Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Cost Accounting Expert

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 given 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 event that your final answer is incorrect.

find out the average issue price per share of preferred stock?

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 following 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 out average issue price per share of preferred stock?

[B] How many shares of common stock are outstanding?

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922850

Have any Question? 


Related Questions in Cost Accounting

Problem 1 master budgetomega inc has developed the

Problem 1: Master Budget Omega, Inc. has developed the following sales forecast for the first six months of the coming year Month Sales (in units) January 30,000 February 50,000 March 70,000 April 80,000 May 60,000 June ...

Scenario-you seemed to develop significant interest with

Scenario- You seemed to develop significant interest with your talk on the future of cost accounting. Your boss has heard about the excellent presentation and you are hopeful that your early retirement will take place. A ...

Polarisreading the case and answer the all question polaris

Polaris Reading the case and answer the all question: Polaris: Suggested assignment questions Why does the Polaris outsource the manufacture of most components but in-source final assembly? Which manufacturing location o ...

Case questionsmarriott corporation the cost of capital

Case Questions Marriott Corporation: The Cost of Capital (Abridged) 1. What is the weighted average cost of capital for Marriott Corporation? a. What risk-free rate and risk premium did you use to calculate the cost of e ...

Question 1pringle company distributes a single product the

Question 1. Pringle Company distributes a single product. The company's sales and expenses for a recent month follow:   Total    Per Unit   Sales $ 300,000   $ 20        Variable expenses   210,000     14          Contri ...

Assignment discussion-cost accumulation systemwhen

Assignment: Discussion-Cost Accumulation System When companies accumulate costs, they generally use either a job-order or a process costing system. The type of system used often varies based on the type of product or ser ...

Assignment cost accountingoverviewthe final project for

Assignment: Cost Accounting Overview The final project for this course is the creation of a quantitative analysis with a memo to management. Classifying a company's costs allows for an in-depth analysis of the impact tha ...

Accounting assignmentmotorcade company has three service

Accounting Assignment Motorcade Company has three service departments (S1, S2, and S3) and two production departments (P1 and P2). The following data relate to Motorcade's allocation of service department costs:   Budget ...

Final project milestone three guidelinesoverview

Final Project Milestone Three Guidelines Overview: Classifying a company's costs allows for an in-depth analysis of the impact that changes in output have on revenues, costs, and net income or net loss. A cost-volume-pro ...

Instructionsnbspbull all questions carry equal marksbull

Instructions:   • All Questions carry equal marks. • All Questions are compulsory • All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3in not more than 500 words for each subse ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro