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General Corporation’s ledger includes the following account balances at December 31, 2005:
  
Common Stock, $1 par value, 100,000 shares issued        100,000
Add’l Paid-in Capital in Excess of Par Value, Common       800,000
Preferred Stock, 10%, $60 par value, 10,000 shares issued       600,000
Add’l Paid-in Capital in Excess of Par Value, Preferred       300,000
Retained Earnings       500,000
Treasury Stock, Common, 1,000 shares       100,000


1.The balance sheet prepared at December 31, 2005, would report total legal capital of:


2.The balance sheet prepared at December 31, 2005, would report total capital of:


3.The balance sheet prepared at December 31, 2005, would report total stockholders' equity of:


4.The number of common shares outstanding at December 31, 2005 would be:


5.Assuming the Preferred Stock is “Cumulative”, the preferred shareholders would be entitled to receive total annual dividends of:
Stockholders Equity General Corporations ledger includes the following account balances at December 3 2005: Common Stock, $

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Answer #1

1) Total legal capital

Common Stock 100000
Preferred stock 600000
Total legal capital 700000

2) Total Capital

Common Stock 100000
Add’l Paid-in Capital in Excess of Par Value, Common 800000
Preferred stock 600000
Add’l Paid-in Capital in Excess of Par Value, Preferred 300000
Total capital 1800000

3) Total Stockholder's equity = 1800000+500000-100000 = 2200000

4) Outstanding shares = 100000-1000 = 99000 Shares

5) Preferred dividend = 600000*10% = 60000

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