Читать книгу Corporate Finance For Dummies - Michael Taillard - Страница 105

Company ownership is measured in shares of stock, but the types of stock vary. The first one listed on the balance sheet is called preferred shares. Preferred shares take precedence over all other types of stock in several different ways. First of all, preferred stockholders are guaranteed dividends, which means they always get their payments before common shareholders get theirs (see the next section). If the preferred holders don’t get their guaranteed dividends one year, those dividends accumulate into the next year. Holders of preferred shares also get their full value in the liquidation of the company should it go out of business before holders of common shares get anything. Some types of preferred shares can be converted into common shares.

On the balance sheet, stock is treated a little differently than on the income statement because you need more details than just the type and amount of stock for the owners’ equity portion to be useful. In addition to the exact type of stock (in terms of preferred shares, standard preferred or convertible preferred), the balance sheet must also list the percentage dividends guaranteed on preferred stock, the number of shares authorized, and the par value guaranteed to preferred shares in case of liquidation (see the section “Additional paid-in capital” for details on par value).