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Calculation of number of stock outstanding.
The information below relates to Question No. 2
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 following question based on the stockholder's equity section given above. The company purchased no treasury stock before 2008. Please show your work to receive partial credit in the event that your final answer is incorrect.
a. How many shares of common stock are outstanding?
b. What was the average issue price per share of preferred stock?
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Judi uses the subsequent chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent ..
Business emphasizes the providing of maintenance and service for customers
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