Homework Answers
a)
Paid in capital., preferred stock = $400,000
Number of shares of preferred stock issued = 40,000
Par value of 1 preferred stock = Paid in capital., preferred stock/Number of shares of preferred stock issued
= 400,000/40,000
= $10
b)
Dividend rate on preferred stock = 5%
Hence, dividend per share of preferred stock = 10 x 5%
= $0.5
c)
Number of common shares outstanding = Number of common shares issued - Treasury shares
= 40,000 - 2,000
= 38,000
d)
Average issue price of common stock = (Paid in capital, par common stock + Additional paid in capital in excess of par, common stock)/Number of common shares issued
= (800,000 + 100,000)/40,000
= 900,000/40,000
= $22.5
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The stockholders’ equity section of Monty Corp. at December 31
is as follow
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Balance Sheet(Partial)
Paid-in capital
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authorized, 9,800 shares issued and outstanding
$588,000
Common stock, no par, 880,000 shares
authorized, 560,000 shares issued
1,120,000
Total paid-in capital
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Retained earnings
1,858,000
Total paid-in
capital and retained earnings
3,566,000
Less: Treasury stock (12,000 common shares)
62,400
Total
stockholders’ equity
$3,503,600
From a review of the stockholders’ equity section, as chief
accountant,...
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Exercise 11-11
The stockholders’ equity section of Monty Corp. at December 31
is as follow
Monty Corp.
Balance Sheet(Partial)
Paid-in capital
Preferred stock, cumulative, 14,000 shares
authorized, 9,800 shares issued and outstanding
$588,000
Common stock, no par, 880,000 shares
authorized, 560,000 shares issued
1,120,000
Total paid-in capital
1,708,000
Retained earnings
1,858,000
Total paid-in
capital and retained earnings
3,566,000
Less: Treasury stock (12,000 common shares)
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Total
stockholders’ equity
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From a review of the stockholders’ equity section, as chief
accountant,...
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