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Stockholders' Equity Section of the Balance Sheet - Assessment Activity - Week4 - ACC/291 - eCampus

Answer the following questions using the Lachlin Corporation Balance Sheet (partial) below:

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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