The stockholders’ equity section of Monty Corp.’s balance sheet at December 31 is presented here. MONTY CORP.Balance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $ 612,000 Common stock, no par, 739,000 shares authorized, 569,000 shares issued 2,276,000 Total paid-in capital 2,888,000 Retained earnings 1,164,000 Total paid-in capital and retained earnings 4,052,000 Less: Treasury stock (5,200 common shares) 28,000 Total stockholders’ equity $4,024,000 From a review of the stockholders’ equity section, answer the following questions.(a) How many shares of common stock are outstanding? Common stock outstanding enter a number of shares shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock $enter a common stock value per share in dollars per share (c) What is the par value of the preferred stock? The par value of the preferred stock $enter a preferred stock par value per share in dollars per share (d) If the annual dividend on preferred stock is $48,960, what is the dividend rate on preferred stock? The dividend rate enter a dividend rate on preferred stock in percentages % (e) If dividends of $72,700 were in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance $enter a Retained Earnings balance in dollars
The stockholders’ equity section of Monty Corp.’s balance sheet at December 31 is presented here. MONTY CORP.Balance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $ 612,000 Common stock, no par, 739,000 shares authorized, 569,000 shares issued 2,276,000 Total paid-in capital 2,888,000 Retained earnings 1,164,000 Total paid-in capital and retained earnings 4,052,000 Less: Treasury stock (5,200 common shares) 28,000 Total stockholders’ equity $4,024,000 From a review of the stockholders’ equity section, answer the following questions.(a) How many shares of common stock are outstanding? Common stock outstanding enter a number of shares shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock $enter a common stock value per share in dollars per share (c) What is the par value of the preferred stock? The par value of the preferred stock $enter a preferred stock par value per share in dollars per share (d) If the annual dividend on preferred stock is $48,960, what is the dividend rate on preferred stock? The dividend rate enter a dividend rate on preferred stock in percentages % (e) If dividends of $72,700 were in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance $enter a Retained Earnings balance in dollars
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
Related questions
Question
The
MONTY CORP. Balance Sheet (partial) |
|||
Stockholders’ equity | |||
Paid-in capital | |||
|
$ 612,000
|
||
Common stock, no par, 739,000 shares authorized, 569,000 shares issued |
2,276,000
|
||
Total paid-in capital |
2,888,000
|
||
|
1,164,000
|
||
Total paid-in capital and retained earnings |
4,052,000
|
||
Less: |
28,000
|
|
|
Total stockholders’ equity |
$4,024,000
|
From a review of the stockholders’ equity section, answer the following questions.
(a) How many shares of common stock are outstanding?
Common stock outstanding |
enter a number of shares shares
|
(b) Assuming there is a stated value, what is the stated value of the common stock?
The stated value of the common stock |
$enter a common stock value per share in dollars per share
|
(c) What is the par value of the preferred stock?
The par value of the preferred stock |
$enter a preferred stock par value per share in dollars per share
|
(d) If the annual dividend on preferred stock is $48,960, what is the
The dividend rate |
enter a dividend rate on preferred stock in percentages %
|
(e) If dividends of $72,700 were in arrears on preferred stock, what would be the balance reported for retained earnings?
The Retained Earnings balance |
$enter a Retained Earnings balance in dollars
|
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