Reference no: EM13147246
The stockholders' equity section of Lumley Corporation at December 31 is as follows.
LUMLEY CORPORATION
Balance Sheet (partial)
Paid-in capital
Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued $ 600,000
and outstanding
Common stock, no par, 750,000 shares authorized, 600,000 shares issued
1,200,000
Total paid-in capital 1,800,000
Retained earnings
1,858,000
Total paid-in capital and retained earnings 3,658,000
Less: Treasury stock (12,000 common shares)
64,000
Total stockholders' equity
$3,594,000
From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions.
1. How many shares of common stock are outstanding?
2. Assuming there is a stated value, what is the stated value of the common stock?
3. What is the par value of the preferred stock?
4. If the annual dividend on preferred stock is $30,000, what is the dividend rate on preferred stock?
5. If dividends of $60,000 were in arrears on preferred stock, what would be the balance in Retained Earnings?
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