The records of Hollywood Company reflected the following balances in the stockholders' equity accounts at the end of the currentyear:Common stock, $11 par value, 32,000 shares outstandingPreferred stock, 10 percent, $9 par value, 6,000 shares outstandingRetained earnings, $229,000On September 1 of the current year, the board of directors was considering the distribution of an $70,000 cash dividend. No dividendswere paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions(show computations):a. The preferred stock is noncumulative.b. The preferred stock is cumulative.Required:1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders underthe two independent assumptions. (Round your "per share" amounts to 2 decimal places.)Noncumulative:TotalPer shareCumulative:TotalPer sharePreferred$$5,400Common$0.90 $64,6002.02

Lets understand the basics. Preferred shares can be of many types out of which some of types are as…

Answered: The records of Hollywood Company…

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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The records of Hollywood Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $12 par value, 38,000 shares outstanding Preferred stock, 10 percent, $10 par value, 9,000 shares outstanding Retained earnings, $233,000 On September 1 of the current year, the board of directors was considering the distribution of a $68,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions (show computations): a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions.
The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $11 par value, 49,000 shares outstanding Preferred stock, 8 percent, $9 par value, 9,000 shares outstanding Retained earnings, $231,000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $71,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. Noncumulative: Total Per share Cumulative: Total Per share $ Preferred stock Common stock 35,280 $ 64,520
The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $10 par value, 42,000 shares outstanding Preferred stock, 12 percent, $8 par value, 8,000 shares outstanding Retained earnings, $223,000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $65,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: The preferred stock is noncumulative. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. Preferred stock Common stock Noncumulative: Total Per share Cumulative: Total Per share
The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year. Common stock, $11 par value, 44,000 shares outstanding Preferred stock. 8 percent. $9 par value, 5,000 shares outstanding Retained earnings, $235.000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $73,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. Answer is complete but not entirely correct. Preferred stock Noncumulative Total Per share Cumulative Total Per share $ $ S $ Common stock 3,520$…
The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $12 par value, 50,000 shares outstanding Preferred stock, 10 percent, $10 par value, 5,000 shares outstanding Retained earnings, $216,000 On September 1 of the current year, the board of directors was considering the distribution of an $85,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. Noncumulative: Total Per share Cumulative: Total Per share Preferred stock Common stock
The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31 of the current year: Common shares, no par value, 45,500 shares outstanding Preferred shares, $3, no par value, 7,200 shares outstanding Retained earnings On September 1 of the current year, the board of directors was considering the distribution of a $79,840 cash dividend. No dividends were paid during the previous two years. 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.) a. Noncumulative: Total Per share b. Cumulative: Total Per share $910,000 156,000 247,000 Preferred Common
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At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 5,500 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 82,500 15,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,200 shares of common stock at $25 cash per share (at year-end). b. Determined net income, $49,000. c. Declared and paid a cash dividend of $4 per share on the beginning shares outstanding. 97,500 45,000 $ 142,500 Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. Balances as of December 31, prior year Add: Net income Less: Dividends declared Stock issued Balances as of December 31, current year Required: Prepare a statement of stockholders' equity for the year ended December 31, current…
At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued, ? issue price $9 per share. Shares held as treasury stock, 11,600 shares, cost $7 per share.. Net income for the current year, $410,720. Common Stock account, $144,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $740,000. Required: Complete the following: (Round "Earnings per share" to 2 decimal places.) 1-a. Shares issued 1-b. Shares outstanding 2. The balance in Additional Paid-in Capital would be 3. Earnings per share is 4. Total dividends paid on common stock during the current year is 5. Treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount of 6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, the par value per share…
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $10; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 51,000 13,000 64,000 49,000 $ 113,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end). b. Determined net income, $53,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount Paid-in Capital Retained Earnings Total Stockholders' Equity Balances as of December 31, prior year Balances as of December 31, current year
At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year).Shares authorized, 5,000,000.Shares issued, ? ; issue price $7 per share.Shares held as treasury stock, 10,500 shares, cost $5 per share.Net income for the current year, $529,300.Common Stock account, $155,000.Dividends declared and paid during the current year, $2 per share.Retained Earnings balance, beginning of year, $850,000. Required: Complete the following: (Round "Earnings per share" to 2 decimal places.)

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