Exercise 12-12 Allocating dividends between common and cumulative preferred shares L05The outstanding share capital of Sheng Inc. includes 43,000 shares of $9.60 cumulative preferred and 78,000common shares, all issued during the first year of operations. During its first four years of operations, thecorporation declared and paid the following amounts in dividends:Year2021202220232024Total Dividends Declared$-0-440,0001,058,000440,000Determine the total dividends paid in each year to each class of shareholders. Also determine the total dividends paid to each class over the four years.Exercise 12-13 Allocating dividends between common and non-cumulative preferredshares LO5Determine the total dividends paid in each year to each class of shareholders of Exercise 12-12 under thassumption that the preferred shares are non-cumulative. Also determine the total dividends paid to eacclass over the four years.

Cumulative Preferred Stock is one of the type of preference shares in which it is mandatory for a…

Answered: Exercise 12-12 Allocating dividends…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 6: Treasury Shares year 20x1: Valientes Corporation reported the shareholders. Equity at the beginning of the Ordinary share, P10 par, outstanding 225,000 shares Share Premium Retained Earnings 2,250,000 1,500,000 2,000,000 During the year, the entity had the following treasury shares transactions: Acquired 10,000 treasury shares for P500,000. Sold 5,000 treasury shares at P60 per share - Sold 2,000 treasury shares at P45 per share. Required: a. Prepare the journal entries b. Prepare the shareholders' equity at the end of the year
Question 33 ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 300,000 Common [unlimited authorized, 550,000 issued & outstanding] Contributed surplus 865,000 216,250 $ 1,381,250 Retained earnings Accumulated other comprehensive income Total shareholder's equity 432,500 216,250 $ 2,030,000 Information for 2020: Net income was Gain on disposal of bonds Dividends declared and paid on preferred shares Issued 3,000 common shares Foreign translation gain on subsidiary Comprehensive income $ 350,000 135,000 15,000 5,000 87,500 262,500 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form.
A1
Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Connon stock-$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,500 shares of its own stock at $15 cash per share, 5 Directors declared a 56 per share cash dividend payable on February 28 to the February 3 stockholders of record. Jan. Jan. $750,000 70,000 400,000 $1,220,000 Oct. Dec. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of…
PROBLEM 12-3B The following selected accounts appear in the ledger of Kingfisher Environmental Corporation on March 1, 2006, the beginning of the current fiscal year: Selected stock transactions Objectives 4, 5, 7 Preferred 2% Stock, $75 par (10,000 shares authorized, 8,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (50,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Common Stock . Retained Earnings $ 600,000 ..... 100,000 RAS.S. 350,000 85,000 1,050,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 7,500 shares of common stock at $24, receiving cash. b. Sold 800 shares of preferred 2% stock at $81. c. Purchased 3,000 shares of treasury common for $66,000. d. Sold 1,800 shares of treasury common for $50,400. e. Sold 750 shares of treasury common for $14,250. f. Declared cash dividends of $1.50 per share on preferred…

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