Weaver Corporation had the following stock issued and outstanding at January 1, Year 1:1. 201,000 shares of $1 par common stock.2 21,000 shares of $105 par, 5 percent, noncumulative preferred stock.On June 10, Weaver Corporation declared the annual cash dividend on its 21,000 shares of preferred stock and a $0.25 per sharedividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20.Required:Determine the total amount of dividends to be paid to the preferred shareholders and common shareholdersPreferred StockCommon StockTotal Dividend

The dividend is part of the profits that the company pays to its shareholders. Herein the…

Answered: Weaver Corporation had the following…

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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Nowell Incorporated had the following stock issued and outstanding at January 1, Year 2: 1. 106,000 shares of no-par common stock. 2.36,000 shares of $50 par, 5 percent, cumulative preferred stock. (Dividends are in arrears for one year, Year 1.) On March 8, Year 2, Nowell declared a $208,000 cash dividend to be paid March 31 to shareholders of record on March 20. Required What amount of dividends will be paid to the preferred shareholders versus the common shareholders? Total dividend declared Preferred arrearage Current preferred dividend Available for common Distributed to common Total Distributed to Shareholders Preferred Common
A company has the following two classes of stock authorized: 7%, $10 par value preferred and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 1 Issue 200,000 shares of common stock for $17 per share. February 6 Issue 1,000 shares of preferred stock for $13 per share. October 10 Purchase 8,000 shares of its own common stock for $15 per share. November 12 Resell 4,000 shares of treasury stock at $21 per share. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 1- Record the issuance of 200,000 shares of common stock for $17 per share. 2- Record the issuance of 1,000 shares of preferred stock for $13 per share. 3- Record the purchase of 8,000 shares of its own common stock for $15 per share. 4- Record the reselling of 4,000 shares of treasury stock at $21 per share.
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 138,000 shares of $7 par common stock. 2. 9,500 shares of $90 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 9,500 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. b. Prepare general journal entries to record the declaration and payment of the cash dividends. Complete this question by entering your answers in the tabs below. Required A Required B Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend Required A Required B >
On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and outstanding. All 46,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,010 shares of treasury stock for $24 per share and later sold the treasury shares for $22 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a
Selected stock transactionsThe following selected accounts appear in the ledger of ParksConstruction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactionsaffecting the stockholders' equity. They are summarized as follows: a. Issued 400,000 shares of common stock at $11, receiving cash.b. Issued 5,000 shares of preferred 2% stock at $90.c. Purchased 150,000 shares of treasury common for $10 per share. d. Sold 80,000 shares of treasury common for $13 per share.e. Sold 20,000 shares of treasury common for $9 per share.f. Declared cash dividends of $1.50 per share on preferred stockand $0.06 per share on common stock.g. Paid the cash dividends. InstructionsJournalize the entries to record the transactions. Identify each entry byletter
The following Information pertains to JAE Corporation at January 1, Year 1. Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 1: 1. Issued 3,000 shares of $10 par common stock for $25 per share. 2. Repurchased 500 shares of its own common stock for $26 per share. Required Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below. Req D $20,000 15,000 82,000 Prepare the stockholders' equity section of the balance sheet reflecting these transactions. (Amounts be indicated with minus sign.) Stockholders' equity Common stock Total paid-in capital Retained earnings Total stockholders' equity
Mt. Everst Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On December 1st, the Board of Directors declares a 4% Stock Dividend to be issued to the shareholders of record on December 15th and distributed on December 30th. The market price of the stock on December 1st was $25 per share. Calculate the amount the Company would Debit to Stock Dividends on December 15th: Calculate the amount the Company would Credit to Additional Paid in Capital…Preferred Stock on December 15:
Nowell Inc. had the following stock issued and outstanding as of January 1, Year 2: 1. 150,000 shares of no-par common stock. 2. 30,000 shares of $50 par, 4 percent, cumulative preferred stock. (Dividends are in arrears for one year, Year 1.) On March 8, Year 2, Nowell declared a $175,000 cash dividend to be paid March 31 to shareholders of record on March 20. a. What amount of dividends will be paid to the preferred shareholders versus the common shareholders?
A company reported the following stockholders' equity on January 1 of the current year: Common stock-$10 par value, 1,000,000 shares authorized; 260,000 shares issued Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Prepare journal entries for the following selected transactions. March 1 Purchased 11,000 shares of its own stock for $21 cash per share. May 5 Sold 5,000 shares of its treasury stock for $21 cash per share. October 12 Sold 3,000 shares of its treasury stock for $22 cash per share. View transaction list 1 2 Purchased 11,000 shares of its own stock for $21 cash per share. Sold 5,000 shares of its treasury stock for $21 cash per share. 3 Sold 3,000 shares of its treasury stock for $22 cash per share. $ 2,600,000 1,270,000 1,685,000 $ 5,555,000 X Credit >
When Crossett Corporation was organized in January Year 1, it immediately issued 4,700 shares of $48 par, 8 percent, cumulative preferred stock and 12,000 shares of $8 par common stock. Its earnings history is as follows: Year 1, net loss of $12,700; Year 2, net income of $58,700; Year 3, net income of $119,700. The corporation did not pay a dividend in Year 1. b. Assume that the board of directors declares a $55,596 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? (Amounts to be deducted should be indicated with minus sign.)
The Board of Directors of ABC Corporation declared a dividend on March 6, 2XX1, to shareholders of record on April 7, 2XX1, P18 per share, payable on May 1, 2XX1. 100,000 ordinary shares were outstanding from March 6 to April 28 and 110,000 ordinary shares outstanding from April 29 to May 1. Compute for the total cash dividends distributed to shareholders.
The following information pertains to Matthew Corporation. Prepare journal entries for the following dates: 1/1/22: the company issues 140,000 shares of common stock, $5 par, for $8 per share 2/1/22: the company issues 10,000 shares of common stock, $5 par value, for $9 per share 3/15/22: the company declares a $4 per share dividend, to stockholders of record on 4/15/22, payable on 5/10/22 4/15/22: date of record: 5/10/22: date of payment: 7/1/22: the board of directors declares a 15% stock dividend when the market value of the stock is $12 per share, to be distributed on 8/15/22. 8/15/22: the company distributes the stock dividend shares 10/31/22: the company declares a $5 per share cash dividend, to be paid on 11/30/22 11/30/22: the company pays the cash dividend

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