Essay
The Torre Company has the following balances in stockholders equity on December 31st.
Answer the following questions:
1. How many shares of treasury stock are owned?
2. What was the average market price per share at which common stock was issued?
3. What was the average market price per share at which preferred stock was issued?
4. What is the total value of the Paid in Capital portion of stockholders equity?
5. What is the total value of stockholders equity?
6. How many shares of common stock are outstanding?
7. If net income for the year was $75,000 and a preferred stock dividend of $20,000 was paid,
what was the beginning value of retained earnings? How much is earnings per share for
the year?
Correct Answer:
Verified
1. 5,000 shares ($60,000 / $12)
2. $15.0...View Answer
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Correct Answer:
Verified
2. $15.0...
View Answer
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