On December 31, 2023, Sandhill Ltd. had outstanding 4100 no par value, $4, cumulative preferred shares and 32100 no par valuecommon shares. At this time, dividends in arrears on the preferred shares were $8200. Cash dividends declared in 2024 totalled$40000. The amounts paid to each class of shares werePreferred Shares$8200$15400$24600$32800Common Shares$32800$24600$15400$8200

DECLARATION OF DIVIDENDSDividend is the amount paid by the Corporation its shareholders in return…

Answered: On December 31, 2023, Sandhill Ltd. had…

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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Marlin, Incorporated, declared a cash dividend of $40,500 in 2022 when the following stocks were outstanding: Common stock 20,100 shares, par $15 $301,500 Preferred stock, 6%, 2,600 shares, par $10 26,000 No dividends were declared or paid during the prior year. Required: Compute the amount of cash that would be paid to each stockholder group under each of the following separate cases. Show the amount of current dividend and dividends paid in arrears wherever applicable. Case A The preferred stock is noncumulative. Case B The preferred stock is cumulative.
Bramble Corp. reported the following balances at December 31, 2021: common stock $408,000, paid-in Capital in Excess of Par- common stock $106,000, and retained earnings $242,000. During 2022, the following transactions affected stockholders' equity. 1. 2. 3. 4. Issued preferred stock with a par value of $128,500 for $209,000. Purchased treasury stock (common) for $36,500. Earned net income of $135,000. Declared and paid cash dividends of $52,500. Prepare the stockholders' equity section of Bramble Corp's December 31, 2022, balance sheet.
At January 1, 2025, Coronado Company's outstanding shares included the following. 252,000 shares of $50 par value, 7% cumulative preferred stock 823,000 shares of $1 par value common stock Net income for 2025 was $2,579,000. No cash dividends were declared or paid during 2025. On February 15, 2026, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2025. On April 1, 2025, 457,000 shares of common stock were sold for $10 per share, and on October 1, 2025, 109,000 shares of common stock were purchased for $21 per share and held as treasury stock. Compute earnings per share for 2025. Assume that financial statements for 2025 were issued in March 2026. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $
On January 1, 2025, Wildhorse Corporation had 380000 shares of its $2 par value common stock outstanding. On March 1, Wildhorse sold an additional 760000 shares on the open market at $20 per share. Wildhorse issued a 20% stock dividend on May 1. On August 1, Wildhorse purchased 422000 shares and immediately retired the stock. On November 1, 603000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for 2025? O 517620 O 1140667 O 718620 O 1549000
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Shareholders' equity Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend…
At January 1, 2025, Skysong Company's outstanding shares included the following. 283,000 shares of $50 par value, 7% cumulative preferred stock 942,000 shares of $1 par value common stock Net income for 2025 was $2,521,000. No cash dividends were declared or paid during 2025. On February 15, 2026, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2025. On April 1, 2025, 449,000 shares of common stock were sold for $10 per share, and on October 1, 2025, 109,000 shares of common stock were purchased for $19 per share and held as treasury stock. Compute earnings per share for 2025. Assume that financial statements for 2025 were issued in March 2026. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share LA
Blossom Inc. had net income for the current year ending December 31, 2023 of $1.230,480. During the entire year, there were 506,000 common shares outstanding. The company had two classes of preferred shares outstanding the Class A preferred shares were $2.62 cumulative shares of which 10,000 were outstanding, and were convertible to common shares at a rate of 1:1. There were 102,000 $5.62 Class B non-cumulative preferred shares outstanding that were also convertible at a rate of 1:1. Blossom had outstanding a $1,000,000, 8% bond issued in 2012 that was convertible to 21,000 common shares. The company also had outstanding a $1,000,000, 7% bond issued in 2013 that was convertible to 26,000 common shares. No dividends were declared or paid this year. Blossom's tax rate is 38%.
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.
Wildhorse Appliance Company has 5100 shares of 6%, $50 par value, cumulative preferred stock and 102000 shares of $1 par value common stock outstanding at December 31, 2025, and December 31, 2024. The board of directors declared and paid a $13300 dividend in 2024. In 2025, a total of $60,000 in dividends are declared and paid. What are the dividends received by the preferred stockholders in 2025? O $15300. O $43900. O $30600. O $17300.
At December 31, 2025 and 2024, Oriole Corp. had 171000 shares of common stock and 12000 shares of 7%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2025 or 2024. Net income for 2025 was $441390. For 2025, earnings per common share is $1.61. $2.09. $1.80. $2.57.
Cole Company was formed on January 1, 2022, when 300,000 shares of $2 par value common stock were issued for $8 per share. Net income for 2022 was $150,000. Cash dividends of $0.25 per share were declared in December 2022 and paid in January 2023. The following occurred in 2023 :• April 1st, 10,000 treasury shares were purchased for $6 per share.• April 15th, 500 treasury shares were retired. • June 1st, 3,000 treasury shares were reissued for $7.50 per share .• November 1st, 4,000 treasury shares were reissued for $4 per share. • Net Income for 2023 was $200,000. • Cash dividends of $0.50 per share were declared in December 2023, payable in January 2024. Assuming Cole Company uses the cost method to account for treasury stock, prepare the stockholders’ equity section of the balance sheet at December 31, 2023. Also note how many shares of common stock were issued, outstanding, and treasury.
Whispering Corporation has 8,700 shares of $100 par value, 9%, preferred stock and 48,300 shares of $10 par value common stock outstanding at December 31, 2020. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2017, what are the dividends in arrears on December 31, 2020, balance sheet? The amount of dividends in arrears on the December 31, 2020

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