Reference no: EM133005201
Question - Presented below are the accounts and related balances for ECOM Finance Ltd, at September 30, 2020.
Salary Payables $3000
Cash 15000
Accounts Payable 20000
Retained Earnings 80000
Organization Costs, net 1000
Long-term Notes Payable 70000
Common Shares, 60,000 shares authorized, 25,000 shares issued 95000
Inventory 85000
Property, Plant and Equipment, net 204,000
Accounts Receivable, net 25000
Income Tax Payable 12000
Preferred Shares, $6.00, cumulative, 20000 shares authorized, 3000 shares issued 50000
Required -
a. Prepared the classified balance sheet at September 30, 2020. Use the account format for the balance sheet.
b. Are the preferred shares cumulative or noncumulative?
c. What is the total amount of the annual preferred dividend?
d. Assume the common shares were all issued at the same time. What was the selling price per share?
e. Compute the book value per share of the preferred shares and the common shares. No prior-year preferred dividends are in arrears, and ECOM Finance Ltd. has not declared the current-year dividend.
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