Answered: $100 par value, 4% cumulative preferred…

Business

Accounting

$100 par value, 4% cumulative preferred stock. Czervik did not declare dividends in 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Dedrick Inc. did not pay dividends in 2018 or 2019, even though 60,000 shares of its 7.5%, $50 par value cumulative preferred stock were outstanding during those years. The company has 900,000 shares of $2 par value common stock outstanding. Required: a. Calculate the annual dividend per share obligation on the preferred stock. (Round your answer to 2 decimal places.) b. Calculate the amount that would be received by an investor who has owned 3,100 shares of preferred stock and 29,000 shares of common stock since 2017 if a $0.40 per share dividend on the common stock is paid at the end of 2020. (Do not round intermediate calculations.) a. b. Annual dividend per share Total dividends received $ 3.75
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? Correct answer is $80,000 Please, explain every step
On December 31, 2020, Dow Steel Corporation had 610,000 shares of common stock and 301,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $410,000 and $70,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021, Dow sold 63,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2021, was $2,150,000. The income tax rate is 25%. Also, as a part of a 2020 agreement for the acquisition of Merrill Cable Company, another 24,000 shares (already adjusted for the stock dividend) are to be issued to former Merrill shareholders on December 31, 2022, if Merrill's 2022 net income is at least $510,000. In 2021, Merrill's net income was $640,000. As part of an incentive compensation plan, Dow granted incentive stock options to division managers at…
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
Current Attempt in Progress Your answer is incorrect. At January 1, 2020, Larkspur Company's outstanding shares included the following. 258,000 shares of $50 par value, 7% cumulative preferred stock 812,000 shares of $1 par value common stock Net income for 2020 was $2,521,000. No cash dividends were declared or paid during 2020. On February 15, 2021, 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 2020. On April 1, 2020, 408,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 106,000 shares of common stock were purchased for $20 per share and held as treasury stock. Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
Nathan's Athletic Apparel has 1,100 shares of 6%, $100 par value preferred stock the company issued at the beginning of 2020. All remaining shares are common stock. The company was not able to pay dividends in 2020, but plans to pay dividends of $15,000 in 2021.1. & 2. How much of the $15,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2021, assuming the preferred stock is cumulative? What if the preferred stock were noncumulative?
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 $
Dulcinea Corporation had $1,000,000 of net income in 2022. On January 1, 2022, there were 225,000 shares of common stock outstanding. On April 1, there were 12,000 additional shares issued. On July 1, Dulcinea issued a 10% stock dividend and on September 1, Dulcinea bought 20,000 shares of treasury stock. The market price of the common stock averaged $30 during 2022. The tax rate is 30%. During 2022, there were 10,000 shares of cumulative, convertible preferred stock outstanding. The preferred is $100 par, pays $4 per share in dividends per year and each share of preferred stock is convertible into two shares of common stock. Dulcinea issued $5,000,000 of 5% convertible bonds at face value ten years earlier. All bonds remained outstanding throughout 2022. Each $1,000 bond is convertible into 10 shares of common stock. Required: Calculate the weighted average number of shares outstanding for 2022 to be used to calculate basic earnings per share. Compute basic…
18. Gingerbread Corp had 310,000 of outstanding shares of stock on January 1, 2020. On December 31, 2020 the company issued another 90,000 shares of stock and had a total of 400,000 shares outstanding at year end. The company presented $750,000 in net income for 2020 and did not pay out any preferred dividends. What is the company earnings per share for 2020? Remember to present your EPS with a dollar sign and two decimal places. Earnings per share (EPS)
* Your answer is incorrect. Pharoah Corporation had 108,000 common shares outstanding on December 31, 2022. During 2023, the company issued 13,000 shares on March 1, retired 6,400 shares on July 1, issued a 20% stock dividend on October 1, and issued 19,500 shares on December 1. For 2023, the company reported net income of $432,000 after a loss from discontinued operations of $46,000 (net of tax). The company issued a 2-for-1 stock split on February 1, 2024, and the company's financial statements for the year ended December 31, 2023, were issued on February 28, 2024. Calculate earnings per share for 2023 as it should be reported to shareholders. (Round answer to 2 decimal places, e.g. 15.75.) Income per share before discontinued operations Discontinued operations loss per share, net of tax Net income per share Earnings per share 3.41 (0.33) 3.08
Marigold, Inc. has 10500 shares of 4%, $100 par value, noncumulative preferred stock and 105000 shares of $1 par value common stock outstanding at December 31, 2019, and December 31, 2020. The board of directors declared and paid a $49300 dividend in 2019. In 2020, $111000 of dividends are declared and paid, What are the dividends received by the preferred and common shareholders in 2020? Preferred Common $42000 $69000 $0 $111000 $79500 $31500 $55500 $55500 96 5 6 7 d
Crane Limited reported the following items in shareholders' equity on December 31, 2024: Share capital: Preferred shares, $4 cumulative dividend, 165,000 shares issued and outstanding $16,500,000 Share capital: Common shares, 767,000 issued and outstanding 38,350,000 Retained earnings 26,290,000 (a) No dividends were declared in 2022 or 2023; however, in 2024, cash dividends of $5,431,500 were declared. Calculate how much would be paid to each class of shares. Preferred Common Total Arrears 2022 $ $ $ Arrears 2023