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The stockholders' equity section of the balance sheet of Garson Fashions, Inc., at December 31, 2008 appears as follows;

Stockholders' equity:

7% preferred stock, $100 par, callable at $105. 50,000 shares authorized, 60,000 shares issued.................

$6,000,000

Common stock, $2 par, 600,000 shares authorized, 400,000 shares issued, of which 30,000 are held in treasury ..........................

800,000

Additional paid-in capital:

 

From issuance of preferred stock................................

680,000

From issuance of common stock .........................................................................

1,720,000

From treasury stock transactions .........................................................

60,000

From common stock dividends ....................................................................

400,000

Total paid-in capital .............................................................

$9,660,000

Retained earnings ($240,000 equal to cost of treasury stock is not available for dividends) ............................................................

2,400,000

$12,060,000

 

Less: Treasury stock (at cost 30,000 common shares) ........................................

(240,000)

Total stockholders' equity .........................................................

$11,820,000

Answer the problem based on the stockholder's equity section given above. The firm purchased no treasury stock before 2008. Please show your all work to receive partial credit in the event that your final answer is incorrect.

[A] Find how many shares of common stock are outstanding?

[B] find out average issue price per share of preferred stock?

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922855

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