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) Total stockholders' equity 120,000 270,000 6,500 48,500 (9,000) $ ? 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 accountc during 2010
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) Total stockholders' equity 120,000 270,000 6,500 48,500 (9,000) $ ? 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 accountc during 2010
Intermediate Accounting: Reporting And Analysis
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:...
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