62.) Using Financial Statements for 2018-2019. The amount of shares of preferred stock for 2019 is 10,959.90.TRUE OR FALSE? **Balance Sheet and Income Statement Overview (2018-2019)**---**Balance Sheet****Assets:**1. **Current Assets:** - Cash: - 2019: $5,100,000 - 2018: $4,900,000 - Marketable Securities: - 2019: $102,000 - 2018: $98,000 - Accounts Receivable: - 2019: $1,632,000 - 2018: $1,568,000 - Inventories: - 2019: $2,856,000 - 2018: $2,744,000 - **Total Current Assets:** - 2019: $9,690,000 - 2018: $9,310,0002. **Fixed Assets:** - Property, Plant, & Equipment: - 2019: $3,264,000 - 2018: $3,136,000 - Other Fixed Assets: - 2019: $2,703,000 - 2018: $2,597,000 - **Total Fixed Assets:** - 2019: $5,733,000 - 2018: $5,733,0003. **Total Assets:** - 2019: $15,657,000 - 2018: $15,043,000**Liabilities and Equity:**1. **Liabilities:** - Current Liabilities: - Accounts Payable: - 2019: $1,878,840 - 2018: $1,805,160 - Notes Payable: - 2019: $1,722,270 - 2018: $1,654,730 - Accrued Expenses Payable: - 2019: $1,409,130 - 2018: $1,353,870 - Accrued Taxes Payable: - 2019: $1,252,560 - 2018: $1,203,440 - **Total Current Liabilities:**

Answered: 62.) Using Financial Statements for…

62.) Using Financial Statements for 2018-2019. The amount of shares of preferred stock for 2019 is 10,959.90. TRUE OR FALSE?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

62.) Using Financial Statements for 2018-2019. The amount of shares of preferred stock for 2019 is 10,959.90.

TRUE OR FALSE?

**Balance Sheet and Income Statement Overview (2018-2019)**

---

**Balance Sheet**

**Assets:**

1. **Current Assets:**
- Cash:
- 2019: $5,100,000
- 2018: $4,900,000
- Marketable Securities:
- 2019: $102,000
- 2018: $98,000
- Accounts Receivable:
- 2019: $1,632,000
- 2018: $1,568,000
- Inventories:
- 2019: $2,856,000
- 2018: $2,744,000
- **Total Current Assets:**
- 2019: $9,690,000
- 2018: $9,310,000

2. **Fixed Assets:**
- Property, Plant, & Equipment:
- 2019: $3,264,000
- 2018: $3,136,000
- Other Fixed Assets:
- 2019: $2,703,000
- 2018: $2,597,000
- **Total Fixed Assets:**
- 2019: $5,733,000
- 2018: $5,733,000

3. **Total Assets:**
- 2019: $15,657,000
- 2018: $15,043,000

**Liabilities and Equity:**

1. **Liabilities:**
- Current Liabilities:
- Accounts Payable:
- 2019: $1,878,840
- 2018: $1,805,160
- Notes Payable:
- 2019: $1,722,270
- 2018: $1,654,730
- Accrued Expenses Payable:
- 2019: $1,409,130
- 2018: $1,353,870
- Accrued Taxes Payable:
- 2019: $1,252,560
- 2018: $1,203,440
- **Total Current Liabilities:**

Definition Definition Type of stock which is granted priority over dividend distributions as compared to common stockholders. Preferred stocks also do not carry any voting rights. Notably, in a case where a company is going to be liquidated, preferred stockholders have a priority claim on the value of assets of the company as quoted in the balance sheet, as compared to the common stockholders.

Expert Solution

Step 1

The organization can raise their fund using different resources and preferred stock are one of them. Preferred stockholders are eligible to get a fixed percentage of dividends.

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