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rubyduck865Lv1
28 Sep 2019
Kilgore Auto Parts reported the following information at December31, 2004:
- Preferred stock, 10%, $24 par value, cumulative $60,000
- Common stock, $2.50 par value 10,000
- Additional paid-in capital â Common stock 30,000
- Retained earnings 50,000
- Total contributed capital and retained earnings 150,000
- Less: Treasury stock (100 shares common stock at cost)(5,000)
- Total stockholdersâ equity $145,000
1. How many shares of common stock are issued? _____________
2. How many shares of preferred stock are issued?_____________
3. How many shares of common stock are outstanding?______________
4. What is the dividend PER SHARE that preferred shareholders areentitled to when a dividend is declared? __________________
5. What was the average price of common shares when they wereissued? __________
6. If a 45% stock dividend were issued, by how much would the totalstockholdersâ equity balance change? ___________________
Kilgore Auto Parts reported the following information at December31, 2004:
- Preferred stock, 10%, $24 par value, cumulative $60,000
- Common stock, $2.50 par value 10,000
- Additional paid-in capital â Common stock 30,000
- Retained earnings 50,000
- Total contributed capital and retained earnings 150,000
- Less: Treasury stock (100 shares common stock at cost)(5,000)
- Total stockholdersâ equity $145,000
1. How many shares of common stock are issued? _____________
2. How many shares of preferred stock are issued?_____________
3. How many shares of common stock are outstanding?______________
4. What is the dividend PER SHARE that preferred shareholders areentitled to when a dividend is declared? __________________
5. What was the average price of common shares when they wereissued? __________
6. If a 45% stock dividend were issued, by how much would the totalstockholdersâ equity balance change? ___________________
- Preferred stock, 10%, $24 par value, cumulative $60,000
- Common stock, $2.50 par value 10,000
- Additional paid-in capital â Common stock 30,000
- Retained earnings 50,000
- Total contributed capital and retained earnings 150,000
- Less: Treasury stock (100 shares common stock at cost)(5,000)
- Total stockholdersâ equity $145,000
1. How many shares of common stock are issued? _____________
2. How many shares of preferred stock are issued?_____________
3. How many shares of common stock are outstanding?______________
4. What is the dividend PER SHARE that preferred shareholders areentitled to when a dividend is declared? __________________
5. What was the average price of common shares when they wereissued? __________
6. If a 45% stock dividend were issued, by how much would the totalstockholdersâ equity balance change? ___________________
Jarrod RobelLv2
28 Sep 2019
Related questions
| The stockholdersâequity section of Birdman Corp.âs balance sheet at December 31 ispresented here. | |||||||
| Birdman Corp. | |||||||
| Balance Sheet (partial) | |||||||
| Stockholdersâ equity | |||||||
| Paid-incapital | |||||||
| Preferred stock, cumulative,10,000 shares authorized, 6,000 shares issued and outstanding | $ 640,000 | ||||||
| Common stock, no par, 735,776shares authorized, 569,000 shares issued | 2,400,000 | ||||||
| Totalpaid-in capital | 3,040,000 | ||||||
| Retainedearnings | 1,191,000 | ||||||
| Total paid-incapital and retained earnings | 4,231,000 | ||||||
| Less:Treasury stock (5,200 common shares) | 30,933 | ||||||
| Total stockholdersâequity | $4,200,067 | ||||||
| From a review of thestockholdersâ equity section, answer the following questions: | |||||||
| (a) How many shares of commonstock are outstanding? | |||||||
| Common stock outstanding | shares | ||||||
| (b) Assuming there is a statedvalue, what is the stated value of the common stock? | |||||||
| The stated value of the commonstock | per share | ||||||
| (c) What is the par value ofthe preferred stock? | |||||||
| The par value of the preferredstock | per share | ||||||
| (d) If the annual dividend onpreferred stock is $57,600, what is the dividend rate on preferredstock? | |||||||
| The dividend rate | % | ||||||
| (e) If dividends of $74,800were in arrears on preferred stock, what would be the balancereported for retained earnings? | |||||||
| The Retained Earningsbalance | |||||||
Problem 15-3
Hatch Company has two classes of capital stock outstanding: 7%,$20 par preferred and $5 par common. At December 31, 2014, thefollowing accounts were iHatch Company has two classes of capitalstock outstanding: 7%, $20 par preferred and $5 par common. AtDecember 31, 2014, the following accounts were included instockholdersâ equity.
| Preferred Stock, 151,800 shares | $ 3,036,000 | |
| Common Stock, 2,120,000 shares | 10,600,000 | |
| Paid-in Capital in Excess of ParâPreferred Stock | 203,700 | |
| Paid-in Capital in Excess of ParâCommon Stock | 27,240,000 | |
| Retained Earnings | 4,547,000 |
The following transactions affected stockholdersâ equity during2015.
| Jan. 1 | 40,300 shares of preferred stock issued at $22 per share. | |
| Feb. 1 | 53,500 shares of common stock issued at $21 per share. | |
| June 1 | 2-for-1 stock split (par value reduced to $2.50). | |
| July 1 | 39,700 shares of common treasury stock purchased at $9 pershare. Hatch uses the cost method. | |
| Sept. 15 | 10,600 shares of treasury stock reissued at $11 per share. | |
| Dec. 31 | The preferred dividend is declared, and a common dividend of55¢ per share is declared. | |
| Dec. 31 | Net income is $2,279,000. |
Prepare the stockholdersâ equity section for Hatch Company atDecember 31, 2015.
