Assignment Steps 

Resources: Financial Accounting: Tools for Business Decision Making, Ch. 11

Answer the following questions in 1,050 words using the Lachlin Corporation Balance Sheet located on p. 575 of Financial Accounting: 

• How many shares of common stock are outstanding?
• Assuming there is a stated value, what is the stated value of the common stock?
• What is the par value of the preferred stock?
• If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?
• If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?

The essay will comply with APA formatting guidelines. Introduction and conclusion paragraphs are required. The essay will have the following five section headings: (1) Outstanding Shares of Common Stock,(2) Stated Value of Common Stock, (3) Par Value of Preferred Stock, (4) Dividend Rate on Preferred Stock, and (5) Dividends in the Arrears. The questions above are not to be used as section headings.

 

The stockholders' equity section of Lachlin Corporation's balance sheet at December 31 is presented here.

 

Stockholder's equity

Paid-in Capital

  Preferred stock, cumulative, 10,000 shares authorized,       $    600,000

     6,000 shares issued and outstanding

  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

SuperTutor

(15)

Status NEW Posted 21 Apr 2017 12:04 AM My Price 10.00

-----------

Attachments

file 1492734518-Solutions file.docx preview (56 words )

S-----------olu-----------tio-----------ns -----------fil-----------e -----------Hel-----------lo -----------Sir-----------/Ma-----------dam----------- T-----------han-----------k y-----------ou -----------for----------- yo-----------ur -----------int-----------ere-----------st -----------and----------- bu-----------yin-----------g m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l b-----------e q-----------uic-----------kly----------- on-----------lin-----------e a-----------nd -----------giv-----------e y-----------ou -----------exa-----------ct -----------fil-----------e a-----------nd -----------the----------- sa-----------me -----------fil-----------e i-----------s a-----------lso----------- se-----------nt -----------to -----------you-----------r e-----------mai-----------l t-----------hat----------- is----------- re-----------gis-----------ter-----------ed -----------onÂ----------- th-----------is -----------web-----------sit-----------e. ----------- H-----------YPE-----------RLI-----------NK -----------&qu-----------ot;-----------htt-----------p:/-----------/wo-----------rkb-----------ank-----------247-----------.co-----------m/&-----------quo-----------t; -----------\t -----------&qu-----------ot;-----------_bl-----------ank-----------&qu-----------ot;----------- -----------Tha-----------nk -----------you----------- -----------

Not Rated(0)

• Buy Answer