19 Era Company has 6,000 shares of 5%, $100 par non-cumulativepreferred stock outstanding at December 31, 2021. No dividendshave been paid on this stock for 2020 or 2021. Dividends inarrears at December 31, 2021 total022003A)$0B)$3,000C)$30,000D)$60,000215224E)None of the above20 On January 1, Layline Corporation had 160,000 shares of $10 parvalue common stock outstanding. On June 17, the company declareda 15% stock dividend to stockholders of record on June 20. Marketvalue of the stock was $15 on June 17. The entry to record thetransaction of June 17 would include aA)debit to Stock Dividends for $360,000.credit to Cash for $360,000.B)C)credit to Common Stock Dividends Distributable for $360,000.credit to Common Stock Dividends Distributable for $120,000.E) None of the aboveD)21 Cherokee, Inc. paid $180,000 to buy back 20,000 shares of its $1par value common stock. This stock was sold later at a sellingprice of $6 per share. The entry to record the sale includes aA) debit to Retained Earnings for $60,000.B) credit to Retained Earnings for $20,000.C)debit to Paid-in Capital from Treasury Stock for $180,000.D) credit to Paid-in Capital from Treasury Stock for $20,000.E) None of the above22 Which of the following is not true of a corporation?A) It may buy, own, and sell property.B) It may sue and be sued.C) The acts of its owners bind the corporation.D) It may enter into binding legal contracts in its own name.E) None of the above23 Owners' equity for a corporation is identified as each of thefollowing exceptA) corporate capital.ontheg to inamtaB) paid-in capital.C) partners' equity.D) stockholders' equity.E) none of the above000,818000 112tarb el nottulossib o motersonovsat

In case of non cumulatively preferred stock if dividend payable for any year is not paid then it…

Answered: 19 Era Company has 6,000 shares of 5%,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At January 1, 2023, Carla Vista Limited's outstanding shares included the following: 294,000 900,000 $50 par value, 8%, cumulative preferred shares common shares Net income for 2023 was $2,107,700. No cash dividends were declared or paid during 2023. On February 15, 2024, however, all preferred dividends in arrears were paid, together with a 10% stock dividend on common shares. There were no dividends in arrears before 2023. On April 1, 2023, 530,000 common shares were sold for $12 per share, and on October 1, 2023, 350.000 common shares were purchased for $24 per share. The financial statements for 2023 were issued in March 2024. (a) Your answer is incorrect. Calculate the weighted average number of common shares outstanding for the year ended December 31, 2023. Weighted average number of shares outstanding I
Splish Brothers Inc. has 10,800 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2022. No dividends were declared in 2020 or 2021.If Splish Brothers wants to pay $395,000 of dividends in 2022, what amount of dividends will common stockholders receive? Dividends allocated to common stock $enter Dividends allocated to common stock in dollars
At January 1, 2025, Coronado Company's outstanding shares included the following. 252,000 shares of $50 par value, 7% cumulative preferred stock 823,000 shares of $1 par value common stock Net income for 2025 was $2,579,000. No cash dividends were declared or paid during 2025. On February 15, 2026, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2025. On April 1, 2025, 457,000 shares of common stock were sold for $10 per share, and on October 1, 2025, 109,000 shares of common stock were purchased for $21 per share and held as treasury stock. Compute earnings per share for 2025. Assume that financial statements for 2025 were issued in March 2026. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $
8. On December 31st, 2022 Czervik Construction had 60,000 shares of $50 par value common stock outstanding. On January 1st, 2020, Czervik issued 30,000 shares of $100 par value, 4% cumulative preferred stock. Czervik did not declare dividends in 2020. Czervik declared $220,000 of total dividends in 2021. Czervik declared $220,000 of total dividends in 2022. What was the amount of dividends received by common shareholders in 2022? $100,000 You Answered None of the other answers $160,000 Correct Answer • $80,000
Smith, Inc., has the following stockholders' equity accounts as of January 1, 2021: Preferred stock-$100 par, nonvoting and nonparticipating, 8% cumulative dividend Common stock-$20 par value Retained earnings $ 2,000,000 4,000,000 10,000,000 Haried Company purchases all of Smith's common stock on January 1, 2021, for $14,040,000. The preferred stock remains in the hands of outside parties. Any excess acquisition-date fair value will be assigned to franchise contracts with a 40-year remaining life. During 2021, Smith reports earning $450,000 in net income and declares $360,000 in cash dividends. Haried applies the equity method to this investment. a. What is the noncontrolling interest's share of consolidated net income for this period? b. What is the balance in the Investment in Smith account as of December 31, 2021? c. What consolidation entries are needed for 2021?
8
Pharoah corporation issued $117000 shares of $19 par value cumulative, 7% preferred stock on January 1,2021 for $2530000 in December 2023 pharoah declared its first dividend of $840000 if the preferred stock is not cumulative how much of the $840000 would be paid to common stockholders? Common stock dividends
At December 31, 2025 and 2024, Oriole Corp. had 171000 shares of common stock and 12000 shares of 7%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2025 or 2024. Net income for 2025 was $441390. For 2025, earnings per common share is $1.61. $2.09. $1.80. $2.57.
8

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19 Era Company has 6,000 shares of 5%, $100 par non-cumulative preferred stock outstanding at December 31, 2021. No dividends have been paid on this stock for 2020 or 2021. Dividends in arrears at December 31, 2021 total A) $0 B) $ 3,000 C) $ 30,000 $ 60,000 E) None of the above