please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste When Crossett Corporation was organized in January Year 1, it immediately issued 4,900 shares of $52 par, 7 percent, cumulativepreferred stock and 8,500 shares of $13 par common stock. Its earnings history is as follows: Year 1, net loss of $15,500; Year 2, netincome of $61,900; Year 3, net income of $93,200. The corporation did not pay a dividend in Year 1.Requireda. How much is the dividend arrearage as of January 1, Year 2?b. Assume that the board of directors declares a $45,672 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2preferred dividends are due). How will the dividend be divided between the preferred and common stockholders?Complete this question by entering your answers in the tabs below.Required ARequired BHow much is the dividend arrearage as of January 1, Year 2? (Do not round your intermediate calculations.)Dividend arrearage

Detailed explanation:a. Dividend arrearage to 7% preferred cumulative :Preferred shares outstanding…

Answered: When Crossett Corporation was organized…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter19: Corporations: Distributions Not In Complete Liquidation

Section: Chapter Questions

Problem 1BCRQ

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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.
Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
When Crossett Corporation was organized in January Year 1, it immediately issued 5,500 shares of $51 par, 8 percent, cumulative preferred stock and 9,500 shares of $11 par common stock. Its earnings history is as follows: Year 1, net loss of $13,100; Year 2, net income of $58,900; Year 3, net income of $94,00. The corporation did not pay a dividend in Year 1. Assume that the board of directors declares a $64,880 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). a. How will the dividends paid from arrearage from year 1 be distributed to preferred stockholders? b. How will the dividends paid from dividends related to year 2 be distributed to preferred stockholders? c. How will the dividends paid from arrearage from year 1 be distributed to common stockholders?
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.)
When Crossett Corporation was organized in January Year 1, it immediately issued 5,500 shares of $51 par, 8 percent, cumulative preferred stock and 9,500 shares of $11 par common stock. Its earnings history is as follows: Year 1, net loss of $13,100; Year 2, net income of $58,900; Year 3, net income of $94,00. The corporation did not pay a dividend in Year 1. a. How much is the dividend arrearage as of January 1, Year 2? b. Assume that the board of directors declares a $64,880 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?
When Crossett Corporation was organized in January, Year 1, it immediately issued 4,500 shares of $48 par, 5 percent, cumulative preferred stock and 8,500 shares of $5 par common stock. Its earnings history is as follows: Year 1, net loss of $14,000; Year 2, net income of $123,000; Year 3, net income of $218,000. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2? b. Assume that the board of directors declares a $54,500 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? Complete this question by entering your answers in the tabs below. Required A Required B How much is the dividend arrearage as of January 1, Year 2? Dividend arrearage
When Crossett Corporation was organized in January, Year 1, it immediately issued 5,500 shares of $51 par, 7 percent, cumulative preferred stock and 10,000 shares of $10 par common stock. Its earnings history is as follows: Year 1, net loss of $15,400; Year 2, net income of $125,000; Year 3, net income of $99,900. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2? Dividend arrearage b. Assume that the board of directors declares a $52,270 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? Total amount distributed to preferred shares Total amount distributed to common shares
When Crossett Corporation was organized in January, Year 1, it immediately issued 4,500 shares of $48 par, 6 percent, cumulative preferred stock and 8,500 shares of $5 par common stock. Its earnings history is as follows: Year 1, net loss of $13,000; Year 2, net income of $122,000; Year 3, net income of $201,000. The corporation did not pay a dividend in Year 1. Required How much is the dividend arrearage as of January 1, Year 2? Assume that the board of directors declares a $54,500 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?
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