Mike and Ike Company has 40,000 shares of $100 par, 1% preferred stock and 100,000 shares of S50 par common stock. The following amounts were distributed as dividends: Year 1: $50,000 Year 2: 90,000 Year 3: 130,000 Determine the dividends per share for preferred and common stock for each year. Dividends Year 1 Year 2 Year 3 per Share 2$ $ Preferred Stock [ Select ] [ Select ] [ Select ] Common Stock [ Select ] [ Select ] [ Select ] %24

Mike and Ike Company has 40,000 shares of $100 par, 1% preferred stock and 100,000 shares of S50 par common stock. The following amounts were distributed as dividends: Year 1: $50,000 Year 2: 90,000 Year 3: 130,000 Determine the dividends per share for preferred and common stock for each year. Dividends Year 1 Year 2 Year 3 per Share 2$ $ Preferred Stock [ Select ] [ Select ] [ Select ] Common Stock [ Select ] [ Select ] [ Select ] %24

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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Prestige Investments had the following preferred stock outstanding at the end of a recent year: $25 par, 10% 6,000 shares $42 par, 8%, cumulative 11,000 shares $50 par, 12%, cumulative, convertible 2,000 shares $80 par, 11%, nonparticipating 15,000 shares Required: 1. Determine the amount of annual dividends on each issue of preferred stock and the total annual dividend on all four issue Issue 1 ($25 par, 10%) of preferred stock Issue 2 ($42 par, 8%, cumulative) of preferred stock Issue 3 ($50 par, 12%, cumulative, convertible) of preferred stock Issue 4 ($80 par, 11%, nonparticipating) of preferred stock Total annual dividend 2. Calculate what the amount of dividends in arrears would be if the dividends were omitted for 1 year.
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