The stockholders' equity section of Swifty Corporation balance sheet at December 31 is presented here: SWIFTY...

  

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The stockholders' equity section of Swifty Corporation balance sheet at December 31 is presented here: SWIFTY CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 16,000 shares authorized, 4,000 shares issued and outstanding $400,000 Common stock, no par, 750,000 shares authorized, 6,700,000 670,000 shares issued 7,100,000 Total paid-in capital 1,370,000 Retained earnings 8,470,000 Total paid-in capital and retained earnings 42,000 Less: Treasury stock (12,000 common shares) $8,428,000 Total stockholders' equity From a review of the stockholders' equity section, answer the following questions. How many shares of common stock are outstanding? Outstanding shares 388,000 shares Assuming there is a stated value, what is the stated value of the common stock? Stated value of common stock 2$ 16.75 per share What is the par value of the preferred stock? Par value of preferred stock 2$ 100 per share If the annual dividend on preferred stock is $33,000, what is the dividend rate on preferred stock? (Round answer to 2 decimal places, eg. 52.75.) Dividend rate on preferred stock 8.25 % If dividends of $68,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? Balance for Retained Earnings $4 The stockholders' equity section of Swifty Corporation balance sheet at December 31 is presented here: SWIFTY CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 16,000 shares authorized, 4,000 shares issued and outstanding $400,000 Common stock, no par, 750,000 shares authorized, 6,700,000 670,000 shares issued 7,100,000 Total paid-in capital 1,370,000 Retained earnings 8,470,000 Total paid-in capital and retained earnings 42,000 Less: Treasury stock (12,000 common shares) $8,428,000 Total stockholders' equity From a review of the stockholders' equity section, answer the following questions. How many shares of common stock are outstanding? Outstanding shares 388,000 shares Assuming there is a stated value, what is the stated value of the common stock? Stated value of common stock 2$ 16.75 per share What is the par value of the preferred stock? Par value of preferred stock 2$ 100 per share If the annual dividend on preferred stock is $33,000, what is the dividend rate on preferred stock? (Round answer to 2 decimal places, eg. 52.75.) Dividend rate on preferred stock 8.25 % If dividends of $68,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? Balance for Retained Earnings $4

Answer rating: 100% (QA)

1 Computation of outstanding shares of common stock Issued comm... View the full answer