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The stockholders' equity section of Able Corporation at December 31 is as follows.
|
From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering 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 $30,000, what is the dividend rate on preferred stock? |
(e) | If dividends of $60,000 were in arrears on preferred stock, what would be the balance in Retained Earnings? |
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