Find what would be the balance reported for retained earning

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Reference no: EM131983558

Problem

The stockholders' equity section of Bridgeport Corp.'s balance sheet at December 31 is presented here.

BRIDGEPORT CORP. Balance Sheet (partial)
Stockholders' equity
Paid-in capital
Preferred stock, cumulative, 9,000 shares authorized, 5,400 shares issued and outstanding		$ 556,200
Common stock, no par, 756,465 shares authorized, 585,000 shares issued		2,925,000
Total paid-in capital		3,481,200
Retained earnings		1,150,000
Total paid-in capital and retained earnings		4,631,200
Less: Treasury stock (6,800 common shares)		36,267
Total stockholders' equity		$4,594,933

From a review of the stockholders' equity section, answer the following questions.

(a) How many shares of common stock are outstanding?

(b) Assuming there is a stated value, what is the stated value of the common stock?

(d) If the annual dividend on preferred stock is $44,496, what is the dividend rate on preferred stock?

(e) If dividends of $78,900 were in arrears on preferred stock, what would be the balance reported for retained earnings?

Reference no: EM131983558

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