Reference no: EM132317436
Exercise
The stockholders' equity section of Flint Corporation's balance sheet at December 31 is presented here.
FLINT CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital
Preferred stock, cumulative, 11,667 shares authorized, 7,000 shares issued and outstanding $ 735,000
Common stock, no par, 722,845 shares authorized, 559,000 shares issued 2,795,000
Total paid-in capital 3,530,000
Retained earnings 1,197,000
Total paid-in capital and retained earnings 4,727,000
Less: Treasury stock (7,900 common shares) 42,133
Total stockholders' equity $4,684,867 From a review of the stockholders' equity section, answer the following questions.
(a) How many shares of common stock are outstanding?
Common stock outstanding shares
(b) Assuming there is a stated value, what is the stated value of the common stock?
Common stock outstanding shares
(b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock
per share
(c) What is the par value of the preferred stock? The par value of the preferred stock
per share
(d) If the annual dividend on preferred stock is $58,800, what is the dividend rate on preferred stock?
The dividend rate%
(e) If dividends of $77,100 were in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance