Mary Lee owned 500 shares of Dugan Company's convertible preferred stock at 20 par value. She converted each share of preferred stock into four shares of common stock. Compute the number of shares of common stock that Mary Lee received when she converted.
Q. 2Houston, Inc, pays the regular hourly rate for the first 40 hours worked, time and a half for hours 41 through 48, and double time for all hours in excess of 48 . Jason Wells worked 49 hours this week. His regular hourly rate is 9.20 . Compute Well's total earnings.
Q. 3Patrick Harrigan owned 200 shares of Marsh Company's convertible preferred stock at 12 par value. He converted each share of preferred stock into two shares of common stock. If the convertible preferred stock paid 8 annually and the common stock pays 0.60 a share this year, how much more dividend will Patrick Harrigan receive this year because of his conversion.
Q. 4Cal Transit Company pays the regular hourly rate for the first 40 hours worked, time and a half for hours 41 through 48, and double time for all hours in excess of 48 . Gayle Jordon worked 50 hours this week. Her regular hourly rate is 10.50 . Compute Jordan's total earnings.
Q. 5Kelly Jordan owned 220 shares of Diego Company's convertible preferred stock at 50 par value. He converted each share of preferred stock into two shares of common stock. If Kelly Jordan paid 50 per share for his preferred stock, and if common stock was selling at 31 per share on the date of conversion, compute the amount that Kelly Jordan's investment increased in value.
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