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The following data were reported by a corporation: Authorized shares Issued shares Treasury shares 24,000 19,000 5,500 The number of outstanding shares is: Multiple Choice 19,000. 18,500. 13,500. Gracey's Department Stores has $206,000 of 7% noncumulative, preferred stock outstanding. Gracey's also has $606,000 of common stock outstanding. During its first year, the company paid cash dividends of $36,000. This dividend should be distributed as follows: Multiple Choice $18,000 preferred; $18,000 common. $7,160 preferred; $28,840 common. $36,000 preferred; $0 common. $14,420 preferred; $21,580 common. The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10 par value 24,000 shares authorized, 12,000 shares issued, and 1,400 shares outstanding Paid-in capital in excess of par value, common stock Retained earnings Treasury stock $ 120,000 54,000 29,000 16,660 Assuming the treasury shares were all purchased at the same price, the number of shares of treasury stock is: Multiple Choice O 34,600. 10,600. National Insurance Company has 200,000 shares authorized, 170,000 shares issued, and 32,000 shares of treasury stock. The number of shares outstanding is: Multiple Choice 200,000 170,000 168,000 o 138,000. Fargo Company's outstanding stock consists of 450 shares of noncumulative 5% preferred stock with a $10 par value and 4,200 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. year 1 year 2 year 3 Dividends Declared & Paid $ 28,000 $ 6,000 $ 37,000 The amount of dividends paid to preferred and common shareholders in year 1 is: Multiple Choice $225 preferred; $27,775 common. $4,500 preferred; $23,500 common.

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(1)

Number of outstanding share = Issued shares - Treasury shares

                                               = $19,000 - $5,500

                                               = $13,500

(2)

Preferred dividend = Face value * Stated dividend rate

                             = $206,000 * 7%

                            = $14,420

Common dividend = Total dividend - Preferre dividend

                              = $36,000 - $14,420

                             = $21,580

(3)

Number of treasury shares = Shares issued - Shares outstanding

                                           = 12,000 - 1,400

                                          = 10,600 Shares

(4)

Number of shares outstanding = Number of shares issued - Number of treasury stock shares

                                                = 170,000 - 32,000

                                                = 138,000

(5)

Preferred dividend = Face value * Stated dividend rate

                             = (450 * $10) * 5%

                            = $225

Common dividend = Total dividend - Preferred dividend

                             = $28,000 -$225

                            = $27,775

 

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