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:
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?
The essay will comply with APA formatting guidelines. Please note that essay submissions saved as a MS Office Excel or another type of software attachment will not be accepted for grading.
Introduction and conclusion paragraphs are required.
The essay will have the following five section headings:
(1) Outstanding Shares of Common Stock,
(2) Stated Value of Common Stock,
(3) Par Value of Preferred Stock,
(4) Dividend Rate on Preferred Stock, and
(5) Dividends in the Arrears. The questions above are not to be used as section headings. Avoid stating the questions in the body of the essay.
The essay will not be supported if cited sources (in-text citations and References page) are omitted. If the instructor is not able to access the electronic copies by the provided URL links the essay is not supported.
Attachment:- Assignment lachlin corp inc.xls