Frenchroast Company earned net income of $93,000 during the year ended December 31, 2020. On December 15, Frenchroast declared the annual cash dividend on its 4% preferred stock (par value, $128,000) and a $0.55 per share cash dividend on its common stock (67,000) shares. Note: When entering percent values, write the value as a percent without the percent (96) symbol. Frenchroast then paid the dividends on January 4, 2021. Calculate Dividends: Preferred Dividends - Dividend percent X par value Common Dividends - Share price X # of shares Total Dividend Preferred Dividends- Common Dividends Total Dividend Date December 15 January 4 Description X Debit Credit Frenchroast Company earned net income of $93,000 during the year ended December 31, 2020. On December 15, Frenchroast declared the annual cash dividend on its 4% preferred stock (par value, $128,000) and a $0.55 per share cash dividend on its common stock (67,000) shares. Note: When entering percent values, write the value as a percent without the percent (96) symbol. Frenchroast then paid the dividends on January 4, 2021. Calculate Dividends: Preferred Dividends - Dividend percent X par value Common Dividends - Share price X # of shares Total Dividend Preferred Dividends- Common Dividends Total Dividend Date December 15 January 4 Description X Debit Credit
Frenchroast Company earned net income of $93,000 during the year ended December 31, 2020. On December 15, Frenchroast declared the annual cash dividend on its 4% preferred stock (par value, $128,000) and a $0.55 per share cash dividend on its common stock (67,000) shares. Note: When entering percent values, write the value as a percent without the percent (96) symbol. Frenchroast then paid the dividends on January 4, 2021. Calculate Dividends: Preferred Dividends - Dividend percent X par value Common Dividends - Share price X # of shares Total Dividend Preferred Dividends- Common Dividends Total Dividend Date December 15 January 4 Description X Debit Credit Frenchroast Company earned net income of $93,000 during the year ended December 31, 2020. On December 15, Frenchroast declared the annual cash dividend on its 4% preferred stock (par value, $128,000) and a $0.55 per share cash dividend on its common stock (67,000) shares. Note: When entering percent values, write the value as a percent without the percent (96) symbol. Frenchroast then paid the dividends on January 4, 2021. Calculate Dividends: Preferred Dividends - Dividend percent X par value Common Dividends - Share price X # of shares Total Dividend Preferred Dividends- Common Dividends Total Dividend Date December 15 January 4 Description X Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Frenchroast Company earned net income of $93,000 during the year ended December 31, 2020.
On December 15, Frenchroast declared the annual cash dividend on its 4% preferred stock (par value,
$128,000) and a $0.55 per share cash dividend on its common stock (67,000) shares.
Note: When entering percent values, write the value as a percent without the percent (96) symbol.
Frenchroast then paid the dividends on January 4, 2021.
Calculate Dividends:
Preferred Dividends - Dividend percent X par value
Common Dividends - Share price X # of shares
Total Dividend
Preferred Dividends-
Common Dividends
Total Dividend
Date
December 15
January 4
Description
X
Debit
Credit
Transcribed Image Text:Frenchroast Company earned net income of $93,000 during the year ended December 31, 2020.
On December 15, Frenchroast declared the annual cash dividend on its 4% preferred stock (par value,
$128,000) and a $0.55 per share cash dividend on its common stock (67,000) shares.
Note: When entering percent values, write the value as a percent without the percent (96) symbol.
Frenchroast then paid the dividends on January 4, 2021.
Calculate Dividends:
Preferred Dividends - Dividend percent X par value
Common Dividends - Share price X # of shares
Total Dividend
Preferred Dividends-
Common Dividends
Total Dividend
Date
December 15
January 4
Description
X
Debit
Credit
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