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, 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?
Use the Week 4 Excel® spreadsheet and submit with your answers.
Exercises 11-4
Name | Exercises 11-4 | ||||||||||||||||||
Section | |||||||||||||||||||
Date | |||||||||||||||||||
E11-4 | Lachlin Corporation | ||||||||||||||||||
(a) | |||||||||||||||||||
(b) | |||||||||||||||||||
(c) | |||||||||||||||||||
(d) | |||||||||||||||||||
(e) |
627