exercise 11-4

Project Description:

the stockholders’ equity section of traylor corporation’s balance sheet at december 31 is presented here.

traylor corporation
balance sheet (partial)
stockholders’ equity
paid-in capital
preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding
$ 600,000
common stock, no par, 750,000 shares authorized, 580,000 shares issued
2,900,000

total paid-in capital
3,500,000
retained earnings
1,158,000

total paid-in capital and retained earnings
4,658,000
less: treasury stock (6,000 common shares)
(32,000
)
total stockholders’ equity
$4,626,000


from a review of the stockholders’ equity section, answer the following questions.

(a) how many shares of common stock are outstanding?

common stock outstanding
shares

(b) assuming there is a stated value, what is the stated value of the common stock?

the stated value of the common stock
$ per share

(c) what is the par value of the preferred stock?

the par value of the preferred stock
$ per share

(d) if the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?

the dividend rate
%

(e) if dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?

the retained earnings balance
$
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