Reference no: EM132982344

Questions -

Q1. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 40,000 shares were originally issued and 10,000 were subsequently reacquired. What are the number of shares outstanding?

Stair Step Company has 20,000 shares of $100 par, 2% preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:

Year 1: $30,000

Year 2: 55,000

Year 3: 90,000

Determine the dividends per share for preferred and common stock for the second year.

Q2. Elliptical Machine issues 5,000 shares of 5%, $10 Par Value Preferred Stock for $10,000 cash, $20,000 of Inventory and acceptance of a Note Receivable in the amount of $40,000. What is the amount of the Credits to Preferred Stock and to Additional Paid in Capital In Excess of Par Value, Preferred Stock the Company would record?

Q3. X Sport Fitness has 750,000 shares authorized in the Charter, and they have 200,000 shares Issued and 20,000 shares in Treasury Stock. When the Company declares a $400,000 cash dividend, what is the amount of the Dividend that each shareholder will receive?