a boxtiorlus 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 pre- ferred stock? (e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? ni lari

E11-4 The stockholders' equity section of Lachlin Corporation's balance sheet at Decem- odor0nora moodo aleiznoa owsivollot ads gni ber 31 is presented here. sbiego lolone 000.00 LACHLIN CORPORATION 000. brobi Balance Sheet (partial) Insnu sdT oulev Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding Common stock, no par, 750,000 shares authorized, 580,000 shares issued yrmani $ 600,000 2,900,000 3,500,000 ordi Total paid-in capital 2 ni borotupbeord aen Retained earnings 1,158,000 l Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) 4,658,000 32,000 $4,626,000 Total stockholders' equity 000 a boxtiorlus 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 pre- ferred stock? (e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? ni lari

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.24E
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E11-4 The stockholders' equity section of Lachlin Corporation's balance sheet at Decem- odor0nora moodo aleiznoa owsivollot ads gni ber 31 is presented here. sbiego lolone 000.00 LACHLIN CORPORATION 000. brobi Balance Sheet (partial) Insnu sdT oulev Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding Common stock, no par, 750,000 shares authorized, 580,000 shares issued yrmani $ 600,000 2,900,000 3,500,000 ordi Total paid-in capital 2 ni borotupbeord aen Retained earnings 1,158,000 l Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) 4,658,000 32,000 $4,626,000 Total stockholders' equity 000 a boxtiorlus 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 pre- ferred stock? (e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? ni lari
Transcribed Image Text:E11-4 The stockholders' equity section of Lachlin Corporation's balance sheet at Decem- odor0nora moodo aleiznoa owsivollot ads gni ber 31 is presented here. sbiego lolone 000.00 LACHLIN CORPORATION 000. brobi Balance Sheet (partial) Insnu sdT oulev Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding Common stock, no par, 750,000 shares authorized, 580,000 shares issued yrmani $ 600,000 2,900,000 3,500,000 ordi Total paid-in capital 2 ni borotupbeord aen Retained earnings 1,158,000 l Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) 4,658,000 32,000 $4,626,000 Total stockholders' equity 000 a boxtiorlus 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 pre- ferred stock? (e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? ni lari
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