Francis Inc. has the following stockholders' equity section in its November 30, 2019, balance sheet:Paid-in capital:12% preferred stock, $60 par value, 1,000 shares authorized,issued, and outstandingCommon stock, $8 par value, 50,000 shares authorized, ? sharesissued, ? shares outstandingAdditional paid-in capital on common stockAdditional paid-in capital from treasury stockRetained earnings$120,000270,0006,50048,500Less: Treasury stock, at cost (1,000 shares of common)(9,000)Total stockholders' equity$Required:a. Calculate the amount of the total annual dividend requirement on preferred stock.b. Calculate the amount that should be shown on the balance sheet for preferred stock.c. Calculate the number of shares of common stock that are issued and the number of shares of common stock that are outstanding.d. On January 1, 2019, the firm's balance sheet showed common stock of $105,000 and additional paid-in capital on common stock of$234,375. The only transaction affecting these accounts during 2019 was the sale of common stock. Calculate the number ofshares that were sold and the selling price per share.e. Choose the transaction that resulted in the additional paid-in capital from treasury stock.f. The retained earnings balance on January 1, 2019, was $45,150. Net income for the past 11 months was $12,000. Preferred stockdividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during the first 11months of 2019.Complete this question by entering your answers in the tabs below.Req A and BReq C and DReq EReq Fa. Calculate the amount of the total annual dividend requirement on preferred stock.b. Calculate the amount that should be shown on the balance sheet for preferred stock.а.Annual dividendb.Balance sheet amount for preferred stockReg A and BReq C and D>

Note: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…

Francis Inc. has the following stockholders' equity section in its November 30, 2019, balance sheet: Paid-in capital: 12% preferred stock, $60 par value, 1,000 shares authorized, issued, and outstanding Common stock, $8 par value, 50,000 shares authorized, ? shares issued, ? shares outstanding Additional paid-in capital on common stock Additional paid-in capital from treasury stock Retained earnings Less: Treasury stock, at cost (1,000 shares of common) $ 120,000 270,000 6,500 48,500 (9,000) Total stockholders' equity $ ? Required: a. Calculate the amount of the total annual dividend requirement on preferred stock. b. Calculate the amount that should be shown on the balance sheet for preferred stock. c. Calculate the number of shares of common stock that are issued and the number of shares of common stock that are d. On January 1, 2019, the firm's balance sheet showed common stock of $105,000 and additional paid-in capital on con $234,375. The only transaction affecting these accounts during 2019 was the sale of common stock. Calculate the nu shares that were sold and the selling price per share. e. Choose the transaction that resulted in the additional paid-in capital from treasury stock. f. The retained earnings balance on January 1, 2019, was $45,150. Net income for the past 11 months was $12,000. Pref dividends for all of 2019 have been declared and paid. Calculate the amount of dividends on common stock during tl months of 2019. Complete this question by entering your answers in the tabs below. Req A and B Req C and D Req E Req F a. Calculate the amount of the total annual dividend requirement on preferred stock. b. Calculate the amount that should be shown on the balance sheet for preferred stock.

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...