Assignment Steps ResourcesFinancial Accounting Tools for Business Decision M

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 below instructions:
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.
Stockholders’ equity
Paid-in capital                                                      
– Preferred stock, cumulative, 10,000 shares authorized, 
6,000 shares issued and outstanding                                                                  $   600,000
– Common stock, no par, 750,000 shares authorized, 580,00
shares issued                                                                                                      $2,900,000
– Total paid in Capital                                                                                            $3,500,000
– Retained Earnings                                                                                             $1,158,000
– Total paid-in capital and retained earnings                                                        $4,658.000
– Less: Treasury stock ( 6,000 common shares)                                               $    32,000
Total stockholders’ equity                                                                                             $4,626,000

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