QUESTION 20Mack Corporation has 3,000 shares of $100 par value, 7 percent cumulative preferred stock, and 10,000 shares of $10 par value common stockoutstanding during its first five years of operation. Mack Corporation paid cash dividends as follows: 2007, $10,600, 2008, $0, 2009, $65,000; 2010,$30,000; 2011, $15,000. The amount of dividends the common stockholders received during 2007 wasO $15,750.Ob $5,250.O c. 50Od $10,500PUINE

Dividend per share: Dividend per share is calculated for Preferred stock as well as Common Stock.…

Answered: Mack Corporation has 3,000 shares of…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Lightfoot Inc., a software development firm, has stock outstanding as follows: 15,000 shares of cumulative preferred 2% stock, $25 par, and 19,000 shares of $50 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $2,850; second year, $4,800; third year, $28,910; fourth year, $55,380. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0".
Ramos Corporation reported the following equity section on its current balance sheet. The common stock is currently selling for $18.00 per share. Common Stock, $5 par, 194,000 shares authorized, 143,000 shares issued and outstanding $715,000 Paid-In Capital in Excess of Par—Common 130,000 Retained Earnings 301,000 Total Stockholders' Equity $1,146,000 After the declaration and distribution of a 12% stock dividend, what is the total number of common shares issued?
The stockholders' equity of Blue Corporation includes $300,000 of S1 par common stock and $500,000 par of 5% cumulative preferred stock. In its first year of operations, cash dividends of $20,000 were declared. In its second year of operations, cash dividends of $15,000 were declared. Now in its third year, cash dividends of $100,000 are declared. How much of the $100,000 year three dividends will preferred stockholders receive? Multiple Choice $25,000 $15,000 $40,000 $35,000
Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of $50 par value, six percent, cumulative preferred stock and 90,000 shares of $10 par value common stock. Through the end of 2018, there had been no change in the number of preferred and common shares outstanding. Assume that Chauncey declared dividends of $0 in 2016, $120,000 in 2017, and $186,000 in 2018. Calculate the total dividends and the dividends per share paid to each class of stock in 2016, 2017, and 2018. Round to two decimal places.
Lenore, Inc. declared a cash dividend of $90,000 in 2021 when the following stocks were outstanding: Common stock 30,000 shares, $5 par value $150,000 Preferred stock, 6%, 6,000 shares, $50 par value $300,000 No dividends were declared or paid during the prior two years. Required: Compute the amount of dividends that would be paid to each stockholder group if the preferred stock is noncumulative. Compute the amount of dividends that would be paid to each stockholder group if the preferred stock is cumulative.
During the first year Zidux corp issued 80,000 shares of $4 par value common stock at a price of $50 cash per share. Zidux Corp was organized on January 2, 2018. On December 31, 2018: Net Income = $350,000 Cash Dividends paid= $70,000 Find the amount Zidux will report on its year end Balance Sheet for Paid in Capital Common Stock in Excess to par.
Pet Boutique Corp. reported $4,549,230 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $261,880. On January 1, 2023, Pet Boutique had 73,500 and 567,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year: Feb. 1 Declared and issued a 20% common share dividend. Apr.30 Sold 119,130 common shares for cash. May 1 Sold 49,410 preferred shares for cash. Oct. 31 Sold 37,800 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders b. What is the weighted-average number of common shares for the year? Weighted-average outstanding shares M # h
On January 1, 2010, Deweese Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000.The company issued 40,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Instructions: Journalize the declaration of a 15% stock dividend on December 10, 2010, for the following independent assumptions. Par value is $10, and market value is $18. Par value is $5, and market value is $20
FV Company earned net income of $75,000 during the year ended December 31, 2012. On December 15, FV declared the annual cash dividend on its 5% preferred stock (par value, $115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). FV then paid the dividends on January 4, 2013. Journalize for FV: Declaring the cash dividends on December 15, 2012. Paying the cash dividends on January 4, 2013.
Lightfoot Inc., a software development firm, has stock outstanding as follows: 30,000 shares of cumulative preferred 2% stock, $25 par, and 38,000 shares of $50 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $5,700; second year, $9,600; third year, $57,820; fourth year, $110,760. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0" 1st Year 2nd Year Preferred stock (dividend per share) Common stock (dividend per share) 0.19 ✓ $ 0.36 X 100 3rd Year 100 4th Year
Corporation has 3,000 shares of $100 par value, 7 percent cumulative preferred stock, and 10,000 shares of $10 par value common stock tanding during its first five years of operation Mack Corporation paid cash dividends as follows: 2007, $10,600, 2008, 0, 2009, $65,000, 2010 , 30,000; 2011, $15,000. The amount of dividends the common stockholders received during 2007 was Option 1-15750 2- 5250 3- 0 4- 10500
The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $140.000 in the current year. It also declared and paid dividends on common stock in the amount of $2.40 per share. During the current year, Sneer had 1 milion common shares authorized; 340,000 shares had been issued; and 136,000 shares were in treasury stock. The opening balance in Retained Earnings was $840,000 and Net Income for the current year was $340,000 Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31 3. Prepare a journal entry to close the dividends account.

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