On January 1, 2016, Titans Company issued 1,000 shares of 10%, $200 par value, cumulativepreferred stock for $300,000. No preferred dividends were declared in 2016 and 2017 OnDecember 30, 2018, the company paid $10,000 in dividends. What amount, if any of preferreddividends are in arrears as of December 31, 20187O $0.O $40,000.O $50.000O 160,000

Cumulative Preferred Stock :— It is one of the types of preference shares in which it is mandatory…

Answered: On January 1, 2016, Titans Company…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Wilco Corporation has the following account balances at December 31, 2017. Share capital—ordinary, $5 par value $ 510,000 Treasury shares 90,000 Retained earnings 2,340,000 Share premium—ordinary 1,320,000 InstructionsPrepare Wilco’s December 31, 2017, equity section.
On January 1, 2021, Pina Corporation had 119000 shares of its $0.001 par value common stock outstanding. On November 27, when the market price of the stock was $9, the corporation declared a 10% stock dividend to be issued to stockholders of record on December 28, 2021. What was the impact of the 10% stock dividend on the balance of the retained earnings account? $11900 decrease O $107100 decrease No effect ○ $95200 decrease
The shareholders’ equity section of Memphis Company as of December 31,2018 before closing its books and recording the 2018 dividends is as follows: Ordinary share, 100,000 shares issued and outstanding P 3,000,000 Ordinary share premium 4,000,000 Retained earnings 8,000,000 Memphis’ board of directors declared a 20% share capital dividend on December 31, 2018 when the market value of each share was P 70. The corporation’s 2018 operations resulted to a loss P 1,200,000. What amount should Memphis report as retained earnings as of December 31, 2018? ____________________
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Preferred shares, $4.55 non-cumulative, 52,000 shares authorized and issued* $ 3,328,000 Common shares, 87,000 shares authorized and issued* 1,392,000 *All shares were issued during 2018. 2. Calculate the dividends paid per share to both the preferred and the common shares in 2020. (Round the final answers to 2 decimal places.)
Accounting Madison Co had the following components of shareholders' equity at the beginning of 2020: Preferred shares, Class B, no par, $2, non-cumulative, redeemable $2,000,00 and retractable, 400,000 authorized, 100,000 issued and outstanding Common shares, unlimited number authorized, 600,000 issued and outstanding Retained earnings 6,000,000 11,400,000 The following events took place during 2020: Jan Issuance of 50,000, $3 cumulative preferred shares - Class C for $30 per 22 share Apr 3 10% common stock dividend declared and issued Oct Common dividends declared and paid by Board of Directors of $1.50 per 10 share Nov 5 Repurchase of 10,000 $2 no par value preferred shares for $26.50 per share Required: Prepare the financing activities section of the cash flow statement for the year ended December 31, 2020.
On January 1, 2013, Warhol Company issued 2 comma 000 shares of 10, $ 110 par value, cumulative preferred stock for $ 100 comma 000 On December 30, 2015, the Board declared dividends of $ 30 per share on the preferred stock What journal entry is necessary for the declaration of dividends
ABC Co. is authorized to issue 5,000,000, $6 par ordinary shares and 100,000, $50 par 9% cumulative preference shares. At the end of 2017, the company has the following equity accounts: Account |Share capital-ordinary Share capital-preference |Share premium-ordinary |Share premium-preference Treasury shares |Retained Earnings Balance @ 31/12/2017 ($) 1,800,000 | 1,000,000 400,000 500,000 320,000 | 2,000,000 Additional information: SHARE There were 260,000 ordinary shares outstanding at 31/12/2017. • The company did not pay any preference dividends for the year 2017. The following equity transactions occurred during the year 2018 (in chronological order). 1. Declared and paid the preference dividends in arrears by reissuing 10,000 treasury shares. 2. Issued 5,000 preference shares at $55 per share. 3. Sold 15,000 treasury shares at $9 per share. 4. Announced a 2 for 1 share split for ordinary shares 5. Declared and distributed a 5% share dividend to outstanding ordinary shareholders.…
On January 1, 2012, a company issued 10,000 shares of 10%, $10 par value cumulative preferred stock. No dividends were declared in 2012 or 2013. In 2014, the company declared a dividend of $200,000. How much of the 2014 dividend represents 2012 dividends? a $170,000 b $30,000 c $100,000 d $10,000
On December 31, 2019, Jean Company 140,000 issued P100-par 8% cumulative preference shares and 600,000 issued P50-par ordinary shares. There were no treasury shares. The total Shareholders' Equity on the same date is P43,512,000. No dividends were declared since the year 2016. Assuming the preference shares are preferred as to assets, how much is the book value of each ordinary share?
P13-6A Rainy Day Corporation has 50,000 $0.50 preferred shares and 600,000 common shares issued and outstanding. During a three-year period, Rainy Day Corporation declared and paid cash dividends as follows: 2017, $0; 2018, $114,000; and 2019, $260,000. Required 1. Compute the total dividends to preferred shares and common shares for each of the three years if a. Preferred shares are noncumulative. b. Preferred shares are cumulative. 2. For requirement 1b, record the declaration of the 2019 dividends on December 22, 2019, and the payment of the dividends on January 12, 2020. 3 Computing dividends on preferred and common shares 1. b. 2018: Preferred, $50,000

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