Lachlin corporation stockholders equity | Accounting homework help

 

Purpose of Assignment 

The purpose of this assignment is to help you become familiar with examining the stockholders’ equity section of the balance sheet. 

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

E11-4 The stockholders’ equity section of Lachlin Corporation’s balance sheet at December 31 is presented here.

  • 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?

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