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Question - Early in 2008, Septa, Inc., was organized with authorization to issue 1,000 shares of $100 par value preferred stock and 200,000 shares of $1 par value common stock. Five hundred shares of the preferred stock were issued at par, and 80,000 shares of common stock were sold at $15 per share. The preferred stock pays a 10 percent cumulative dividend.
During the first four years of operations (2008 through 2011), the corporation earned a total of $1,800,000 and paid dividends of 40 cents per share in each year on its outstanding common stock.
Required -
a. Prepare the stockholders' equity section of the balance sheet at December 31, 2011. Include a supporting schedule showing your computation of the amount of retained earnings reported.
b. Are there any dividends in arrears on the company's preferred stock at December 31, 2011?
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At the beginning of the current fiscal year, the balance sheet for Sammy Co. showed liabilities of $320,000. During the year liabilities decreased by $18,000, assets increased by $65,000, and paid-in capital increased from $30,000 to $192,000. Divide..
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