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Use the following information to answer the next 3 questions:
Hillsdale Corp's Stockholders Equity
Preferred Stock, 6%, $50 par value, 8,000 shs authorized
______________ shs issued and outstanding $105,000
Common Stock, $4 par value, 20,000 shs authorized,
10,000 shs issued, ________ shs outstanding 40,000
APIC
Preferred Stock 56,700
Common Stock 30,000
Total Paid In Capital 231,700
Retained Earnings 35,000
Less: Treasury Stock, 4,000 shs 15,000
Total Stockholders' Equity 251,700.
How many shares of preferred stock are issued and outstanding?

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Answer:

Check the following calculations

Explanation:

Answer [a]

Preferred stock shares issued and outstanding = $ 105,000 / $ 50 par value = 2,100 shares

Answer [b]

Common Stock shares outstanding = Total issued – Treasury stock shares

= ($40000 / $4 par) – 4000 shares

= 10000 – 4000

= 6,000 shares

Answer [c]

Cost of Treasury shares = $ 15000 / 4000 shares = $ 3.75

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