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k-$10 par value, outstanding 21,800 shares 100 par value, outstanding 32,300 shares $218,000 3,230,000 572,000

k-$10 par value, outstanding 21,800 shares 100 par value, outstanding 32,300 shares $218,000 3,230,000 572,000

FINANCIAL ACCOUNTING
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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Bridgeport Company's ledger shows the following balances on December 31, 2020. 7% Preferred Stock-$10 par value, outstanding 21,800 shares Common Stock-$100 par value, outstanding 32,300 shares Retained Earnings $ Assuming that the directors decide to declare total dividends in the amount of $346,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. (a) The preferred stock is cumulative and fully participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to O decimal places, e.g. $38,487.) $ Preferred $ Preferred $ (b) The preferred stock is noncumulative and nonparticipating. (Round answers to O decimal places, e.g. $38,487.) Preferred $ Common $ 218,000 $ 3,230,000 Common 572,000 (c) The preferred stock is noncumulative and is participating in distributions in excess of a 10% dividend rate on the common stock. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.) Common
Transcribed Image Text:Bridgeport Company's ledger shows the following balances on December 31, 2020. 7% Preferred Stock-$10 par value, outstanding 21,800 shares Common Stock-$100 par value, outstanding 32,300 shares Retained Earnings $ Assuming that the directors decide to declare total dividends in the amount of $346,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. (a) The preferred stock is cumulative and fully participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to O decimal places, e.g. $38,487.) $ Preferred $ Preferred $ (b) The preferred stock is noncumulative and nonparticipating. (Round answers to O decimal places, e.g. $38,487.) Preferred $ Common $ 218,000 $ 3,230,000 Common 572,000 (c) The preferred stock is noncumulative and is participating in distributions in excess of a 10% dividend rate on the common stock. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.) Common
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