YT11.CompProb.STAT Question 1 Not complete Marked out of 3.00 Flag question Following are selected highlights from...

Transcribed Image Text:

YT11.CompProb.STAT Question 1 Not complete Marked out of 3.00 Flag question Following are selected highlights from the stockholders' equity section of Bayside Corporation's December 31 balance sheet: Paid-in Capital Preferred stock Common stock! (2) Additional Paid-in Capital In excess of par value-Preferred stock 80,000 In excess of par value-Common stock 1,000,000 From treasury stock Total Paid-in Capital Retained earnings Less: Treasury stock(3) Total Stockholders' Equity $250,000 1,200,000 $1,450,000 22,000 1,102,000 2,552,000 2,223,000 4,775,000 140,000 $4,635,000 (1) 7% preferred stock $50 par value, 5,000 shares authorized, issued, and outstanding 256 par value common stock, 700,000 shares authorized; 200,000 issued, of which 10,000 shares are in the treasury 10,000 common shares, at cost Answer the following questions about Bayside's equity. Round answers to the nearest whole number. a) What is Bayside's legal capital at December 31? $ b) What is the number of common shares outstanding at December 31? What is the average amount per share received from the original issuance of common stock? d) Assuming that the preferred stock is cumulative with no dividends in arrears, what total dollar amount of preferred dividends needs to be declared at December 31, before the common stockholders may receive a dividend? $ e) Has Bayside ever sold treasury stock for more than the treasury stock cost when it was acquired? Explain. f) Assume that Bayside splits its common stock 3-for-1 on the following January 1. What is the total amount of paid-in capital immediately after the split? Check YT11.CompProb.STAT Question 1 Not complete Marked out of 3.00 Flag question Following are selected highlights from the stockholders' equity section of Bayside Corporation's December 31 balance sheet: Paid-in Capital Preferred stock Common stock! (2) Additional Paid-in Capital In excess of par value-Preferred stock 80,000 In excess of par value-Common stock 1,000,000 From treasury stock Total Paid-in Capital Retained earnings Less: Treasury stock(3) Total Stockholders' Equity $250,000 1,200,000 $1,450,000 22,000 1,102,000 2,552,000 2,223,000 4,775,000 140,000 $4,635,000 (1) 7% preferred stock $50 par value, 5,000 shares authorized, issued, and outstanding 256 par value common stock, 700,000 shares authorized; 200,000 issued, of which 10,000 shares are in the treasury 10,000 common shares, at cost Answer the following questions about Bayside's equity. Round answers to the nearest whole number. a) What is Bayside's legal capital at December 31? $ b) What is the number of common shares outstanding at December 31? What is the average amount per share received from the original issuance of common stock? d) Assuming that the preferred stock is cumulative with no dividends in arrears, what total dollar amount of preferred dividends needs to be declared at December 31, before the common stockholders may receive a dividend? $ e) Has Bayside ever sold treasury stock for more than the treasury stock cost when it was acquired? Explain. f) Assume that Bayside splits its common stock 3-for-1 on the following January 1. What is the total amount of paid-in capital immediately after the split? Check