Can you do this accounting assignment in a hour
Answer the following questions in 200 words maximum 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?
Use the Week 4 Excel® spreadsheet and submit with your answers.
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pg575
E11-4Â The stockholders' equity section of Lachlin Corporation's balance sheet at December 31 is presented here.
INSTRUCTIONS
From a review of the stockholders' equity section, answer the following questions.
(a) How many shares of common stock are outstanding?
(b) Assuming there is a stated value, what is the stated value of the common stock?
(c) What is the par value of the preferred stock?
(d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?
(e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?
Prepare correct entries for capital stock transactions.
Answers
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Posted 13 Jul 2017 06:07 PM
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