Gracey's Department Stores has $201,000 of 5% noncumulative, preferred stock outstanding. Gracey's also has $601,000 of common stock outstanding. During its first year, the company paid cash dividends of $31,000. This dividend should be distributed as follows: Multiple Choice $15.500 preferred, $15.500 common. $10,900 preferred, $20,100 common. $31,000 preferred; $0 common. $10,050 preferred: $20,950 common.
Gracey's Department Stores has $201,000 of 5% noncumulative, preferred stock outstanding. Gracey's also has $601,000 of common stock outstanding. During its first year, the company paid cash dividends of $31,000. This dividend should be distributed as follows: Multiple Choice $15.500 preferred, $15.500 common. $10,900 preferred, $20,100 common. $31,000 preferred; $0 common. $10,050 preferred: $20,950 common.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Gracey's Department Stores has $201,000 of 5% noncumulative, preferred stock outstanding. Gracey's also has
$601,000 of common stock outstanding. During its first year, the company paid cash dividends of $31,000. This
dividend should be distributed as follows:
Multiple Choice
O
$15.500 preferred; $15.500 common.
$10,900 preferred: $20,100 common.
$31,000 preferred; $0 common.
$10,050 preferred: $20,950 common.
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