The stockholders' equity section of Sheridan Company at December 31 is as follows. Sheridan Company...
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The stockholders' equity section of Sheridan Company at December 31 is as follows. Sheridan Company Balance Sheet (Partial) Paid-in capital Preferred stock, cumulative, 14,000 shares authorized, 7,000 shares issued and outstanding Common stock, no par, 830,000 shares authorized, 520,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (7,000 common shares) Total stockholders' equity $420,000 1,040,000 1,460,000 1,858,000 3,318,000 44,800 $3,273,200 From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common stock? A TA per share (c) What is the par value of the preferred stock? $ per share (d) % If the annual dividend on preferred stock is $33,600, what is the dividend rate on preferred stock? If dividends of $67,200 were in arrears on preferred stock, what would be the balance in Retained Earnings? (e) $
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