The Torre Company has the following stockholders' equity account balances in stockholders equity onDecember 31.Common Stock – $5 par, 500,000 shares authorized$300,000Paid-In Capital in Excess of Par-Common Stock620,000Preferred Stock – $100 par, 100,000 shares authorized530,000Paid-In Capital in Excess of Par-Preferred200,000Retained Earnings250,000Treasury Stock (cost – $10 per share)110,000How many shares of common stock are outstanding?Your Answer:AnswerQuestion 24The Torre Company has the following stockholders' equity account balances in stockholders equity onDecember 31.Common Stock – $5 par, 60,000 shares issued$400,000Paid-In Capital in Excess of Par-Common Stock640,000Preferred Stock – $100 par, 5,000 shares issued560,000Paid-In Capital in Excess of Par-Preferred190,000Retained Earnings290,000Treasury Stock (cost – $10 per share)80,000If net income for the year was $75,000 and a preferred stock dividend of $40,000 was paid, what was the beginningvalue of retained earnings?

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Answered: Question 24 The Torre Company has the…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter12: Statement Of Stockholders’ Equity (stockeq)

Section: Chapter Questions

Problem 3R: Chen Corporation began 2012 with the following stockholders equity balances: The following selected...

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Question

The Torre Company has the following stockholders' equity account balances in stockholders equity on
December 31.
Common Stock – $5 par, 500,000 shares authorized
$300,000
Paid-In Capital in Excess of Par-Common Stock
620,000
Preferred Stock – $100 par, 100,000 shares authorized
530,000
Paid-In Capital in Excess of Par-Preferred
200,000
Retained Earnings
250,000
Treasury Stock (cost – $10 per share)
110,000
How many shares of common stock are outstanding?
Your Answer:
Answer
Question 24
The Torre Company has the following stockholders' equity account balances in stockholders equity on
December 31.
Common Stock – $5 par, 60,000 shares issued
$400,000
Paid-In Capital in Excess of Par-Common Stock
640,000
Preferred Stock – $100 par, 5,000 shares issued
560,000
Paid-In Capital in Excess of Par-Preferred
190,000
Retained Earnings
290,000
Treasury Stock (cost – $10 per share)
80,000
If net income for the year was $75,000 and a preferred stock dividend of $40,000 was paid, what was the beginning
value of retained earnings?

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1. How many shares of treasury stock are owned?
fill in the blank 1 shares

2. What was the average market price per share at which common stock was issued? If required, round your answer to two decimal places.
$fill in the blank 2 per share

3. What was the average market price per share at which preferred stock was issued? If required, round your answer to two decimal places.
$fill in the blank 3 per share

4. What is the total value of the paid-in capital portion of stockholders' equity?
$fill in the blank 4

5. What is the total value of stockholders' equity?
$fill in the blank 5

6. How many shares of common stock are outstanding?
fill in the blank 6 shares

7. If net income for the year was $75,000 and a preferred stock dividend of $20,000 was paid, what was the beginning value of retained earnings? How much is earnings per share for the year? If required, round your answer to two decimal places.