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Determining Cash Dividends to Preferred and Common Shareholders Sinclair Company has outstanding 24,000 shares of $50 par value, 6% cumulative preferred stock and 60,000 shares of $10 par value common stock. The company declares and pays cash dividends amounting to $168,000. a. If there are no preferred dividends arrears, how much in total dividends, and in dividends per share, does Sinclair pay to each class of stock? Total Dividends Dividends per Share Preferred shareholders: $ Common shareholders: $ b. If there are one year's dividends in arrears on the preferred stock, how much in total dividends, and in dividends per share, does Sinclair pay to each class of stock? Total Dividends Dividends per Share Preferred shareholders: $ Common shareholders: $ $ $

Determining Cash Dividends to Preferred and Common Shareholders Sinclair Company has outstanding 24,000 shares of $50 par value, 6% cumulative preferred stock and 60,000 shares of $10 par value common stock. The company declares and pays cash dividends amounting to $168,000. a. If there are no preferred dividends arrears, how much in total dividends, and in dividends per share, does Sinclair pay to each class of stock? Total Dividends Dividends per Share Preferred shareholders: $ Common shareholders: $ b. If there are one year's dividends in arrears on the preferred stock, how much in total dividends, and in dividends per share, does Sinclair pay to each class of stock? Total Dividends Dividends per Share Preferred shareholders: $ Common shareholders: $ $ $

FINANCIAL ACCOUNTING
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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Determining Cash Dividends to Preferred and Common Shareholders Sinclair Company has outstanding 24,000 shares of $50 par value, 6% cumulative preferred stock and 60,000 shares of $10 par value common stock. The company declares and pays cash dividends amounting to $168,000. a. If there are no preferred dividends in arrears, how much in total dividends, and in dividends per share, does Sinclair pay to each class of stock? Total Dividends Dividends per Share Preferred shareholders: $ Common shareholders: $ $ $ b. If there are one year's dividends in arrears on the preferred stock, how much in total dividends, and in dividends per share, does Sinclair pay to each class of stock? Total Dividends Dividends per Share Preferred shareholders: $ Common shareholders: $ $ $
Transcribed Image Text:Determining Cash Dividends to Preferred and Common Shareholders Sinclair Company has outstanding 24,000 shares of $50 par value, 6% cumulative preferred stock and 60,000 shares of $10 par value common stock. The company declares and pays cash dividends amounting to $168,000. a. If there are no preferred dividends in arrears, how much in total dividends, and in dividends per share, does Sinclair pay to each class of stock? Total Dividends Dividends per Share Preferred shareholders: $ Common shareholders: $ $ $ b. If there are one year's dividends in arrears on the preferred stock, how much in total dividends, and in dividends per share, does Sinclair pay to each class of stock? Total Dividends Dividends per Share Preferred shareholders: $ Common shareholders: $ $ $
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