Preferred stock, 5%,$15par, 7000 shares authorized, 5,500 shares issued. 82,500 common stock, $0.30 par, 1,200,000 shares authorized and issued 360,000 paid-in-capital in excess of par-common Total paid in capital Retained Earning Total stockholder's Equity 400,000 842,500 260,000 1,102,500 Requirements: 1. Is Partlow's preferred stock cumulative or noncumulative? How can you tell? 2. Partlow declares cash dividends of $30,000 for 2010. How much of the dividends goes to preferred. How much goes to common? 3. Partlow passed the preferred dividend in 2011 and 2012. In 2013 the company declares cash dividends of $45,000. How much of the dividend goes to preferred? How much goes to common?

Preferred stock, 5%,$15par, 7000 shares authorized, 5,500 shares issued. 82,500 common stock, $0.30 par, 1,200,000 shares authorized and issued 360,000 paid-in-capital in excess of par-common Total paid in capital Retained Earning Total stockholder's Equity 400,000 842,500 260,000 1,102,500 Requirements: 1. Is Partlow's preferred stock cumulative or noncumulative? How can you tell? 2. Partlow declares cash dividends of $30,000 for 2010. How much of the dividends goes to preferred. How much goes to common? 3. Partlow passed the preferred dividend in 2011 and 2012. In 2013 the company declares cash dividends of $45,000. How much of the dividend goes to preferred? How much goes to common?

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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