The balance sheet of Tulameen Systems Inc reported the

following Shareholders #8335

The balance sheet of Tulameen Systems Inc. reported the following:Shareholders'
EquityPreferred shares, cumulative convertible; authorized 25,000
shares..........$200,000Common shares, authorized 50,000 shares; issued 44,000
shares...............528,000Retained
earnings.....................................................................168,000Total shareholders'
equity..........................................................$896,000Notes to the financial statements indicate
that 10,000 $1.20 preferred shares were issued and outstanding. The preferred shares have a
liquidation value of $24.00 per share. Preferred dividends are in arrears for two years, including
the current year. On the balance sheet date, the market value of the Tulameen Systems Inc.
common shares was $28.00 per share.Required1. Are the preferred shares cumulative or
noncumulative? How can you tell?2. What is the total contributed capital of the company?3.
What is the total market value of the common shares?4. Compute the book value per share of
the preferred shares and of the common shares.View Solution:
The balance sheet of Tulameen Systems Inc reported the following Shareholders

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