(Answered) Purpose of assignmentthe purpose of this assignment is to

Accounting

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

Answer the following questions in 1,050 words 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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