Triad declared and paid a P25,000 cashdividend on December 15, 2008. If thecompany's dividends in arrears prior to thatdate were P6,000, Triad's commonstockholders received *Triad Corporation's December 31, 2008 balance sheet showed the following:8% preferred stock, P20 par value, cumulative, 10,000 shares authorized;5,000 shares issuedCommon stock, P10 par value, 1,000,000 shares authorized; 650,000shares issued, 640,000 shares outstanding 6,500,000 Paid-in capital in excess of parvalue preferred stock 20,000 Paid-in capital in excess of par value-common stock9,000,000Retained earningsTreasury stock (10,000 shares)P 100,0002,500,000210,000O P19,000.P9,000.O P11,000.O no dividend.

Dividend paid = P25,000 Arrears = P6,000 Dividend of this year = P19,000

Answered: Triad declared and paid a P25,000 cash…

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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