Outstanding stock of the Sheridan Corporation included 41400 shares of $5 par common stock and 9600 shares of 7%, $10 par noncumulative preferred stock. In 2019, Sheridan declared and paid dividends of $4400. In 2020, Sheridan declared and paid dividends of $12200. How much of the 2020 dividend was distributed to preferred shareholders? O $7680 O $5480 O $6720 O None of these answer choices are correct

Outstanding stock of the Sheridan Corporation included 41400 shares of $5 par common stock and 9600 shares of 7%, $10 par noncumulative preferred stock. In 2019, Sheridan declared and paid dividends of $4400. In 2020, Sheridan declared and paid dividends of $12200. How much of the 2020 dividend was distributed to preferred shareholders? O $7680 O $5480 O $6720 O None of these answer choices are correct

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

Dedrick Inc. did not pay dividends in 2018 or 2019, even though 60,000 shares of its 7.5%, $50 par value cumulative preferred stock were outstanding during those years. The company has 900,000 shares of $2 par value common stock outstanding. Required: a. Calculate the annual dividend per share obligation on the preferred stock. (Round your answer to 2 decimal places.) b. Calculate the amount that would be received by an investor who has owned 3,100 shares of preferred stock and 29,000 shares of common stock since 2017 if a $0.40 per share dividend on the common stock is paid at the end of 2020. (Do not round intermediate calculations.) a. b. Annual dividend per share Total dividends received $ 3.75
On December 31st, 2022 Czervik Construction had 60,000 shares of $50 par value common stock outstanding. On January 1st, 2020, Czervik issued 30,000 shares of $100 par value, 4% cumulative preferred stock. Czervik did not declare dividends in 2020. Czervik declared $220,000 of total dividends in 2021. Czervik declared $220,000 of total dividends in 2022. What was the amount of dividends received by common shareholders in 2022? Correct answer is $80,000 Please, explain every step
Sage Corporation has outstanding 10,500 shares of $100 par value, 6% preferred stock and 58,800 shares of $10 par value common stock. The preferred stock was issued in January 2020, and no dividends were declared in 2020 or 2021. In 2022, Sage declares a cash dividend of $281,000.(a) Assume that the preferred are noncumulative.How much dividend will the preferred stockholders receive? Preferred stockholders would receive $ How much dividend will the common stockholders receive? Common stockholders would receive $ (b) Assume that the preferred are cumulative.How much dividend will the preferred stockholders receive? Preferred stockholders would receive $ How much dividend will the common stockholders receive? Common stockholders would receive $
Splish Brothers Inc. has 10,800 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2022. No dividends were declared in 2020 or 2021.If Splish Brothers wants to pay $395,000 of dividends in 2022, what amount of dividends will common stockholders receive? Dividends allocated to common stock $enter Dividends allocated to common stock in dollars
Current Attempt in Progress Your answer is incorrect. At January 1, 2020, Larkspur Company's outstanding shares included the following. 258,000 shares of $50 par value, 7% cumulative preferred stock 812,000 shares of $1 par value common stock Net income for 2020 was $2,521,000. No cash dividends were declared or paid during 2020. On February 15, 2021, 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 2020. On April 1, 2020, 408,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 106,000 shares of common stock were purchased for $20 per share and held as treasury stock. Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
Nathan's Athletic Apparel has 1,100 shares of 6%, $100 par value preferred stock the company issued at the beginning of 2020. All remaining shares are common stock. The company was not able to pay dividends in 2020, but plans to pay dividends of $15,000 in 2021.1. & 2. How much of the $15,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2021, assuming the preferred stock is cumulative? What if the preferred stock were noncumulative?
Outstanding stock of the Nash's Trading Post, LLC included 30000 shares of $5 par common stock and 8000 shares of 5%, $10 par non-cumulative preferred stock. In 2019, Nash's declared and paid dividends of $3000. In 2020, Nash's declared and paid dividends of $9000. How much of the 2020 dividend was distributed to preferred shareholders? $5000. $7000. $4000. None of these answer choices are correct.
Marigold Corp. had 307000 shares of common stock issued and outstanding at December 31, 2020. During 2021, no additional common stock was issued. On January 1, 2021, Marigold issued 395000 shares of nonconvertible preferred stock. During 2021, Marigold declared and paid $174000 cash dividends on the common stock and $154000 on the nonconvertible preferred stock. Net income for the year ended December 31, 2021, was $959000. What should be Marigold's 2021 earnings per common share, rounded to the nearest penny? $2.62 $3.12 $1.07 $2.06
Marigold, Inc. has 10500 shares of 4%, $100 par value, noncumulative preferred stock and 105000 shares of $1 par value common stock outstanding at December 31, 2019, and December 31, 2020. The board of directors declared and paid a $49300 dividend in 2019. In 2020, $111000 of dividends are declared and paid, What are the dividends received by the preferred and common shareholders in 2020? Preferred Common $42000 $69000 $0 $111000 $79500 $31500 $55500 $55500 96 5 6 7 d
Blue Spruce Corp. has 15000 shares of 5%, $100 par value, cumulative preferred stock and 30000 shares of $1 par value common stock outstanding at December 31, 2020. There were no dividends declared in 2018. The board of directors declares and pays a $135000 dividend in 2019 and in 2020. What is the amount of dividends received by the common stockholders in 2020?
The following data were reported in the shareholders' equity section of the Bubba Industries' comparative balance sheets for the years ended December 31 ($ in millions): 2020 2019 Common stock, $1 par per share Paid-in capital-excess of par Retained earnings $306 $300 174 150 314 300 During 2020, Bubba declared and paid cash dividends of $45 million. The company also issued a stock dividend. No other changes occurred in shares outstanding during 2020. What was Bubba's net income for 2020? $99 million O $24 million O $69 million $75 million
Bramble, Inc. has 10700 shares of 5%, $100 par value, noncumulative preferred stock and 107000 shares of $1 par value common stock outstanding at December 31, 2019, and December 31, 2020. The board of directors declared and paid a $50500 dividend in 2019. In 2020, $109300 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2020? Preferred Common $109300 $60800 $48500 $53500 $55800 $54650 $54650