3. Sweet Sixteen has two classes of stock authorized: $100 par value preferred and $1 par...
3. Sweet Sixteen has two classes of stock authorized: $100 par
value preferred and $1 par value common. As of the beginning of
2018, 1,000 shares of preferred stock have been issued and 20,000
shares of common stock have been issued. The following transactions
affect stockholders' equity during 2018:
|
March 1 |
Issue 3,000 additional shares of common stock for $22 per share. |
|
April 1 |
Issue 5,000 additional shares of preferred stock for $110 per share. |
|
June 1 |
Declare a cash dividend on common stock of $1 per share and a cash dividend on preferred stock of $5 per share to all stockholders of record on June 15. |
|
June 30 |
Pay the cash dividends declared on June 1. |
|
August 1 |
Purchase 2,000 shares of treasury stock for $18 per share. |
|
October 1 |
Reissue 1,000 shares of treasury stock purchased on August 1 for $20 per share. |
Required ( 10)
1. How much is the cash dividend
2. How many shares of common , preferred stock are outstanding at October 2,
3. How many shares of treasury stock are on hand at October 2.
4. What class of stock is reacquired as treasury stock
Homework Answers
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3. Sweet Sixteen has two classes of stock authorized: $100 par
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