I need to subtract preferred stock from net income, but the only information for preferred stock is this:

Preferred stock $.01 par value ($.0625 at August 31, 2014); authorized 32 million shares, noneissued.

I know you have to multiply the par value by the percentage, but I'm extremely confused here. Please help me.

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Originally Posted by Ges1228

I need to subtract preferred stock from net income, but the only information for preferred stock is this:

Preferred stock $.01 par value ($.0625 at August 31, 2014); authorized 32 million shares, noneissued.

I know you have to multiply the par value by the percentage, but I'm extremely confused here. Please help me.

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If they haven't been issued they are at par value. How can income exist if they haven't been issued and in any case they are capital not income