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Tamarisk, Inc. Balance Sheet(Partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,000 shares authorized, 4,800 shares issued and outstanding $480,000 Common stock, no par, 870,000 shares authorized, 530,000 shares issued 2,650,000 Total paid-in capital 3,130,000 Retained earnings 1,858,000 Total paid-in capital and retained earnings 4,988,000 Less: Treasury stock (7,000 common shares) 42,000 Total stockholders' equity $4,946,000 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common per share stock? (c) What is the par value of the preferred stock? $ per share If the annual dividend on preferred stock is $38,400, what is the dividend rate on preferred stock? (d) % If dividends of $76,800 were in arrears on preferred stock, what would be the balance reported for retained earnings? (e) $ %24 %24 %24

Tamarisk, Inc. Balance Sheet(Partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,000 shares authorized, 4,800 shares issued and outstanding $480,000 Common stock, no par, 870,000 shares authorized, 530,000 shares issued 2,650,000 Total paid-in capital 3,130,000 Retained earnings 1,858,000 Total paid-in capital and retained earnings 4,988,000 Less: Treasury stock (7,000 common shares) 42,000 Total stockholders' equity $4,946,000 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common per share stock? (c) What is the par value of the preferred stock? $ per share If the annual dividend on preferred stock is $38,400, what is the dividend rate on preferred stock? (d) % If dividends of $76,800 were in arrears on preferred stock, what would be the balance reported for retained earnings? (e) $ %24 %24 %24

Intermediate Accounting: Reporting And Analysis
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings...
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Tamarisk, Inc. Balance Sheet(Partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,000 shares authorized, 4,800 shares issued and outstanding $480,000 Common stock, no par, 870,000 shares authorized, 530,000 shares issued 2,650,000 Total paid-in capital 3,130,000 Retained earnings 1,858,000 Total paid-in capital and retained earnings 4,988,000 Less: Treasury stock (7,000 common shares) 42,000 Total stockholders' equity $4,946,000 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common per share stock? (c) What is the par value of the preferred stock? per share If the annual dividend on preferred stock is $38,400, what is the dividend rate on preferred stock? (d) If dividends of $76,800 were in arrears on preferred stock, what would be the balance reported for retained earnings? (e) $ %24 %24 %24
Transcribed Image Text:Tamarisk, Inc. Balance Sheet(Partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,000 shares authorized, 4,800 shares issued and outstanding $480,000 Common stock, no par, 870,000 shares authorized, 530,000 shares issued 2,650,000 Total paid-in capital 3,130,000 Retained earnings 1,858,000 Total paid-in capital and retained earnings 4,988,000 Less: Treasury stock (7,000 common shares) 42,000 Total stockholders' equity $4,946,000 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common per share stock? (c) What is the par value of the preferred stock? per share If the annual dividend on preferred stock is $38,400, what is the dividend rate on preferred stock? (d) If dividends of $76,800 were in arrears on preferred stock, what would be the balance reported for retained earnings? (e) $ %24 %24 %24
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