i need the last part filled in, i did the rest its just here to show details Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout 2016, the current year. It is also declaring a stock dividend to its stockholders as the calendar year-end approaches. You’ve been brought in as a consultant to assist with this process, and also to help determine whether some missing information can be calculated before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock.You’ve been able to retrieve the following information so far:Number of common shares authorized900,000Number of common shares issued500,000Par value of common shares$20Par value of cumulative preferred shares$30Paid-in capital in excess of par-common stock$7,000,000Paid-in capital in excess of par-preferred stock$0Total retained earnings before the stock dividend is declared$33,500,000 Total CashPreferred DividendsCommon DividendsYearDividendsTotalPer ShareTotalPer Share201120,00020,0000.2000.00201236,00036,0000.3600.00201379,00034,0000.3445,0000.092014105,00030,0000.3075,0000.152015120,00030,0000.3090,0000.182016180,00030,0000.30150,0000.30Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout 2016, the current year. It is also declaring a stock dividend to its stockholders as the calendar year-end approaches. You’ve been brought in as a consultant to assist with this process, and also to help determine whether some missing information can be calculated before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock.You’ve been able to retrieve the following information so far:Number of common shares authorized900,000Number of common shares issued500,000Par value of common shares$20Par value of cumulative preferred shares$30Paid-in capital in excess of par-common stock$7,000,000Paid-in capital in excess of par-preferred stock$0Total retained earnings before the stock dividend is declared$33,500,000 Total CashPreferred DividendsCommon DividendsYearDividendsTotalPer ShareTotalPer Share201120,00020,0000.2000.00201236,00036,0000.3600.00201379,00034,0000.3445,0000.092014105,00030,0000.3075,0000.152015120,00030,0000.3090,0000.182016180,00030,0000.30150,0000.30 XCash Dividends The accounting manager for the company prepared the schedule of cash dividends paid over the period 2011-2016 on the Pranks, Inc. panel. However, one of the reasons for Pranks, Inc.’s missing information is that the manager is away on vacation and is unreachable by phone, because he is backpacking on a remote island that does not have cell phone reception. Management would like you to determine some information from the data you’ve collected regarding its outstanding stock.Fill in the answers below.How many shares of common stock are outstanding?500000How many shares of preferred stock are outstanding?100000What is the preferred dividend as a percent of par?1%In which years has Pranks, Inc. paid cumulative preferred dividends in arrears? Check all that apply. 2011 -2012 -2013 2014 2015 2016 THIS PART IS THE ONLY ONE I NEED ANSWERS TOFill in the missing information below, using the information given and your work on the other panels. All “before” items are before the stock dividend was declared. All “after” items are after the stock dividend was declared and closing entries were recorded at the end of the year. Total paid-in capital before the stock dividend Total retained earnings before the stock dividend Total stockholders’ equity before the stock dividend Total paid-in capital after the stock dividend Total retained earnings after the stock dividend Total stockholders’ equity after the stock dividend

Stock dividend as the name states is the dividend which is paid to the shareholders but here the…

Answered: Total paid-in capital before the stock…

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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i need the last part filled in, i did the rest its just here to show details

Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout 2016, the current year. It is also declaring a stock dividend to its stockholders as the calendar year-end approaches. You’ve been brought in as a consultant to assist with this process, and also to help determine whether some missing information can be calculated before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock.

You’ve been able to retrieve the following information so far:

Number of common shares authorized	900,000
Number of common shares issued	500,000
Par value of common shares	$20
Par value of cumulative preferred shares	$30
Paid-in capital in excess of par-common stock	$7,000,000
Paid-in capital in excess of par-preferred stock	$0
Total retained earnings before the stock dividend is declared	$33,500,000

	Total Cash	Preferred Dividends	Common Dividends
Year	Dividends	Total	Per Share	Total	Per Share
2011	20,000	20,000	0.20	0	0.00
2012	36,000	36,000	0.36	0	0.00
2013	79,000	34,000	0.34	45,000	0.09
2014	105,000	30,000	0.30	75,000	0.15
2015	120,000	30,000	0.30	90,000	0.18
2016	180,000	30,000	0.30	150,000	0.30

You’ve been able to retrieve the following information so far:

Number of common shares authorized	900,000
Number of common shares issued	500,000
Par value of common shares	$20
Par value of cumulative preferred shares	$30
Paid-in capital in excess of par-common stock	$7,000,000
Paid-in capital in excess of par-preferred stock	$0
Total retained earnings before the stock dividend is declared	$33,500,000

	Total Cash	Preferred Dividends	Common Dividends
Year	Dividends	Total	Per Share	Total	Per Share
2011	20,000	20,000	0.20	0	0.00
2012	36,000	36,000	0.36	0	0.00
2013	79,000	34,000	0.34	45,000	0.09
2014	105,000	30,000	0.30	75,000	0.15
2015	120,000	30,000	0.30	90,000	0.18
2016	180,000	30,000	0.30	150,000	0.30

Cash Dividends

The accounting manager for the company prepared the schedule of cash dividends paid over the period 2011-2016 on the Pranks, Inc. panel. However, one of the reasons for Pranks, Inc.’s missing information is that the manager is away on vacation and is unreachable by phone, because he is backpacking on a remote island that does not have cell phone reception. Management would like you to determine some information from the data you’ve collected regarding its outstanding stock.

Fill in the answers below.

How many shares of common stock are outstanding?	500000
How many shares of preferred stock are outstanding?	100000
What is the preferred dividend as a percent of par?	1%

In which years has Pranks, Inc. paid cumulative preferred dividends in arrears? Check all that apply.

2011

-2012

-2013

2014

2015

2016

THIS PART IS THE ONLY ONE I NEED ANSWERS TO

Fill in the missing information below, using the information given and your work on the other panels. All “before” items are before the stock dividend was declared. All “after” items are after the stock dividend was declared and closing entries were recorded at the end of the year.


Total paid-in capital before the stock dividend
Total retained earnings before the stock dividend
Total stockholders’ equity before the stock dividend
Total paid-in capital after the stock dividend
Total retained earnings after the stock dividend
Total stockholders’ equity after the stock dividend

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