%24 Metlock Ridge Corporation was organized on January 1, 2018. During its first year, the corporation issued 42,000 shares of $5 par value preferred stock and 490,000 shares of 51parvalue common stock At December 31, the company declared the following cash dividends: 2019 00 2020 (e) VYour answeris correct Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and not cumulative. Preferred. 2019 eTextbook and Media List of Accounts Attempts: 2 of 3 used (g) Show the allocation of dividends to each class of stock, assuming the preferred stockk dividend is 7BA and cumulative. Preferred Common 2019 2020 eTextbook and Media List of Accounts

%24 Metlock Ridge Corporation was organized on January 1, 2018. During its first year, the corporation issued 42,000 shares of $5 par value preferred stock and 490,000 shares of 51parvalue common stock At December 31, the company declared the following cash dividends: 2019 00 2020 (e) VYour answeris correct Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and not cumulative. Preferred. 2019 eTextbook and Media List of Accounts Attempts: 2 of 3 used (g) Show the allocation of dividends to each class of stock, assuming the preferred stockk dividend is 7BA and cumulative. Preferred Common 2019 2020 eTextbook and Media List of Accounts

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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Q1 Sara Corporation was organized on January 1, 2017. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the compan 2017 $10,000 2018 $30,000 2019 $70,000 Instructions (a) (b) (c) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and not cumulative. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. Journalize the declaration of the cash dividend at December 31, 2019 using the assumption of part (b). Explain the difference between cumulative or noncumulative stocks. (d) Solution (d) cumulative stocks noncumulative stocks Solution (a) Solution (b) Item 2017 2018 2019 Item 2017 2018 2019 Solution (c) Accounts Debit Credit
EXERCISE 4 The Millenium Company had 100,000 shares of Ordinary Share Capital on December 31,2019. Its statement of financial position on that date showed the following shareholder's equity balances: Ordinary Share Capital, P 10 par P 1,000,000 Share premium 300,000 Retained Earnings 900,000 The following treasury share transactions took place in 2020: 1.) Purchased 10,000 ordinary shares at P 14 per share. 2.) Sold 4,000 of the treasury shares above at P 15 per share. 3.) Sold 5,000 of the treasury shares above at P 13 per share. 4.) Retired the remaining treasury shares. REQUIRED: a) Prepare the entries in the books of Millenium Company to record the foregoing transactions. b) Determine the total shareholder's equity at December 31,2020, assuming that profit for the year was P 280,000 and cash dividends declared were P 200,000.
8. Daisy Company had 350,000 ordinary shares outstanding on January 1, 2020. During 2020 and 2021, the following transactions took place. 2020 March I July 1 October 1 December 1 Sold 33,600 shares Issued a 20 percent stock dividend Sold 22,400 shares Purchased 21,000 shares to be held in treasury 3 for I share split Sold 84,000 shares 2021 June 1 September 1 What is the weighted average number of shares for 2020 to be used in the earnings per share computation for comparative financial statements at the end of 2021? b. What is the weighted number of shares for 2021 used in the carnings per share computation for comparative financial statement at the end of 2021? a.
Recording and Reporting Preferred Stock Cedar Corporation is authorized to issue 28,000 shares of 6%, $10 par, cumulative preferred stock. During 2020, it sold 5,600 shares of preferred stock for $25 per share. Required a. Record the entry for the issuance of preferred stock during 2020. Account Name Dr. Cr. AnswerCashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of Par—Common StockPaid-in Capital in Excess of Stated Value—Common StockPaid-in Capital in Excess of Par—Preferred StockPaid-in Capital—Retired StockPaid-in Capital—Treasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or Loss—IncomeN/A Answer Answer Preferred Stock Answer Answer AnswerCashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of Par—Common…
Exercise 6-2 (Cash and Share Capital Stock Dividends) The statement of financial position of JKL Corp. as of December 31, 2020 reports the following shareholder equity accounts: Ordinary Share Capital, P50 par, 100,000 shares outstanding Ordinary Share Premium Retained Earnings P5,000,000 2,500,000 3,000,000 During 2021, the following dividend distributions were made: April 1 Declared a cash dividend of P7 per share payable on May 2 to shareholders of record of April 15. June 1 Decdared a 10% stock dividend distributable on July 15 to shareholders of record of June 30. Stocks are selling on this date at P65 per share Instructions: Record the declaration and distribution of each of the above-mentioned dividends. Share Favourite Delete Edit More ... 归 0
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
Brief Exercise 10-50Preferred and Common Stock Dividends Brookshed Corporation has a single class of common stock and a single class of cumulative preferred stock. The cumulative preferred stock requires the corporation to pay an annual dividend of $11,000 to preferred stockholders. On January 1, 2019, Brookshed's preferred dividends were 1 year in arrears, which means that Brookshed declared neither preferred nor common dividends in 2018. During the next 3 years (2019–2021), Brookshed's board of directors determined they would be able to pay $17,000, $18,000, and $21,000, respectively. Required: Show how these anticipated payments will be split between preferred and common stockholders. If an amount box does not require an entry, leave it blank and if the answer is zero, enter "0".
Cash Dividends Cyprus Corporation issued 12,000 shares of common stock. At the beginning of the year, Cyprus held 5,000 shares of treasury stock, but it reissued 1,000 of those shares in October. On December 1, 2019, Cyprus's board of directors declares a cash dividend of $0.95 per share payable on December 20, 2019, to stockholders of record on December 15, 2019. Required: Prepare the appropriate journal entries for the date of declaration, date of record, and date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank.
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 100 shares of preferred stock and 1,800 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 1,800 additional shares of common stock for $17 per share. Issue 200 additional shares of preferred stock for $28 per share. April 1 June 1 Declare a cash dividend on both common and preferred stock of $0.60 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $14 per share. October 1 Resell 100 shares of treasury stock purchased on August 1 for $16 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000; Common Stock, $1,800; Additional Paid-in Capital, $18,300; and Retained Earnings, $10,300. Net income for the year…
Problem 1 Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2023 to 2025. At December 31, 2022, the corporation's accounts included (in thousands): Ordinary share capital, P1 par Share premium 105,000 630,000 Retained earnings 970,000 a. On November 1, 2023, the board of directors declared a cash dividend of PO 80 per share on its ordinary shares, payable to shareholders of record on November 15, to be paid on December 1. b. On March 1, 2024, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Ricki was holding as an investment. The bonds had a fair value of P1.6 million, but were purchased two years previously for P1.3 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record on March 13, to be distributed on April 5. The fair value of the…
please dont provide answer in image format thank you National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders’ equity during 2024, National League’s first year of operations: February 2 Issue 1.5 million shares of common stock for $35 per share. February 4 Issue 600,000 shares of preferred stock for $23 per share. June 15 Purchase 150,000 shares of its own common stock for $30 per share. August 15 Resell 112,500 shares of treasury stock for $45 per share. November 1 Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. 2. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2024. Net income for the year was…
ESPAÑOL INGLÉS FRANCÉS On June 30, 2021, when ABC Co. stock was selling for $65 each, the equity accounts had the following balances: Common Stock ($50 par value, 50,000 issued) $2,500,000 Capital Contributed in Excess of Par Value-Common Shares 600,000 Retained Earnings 4,200,000 How much will the Common Stock account balance be after declaring and distributing a 100% stock dividend? to. $7,300,000. b. $5,000,000. C. $2,500,000. MacBook Air DII DD F7