You’ve Made It Corporation presents the following partial balance sheet as of December 31, 2015

| September 28, 2018

6 You’ve Made It Corporation presents the following partial balance sheet as of December 31, 2015: Stockholders’ Equity Contributed Capital Preferred stock, 8% cumulative ($25 par value; 50,000 shares authorized; 30,000 shares issued and outstanding )$ 750,000 Capital in excess of par, preferred stock 225,000 Common stock ($0.02 par value; 800,000 shares authorized; ________ shares issued and ____ shares outstanding 5,000 Capital in excess of par, common stock 1,300,000 Total contributed capital $ 2,280,000Retained Earnings 1,020,000 Treasury Stock, 40,000 common shares, at cost (240,000) Total stockholders’ equity $ 3,060,000 How much capital did the company raise by issuing preferred stock? 7. You’ve Made It Corporation presents the following partial balancesheet as of December 31, 2015: Stockholders’ Equity Contributed Capital Preferred stock, 8% cumulative ($25 par value; 50,000 shares authorized; 30,000 shares issued and outstanding ) $ 750,000 Capital in excess of par, preferred stock 225,000 Common stock($0.02 par value; 800,000 shares authorized; ________ shares issued and ____ shares outstanding 5,000 Capital in excess of par, common stock 1,300,000 Total contributed capital $ 2,280,000 Retained Earnings 1,020,000 Treasury Stock, 40,000 common shares, atcost (240,000) Total stockholders’ equity $ 3,060,000 How many shares of common stock were issued? What was the average issuing price? 8. You’ve Made It Corporation presents the following partial balance sheet as of December 31, 2015: Stockholders’ EquityContributed Capital Preferred stock, 8% cumulative ($25 par value; 50,000 shares authorized; 30,000 shares issued and outstanding ) $ 750,000 Capital in excess of par, preferred stock 225,000 Common stock ($0.02 par value; 800,000 shares authorized; ________shares issued and ____ shares outstanding 5,000 Capital in excess of par, common stock 1,300,000 Total contributed capital $ 2,280,000 Retained Earnings 1,020,000 Treasury Stock, 40,000 common shares, at cost (240,000) Total stockholders’ equity $ 3,060,000What is the current year’s dividend stipulated for the preferred shareholders? 9. You’ve Made It Corporation presents the following partial balance sheet as of December 31, 2015: Stockholders’ Equity Contributed Capital Preferred stock, 8% cumulative ($25par value; 50,000 shares authorized; 30,000 shares issued and outstanding ) $ 750,000 Capital in excess of par, preferred stock 225,000 Common stock ($0.02 par value; 800,000 shares authorized; ________ shares issued and ____ shares outstanding 5,000 Capitalin excess of par, common stock 1,300,000 Total contributed capital $ 2,280,000 Retained Earnings 1,020,000 Treasury Stock, 40,000 common shares, at cost (240,000) Total stockholders’ equity $ 3,060,000 Assume $12,000 dividends are paid to preferred stockholdersin 2014 and $24,000 are paid to preferred stockholders in 2015. If the company announces that they will pay a total of $280,000 dividends to all shareholders in 2016, how much would have to be paid to preferred shareholders before any dividends are paid tocommon shareholders? 10. You’ve Made It Corporation presents the following partial balance sheet as of December 31, 2015: Stockholders’ Equity Contributed Capital Preferred stock, 8% cumulative ($25 par value; 50,000 shares authorized; 30,000 shares issuedand outstanding ) $ 750,000 Capital in excess of par, preferred stock 225,000 Common stock ($0.02 par value; 800,000 shares authorized; ________ shares issued and ____ shares outstanding 5,000 Capital in excess of par, common stock 1,300,000 Total contributedcapital $ 2,280,000 Retained Earnings 1,020,000 Treasury Stock, 40,000 common shares, at cost (240,000) Total stockholders’ equity $ 3,060,000 If no additional shares of common stock are issued in 2016, how many shares of common stock are outstanding in 2016?Use the information from the above question (i.e., Question 9), how much dividends can common shareholders receive for each share of stock in 2016? (Round to the second decimal point) 11. You’ve Made It Corporation presents the following partial balance sheetas of December 31, 2015: Stockholders’ Equity Contributed Capital Preferred stock, 8% cumulative ($25 par value; 50,000 shares authorized; 30,000 shares issued and outstanding ) $ 750,000 Capital in excess of par, preferred stock 225,000 Common stock ($0.02par value; 800,000 shares authorized; ________ shares issued and ____ shares outstanding 5,000 Capital in excess of par, common stock 1,300,000 Total contributed capital $ 2,280,000 Retained Earnings 1,020,000 Treasury Stock, 40,000 common shares, at cost(240,000) Total stockholders’ equity $ 3,060,000 What is the average purchasing price of the treasury stock?

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