Exercise 8-13 (Algo) Preferred stock-calculate dividend amounts LO 8-2Calculate the annual cash dividends required to be paid for each of the following preferred stock issuesRequired:a. $3.50 cumulative preferred, no par value: 240,000 shares authorized, 123,000 shares issued. (The treasury stock ception of thestockholders equity section of the balance sheet indicates that 41,053 shares of this preferred stock Issue are owned by thecompany)Note: Round your answer to 2 decimal places.b. 4%, $40 par value preferred, 229,000 shares authorized. 169,000 shares Issued, and 72,726 shares outstandingNote: Round your answer to 2 decimal places.c. 11.8% cumulative preferred, $120 stated value, $130 liquidating value; 64,000 shares authorized, 45,000 shares issued, 22.000shares outstanding.a. Annual dividendsb. Annual dividendsAnnual dividends

Answered: Exercise 8-13 (Algo) Preferred…

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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Exercise 10-61 (Algorithmic)Issuing and Repurchasing Stock Canary Corp. had the following transactions related to its common and preferred stock: January 15 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. October 1 Repurchased 3,100 shares of the common stock at $20 per share. Required: Prepare the journal entries for the above transactions. Jan. 15 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 (Record sale of preferred and common stock) Oct. 1 fill in the blank 17 fill in the blank 19 (Record purchase of treasury shares)
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MC Qu. 11-153 A company has outstanding... A company has outstanding 13.50 million shares of $5.50 par common stock and 1.7 million shares of $4.70 par preferred stock. The preferred stock has an 9% dividend rate. The company declares $370,000 in total dividends for the year. Which of the following is correct if the preferred stockholders only have a current dividend preference? Multiple Choice O Preferred stockholders will receive the entire $370,000, and they must also be paid $53,000 before the end of the current accounting period. Common stockholders will receive nothing. Preferred stockholders will receive $33,300 or 9% of the total dividends. Common stockholders will receive the remaining $336,700. Preferred stockholders will receive the entire $370,000, and they must also be paid $53,000 sometime in the future before common stockholders will receive anything. Preferred stockholders will receive the entire $370,000, but will receive nothing more relating to this dividend…
courses/_16956_1/cl/outline Final Project XYZ, Inc. had the following Stockholder's Equity Balances as of 1/1/21: Preferred Stock-500 shares @ $100 par value Common Stock-10,000 shares @ $10 par value Additional Paid-in Capital Retained Earnings During the year the following events occurred: 5000 share of common stock was issued on 3/1/21 at $12 per share. 1000 shares of its on stock was purchased on 6/1/21 at $15 per share Net Income for the year was $45,000 XYZ, Inc. declared a 2 for 1 stock split on 11/1/21 Dividends declared 12/15/21 at $1.50 per share to be paid 1/15/22 Calculate the following items as of 12/31/21 1. Total Contributed Capital 2. Retained Earnings Balance 3. Total stockholder's Equity $500,000 $100,000 $250,000 $700,000
Exercise 10-6 (Algo) Record common stock, preferred stock, and dividend transactions (LO10-2, 10-3, 10-5) Italian Stallion has the following transactions during the year related to stockholders’ equity. February 1 Issues 4,900 shares of no-par common stock for $14 per share. May 15 Issues 700 shares of $10 par value, 7% preferred stock for $11 per share. October 1 Declares a cash dividend of $0.70 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
QUESTION 1 Ava Consulting issued 1180 shares of previously unissued common stock with a par value of $1. The selling price for the stock was $5 share The credit to Additional Paid in Capital - Common Stock would be $ per
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Exercise 10-13 (Algo) Record stock dividends and stock splits (LO10-6) On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a stock dividend on its 11,000, $2 par, common shares. The market price of the common stock is $31 on this date. Required: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Next >
Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $11 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $30,800 12,100 51,200 4 JAE Corporation completed the following transactions during Year 1: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below.…
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