Star corporation issued both common and preferred stock

Assignment Help Accounting Basics

Reference no: EM13586077

Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:

	20X6	20X5
Preferred stock, $100 par value, 10%	$580,000	$500,000
Common stock, $10 par value	2,350,000	1,750,000

Paid-in capital in excess of par value
Preferred	24,000	-
Common	4,620,000	3,600,000
Retained earnings	8,470,000	6,920,000
Total stockholders' equity	$16,044,000	$12,770,000

a.Compute the number of preferred shares that were issued during 20X6.

b.Calculate the average issue price of the common stock sold in 20X6.

c.By what amount did the company's paid-in capital increase during 20X6?

d.Did Star's total legal capital increase or decrease during 20X6? By what amount?

Reference no: EM13586077

Questions Cloud

The cash sale of 80 percent of the merchandise completed : jensen fences uses job order costing. manufacturing overhead is charged to individual jobs through the use of a

In matters of doubt and great uncertainty accounting issues : according to the fasbs conceptual framework earningsa. is the same as omprehensive incomeb. excludes certain gains and

This explains in part why the function fnoft 12 sin 2pit5 : breathing is cyclic and a full respiratory cycle from the beginning of inhalation to the end of exhalation takes about

Units to be assigned costs savannah lotion company consists : units to be assigned costs savannah lotion company consists of two departments blending and filling. the filling

Star corporation issued both common and preferred stock : star corporation issued both common and preferred stock during 20x6. the stockholders equity sections of the companys

Nicole limited is a company that produces machinery to : nicole limited is a company that produces machinery to customer orders using a normal job-order cost system. it applies

An ideal gas at a given state expands to a fixed volume by : an ideal gas at a given state expands to a fixed volume by two types of processes i isobaric ii isothermal. for which

The speed of a runner increased steadily during the first : the speed of a runner increased steadily during the first three seconds of a race. her speed at half-second intervals

Each campaign is comprised of multiple mailings and each : you have been recently hired as a marketing analyst in an advertising agency. you are assigned the task of assessing

User Account

All Pages