On September 1, 2018, the board of directors was considering the distribution of a $73,280 cash dividend. No dividends were paid during 2013 and 2017. You have been asked to determine dividend amounts under two independent assumptions (show computations): a. The preferred shares are non-cumulative. b. The preferred shares are cumulative. Required: 1. Determine the total amounts that would be paid to the preferred shareholders and to the common shareholders under the two independent assumptions. (Round "Per share" to 2 decimal places.) Preferred Common |Noncumulative: %24 58,080 15,200 S 2.00S Total Per share 1.21 b. Cumulative:

On September 1, 2018, the board of directors was considering the distribution of a $73,280 cash dividend. No dividends were paid during 2013 and 2017. You have been asked to determine dividend amounts under two independent assumptions (show computations): a. The preferred shares are non-cumulative. b. The preferred shares are cumulative. Required: 1. Determine the total amounts that would be paid to the preferred shareholders and to the common shareholders under the two independent assumptions. (Round "Per share" to 2 decimal places.) Preferred Common |Noncumulative: %24 58,080 15,200 S 2.00S Total Per share 1.21 b. Cumulative:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

VAN DER LINDE CORPORATION have been operating since 2011 and have not issued any new shares since its initial public offering last 2016. Shown below is the incomplete Statements of Comprehensive Income of the Corporation for the years 2019 and 2020. VAN DER LINDE CORPORATION STATEMENTS OF COMPREHENSIVE INCOME DECEMBER 31 2020 2019 Net sales ??? ??? Cost of goods sold (P825,000) ??? Gross profit ??? P717,500 Operating expenses ??? (P574,000) Operating Income ??? P143,500 Finance cost (P40,050) (P38,310) Earnings before taxes ??? P105,190 Income tax (P43,980) (P42,076) Net income ??? P63,114 Additional Information: 1. Gross profit rate for 2019 is 50%, which decreased by 5% in 2020 due to increase in cost to produce their products. 2. Income tax rate is 40%. What is the net sales in 2020? А P1,500,000 B P1,833,333 P1,269,231 D P1,650,000
Ef 573.
Waterway Company has the following stockholders' equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,700 shares) $502,800 Retained Earnings 277,400
During 2020, Roblez Corporation had the following transactions and events. 1. Declared a cash dividend. 2. Issued par value common stock for cash at par value. 3. Completed a 2-for-1 stock split in which $10 par value stock was changed to $5 par value stock. 4. Declared a small stock dividend when the market price was higher than par value. 5. Made a prior period adjustment for overstatement of net income. 6. Issued the shares of common stock required by the stock dividend declaration in item no. 4 above. 7. Paid the cash dividend in item no. 1 above. 8. Issued par value common stock for cash above par value. Indicate the effect(s) of each of the foregoing items on the subdivisions of stockholders’ equity. Paid-in Capital Item Capital Stock Additional Retained Earnings 1. No Effect No Effect Decrease 2. IncreaseDecreaseNo Effect IncreaseDecreaseNo Effect IncreaseDecreaseNo Effect 3.…
You’ve been hired to perform an audit of Hubbard Company for the year ended December 31, 2019. You find the following account balances related to shareholders’ equity: Preferred stock, $100 par $ 33,000 Common stock, $10 par 68,000 Capital surplus (15,100) Retained earnings 172,000 Because of the antiquated terminology and negative balance, you examine the Capital Surplus account and find the following entries: Credit (Debit) Additional paid-in capital on common stock $ 27,700 Capital from donated land 16,900 Treasury stock (400 common shares at cost) (5,600) Additional paid-in capital on preferred stock 2,000 Stock dividend (50%) (20,000) Prior period adjustment (net of income taxes) (10,100) Loss from fire (uninsured), 2018 (18,100) Property dividend declared (5,600) Cash dividends declared (23,300) Balance $ (36,100) Your examination of the Preferred Stock and Common Stock accounts reveals that the amounts shown correctly state the…
I need answer for d) part only please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
1. How much is the Retained earnings, end - UNAPPROPRIATED? 2. How much is the total shareholders' equity at year-end? 3. What is the number of outstanding ordinary shares?
Concord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 538,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. Арг. May Aug. 1 1 Sept. 1 Nov. 1 Issued 75,000 shares of common stock for cash at $4 per share. Issued 5,050 shares of preferred stock for cash at $110 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $92,000. The fair value of the land was $87,500. Issued 83,500 shares of common stock for cash at $4.50 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $38,000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $7 per share. Issued 2,000 shares of preferred stock for cash at $109 per share.
Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step.
Can you help me with this problem with step by step explanation, please? Thank you :) On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 247,000 shares issued $ 247,000 Paid-in capital—excess of par, common 494,000 Paid-in capital—excess of par, preferred 165,000 Preferred stock, $100 par, 16,500 shares outstanding 1,650,000 Retained earnings 3,300,000 Treasury stock, at cost, 4,700 shares 23,500 During 2021, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.3 per share, fair value $9.65 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair…
The Directors of Caln Ltd has asked you how the following wi be treated in the financial statements for the year ended 31 March 2019. (a) The auditors have requested you to reduce the value of inventory from BWP 145,320 to BWP 111,562 ( value the inventory was sold) after 31st March. (b) On the 5th of April, the Director announced that a dividend of BWP105,000 should be paid as dividend to the ordinary shareholders.The Finance Director is aware of this but did not include it in the liability. REQUIRED Comment on the above transactions and explain how the Directors should account for them in the financial statements for the year ended 31 March 2019, where appropriate make reference to international accounting standards (IAS) to validate your answer
1. Refer to additional information (b) only Prepare the following general ledger accounts for the year ended 31 July 2022: •Bank •Application and allotment •Share Capital- Class A •Non Current Liability- Class C 2. Refer to additional information (c) Calculate the number of Class B shares in issue at the beginning of the financial year. 3. Refer to additional information (d) Prepare the dividends and shareholders for dividends accounts as it would appear in the general ledger for the year ended 31 July 2022