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Georgia, Inc. has an authorized capital of 1,000 shares of $100 par, 8% cumulative preferred stock and 100,000 shares of $10 par common stock. The equity account balances at December 31, year 2, are as follows:

Cumulative preferred stock	$ 50,000
Common stock	90,000
Additional paid-in capital	9,000
Retained earnings	13,000
Treasury stock, common—100 shares at cost	(2,000)
	$ 160,000

Dividends on preferred stock are in arrears for the year year 2. The book value of a share of common stock at December 31, year 2, should be
A. $12.22

B. $11.78

C. $12.36

D. $11.91

答案解析：

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D is corrent. Book value (BV) per share of common stock is: BV per share = Common stockholders’ equity/Outstanding shares. The amount allocated to preferred stock (PS), calculated below, is deducted from total stockholders’ equity to obtain common stockholders’ equity.

Par value of PS outstanding	+	2000 dividends in arrears	=	Amount allocated to preferred stock
$50,000	+	(8%) ($50,000)	=	$54,000

The remaining unallocated owners’ equity is $106,000 ($160,000 total owners’ equity – $54,000 PS’s share). Georgia has issued 9,000 shares of stock ($90,000 total par value/$10 par per share), and 100 shares are held in treasury, leaving 8,900 shares outstanding. Thus BV per share is $11.91 ($106,000/8,900 shares).

A is incorrect. Book value (BV) per share of common stock is: BV per share = Common stockholders’ equity/Outstanding shares. The amount allocated to preferred stock (PS), calculated below, is deducted from total stockholders’ equity to obtain common stockholders’ equity.

Par value of PS outstanding	+	2000 dividends in arrears	=	Amount allocated to preferred stock
$50,000	+	(8%) ($50,000)	=	$54,000

The remaining unallocated owners’ equity is $106,000 ($160,000 total owners’ equity – $54,000 PS’s share). Georgia has issued 9,000 shares of stock ($90,000 total par value/$10 par per share), and 100 shares are held in treasury, leaving 8,900 shares outstanding. Thus BV per share is $11.91 ($106,000/8,900 shares).

B is incorrect. Book value (BV) per share of common stock is: BV per share = Common stockholders’ equity/Outstanding shares. The amount allocated to preferred stock (PS), calculated below, is deducted from total stockholders’ equity to obtain common stockholders’ equity.

Par value of PS outstanding	+	2000 dividends in arrears	=	Amount allocated to preferred stock
$50,000	+	(8%) ($50,000)	=	$54,000

The remaining unallocated owners’ equity is $106,000 ($160,000 total owners’ equity – $54,000 PS’s share). Georgia has issued 9,000 shares of stock ($90,000 total par value/$10 par per share), and 100 shares are held in treasury, leaving 8,900 shares outstanding. Thus BV per share is $11.91 ($106,000/8,900 shares).

C is incorrect. Book value (BV) per share of common stock is: BV per share = Common stockholders’ equity/Outstanding shares. The amount allocated to preferred stock (PS), calculated below, is deducted from total stockholders’ equity to obtain common stockholders’ equity.

Par value of PS outstanding	+	2000 dividends in arrears	=	Amount allocated to preferred stock
$50,000	+	(8%) ($50,000)	=	$54,000

统计：共计2人答过，平均正确率50%
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