Posted: February 11th, 2023

Accounting assignment due

Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making, Ch. 11Answer 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)                                               $    32,000Total stockholders’ equity                                                                                             $4,626,000