Exercise 11-11A Accounting for cumulative preferred dividendsWhen Polledo Corporation was organized in January 2011, it immediately issued 5,000 shares of$50 par, 5 percent, cumulative preferred stock and 10,000 shares of $10 par common stock. Thecompany's earnings history is as follows: 2011, net loss of $15,000; 2012, net income of $60,000;2013, net income of $95,000. The corporation did not pay a dividend in 2011.Requireda. How much is the dividend arrearage as of January 1, 2012?b. Assume that the board of directors declares a $40,000 cash dividend at the end of 2012(remember that the 2011 and 2012 preferred dividends are due). How will the dividend bedivided between the preferred and common stockholders?LO 4

Cash dividend is payable to the shareholders who have the name on the shareholders register on the…

Answered: When Polledo Corporation was organized…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sheffield Corporation began business by issuing 401000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $39200. The year-end balance sheet would show O Common stock of $2005000. O Common stock of $9624000. O Total paid-in capital of $2044200. O Total paid-in capital of $9584800.
1. At March 31, 2012, True had 9,571,200 shares issued with a par value of $4.00 per share and $62,600 share held in treasury. On April 25, 2012, the company announced that its Board of Directors approved payment of a regular quarterly cash dividend of .75 per share, payable on May 15, 2012, to common shareholder of record on May 7,2012. Assume no shares were acquired or sold by the company after March 31. Give the journal entry to record the declaration of the cash dividend.
On January 1, 2012, a company issued 10,000 shares of 10%, $10 par value cumulative preferred stock. No dividends were declared in 2012 or 2013. In 2014, the company declared a dividend of $200,000. How much of the 2014 dividend represents 2012 dividends? a $170,000 b $30,000 c $100,000 d $10,000
A corporation has net income of $365,000 for the current year. It paid its required preferred dividend of $17,500 and had no other stock transactions during the year. The average number of common shares outstanding during the year was 69,500. What is the earnings per share?
On January 1, 2010, the accounts of Mac Corporation showed the following: Common stock, par SI, authorized 100.000 shares Capital in excess of par value ($2 per share) Retained carnings 60,000 140,000 During 2010, the following transactions occurred affecting stockholders' equity (in the order given) A B. C. D. Issued a 100° stock dividend when the market price was at $5 per share. Purchased treasury stock, 1.000 shares at a total cost of $8.000. Declared and paid cash dividends. SI5.000. Net income for 2010. S25.000
On January 1, 2011 a company had the following data: - issued 10,000 shares of $2.00 par value common stock for $12.00 per share - issued 3,000 shares of $50 par value 6% cumulative preferred stock for $70 per share - purchased 1,000 shares of previously issued common stock for $15.00 per share The company had the following dividend information available: 2011 - No dividend paid 2012 - Paid a $2,000 total dividend 2013 - Paid a $17,000 total dividend 2014 - paid a $32,000 total dividend Using the following format, fill in the correct values for each year; 2011 2012 2013 2014 Common stock dividend Preferred stock dividend Dividends in arrears Preferred Dividend per Share Common Dividend per Share
Please show the solution in good accounting form. 5. How much is the TOTAL treasury share capital? 6. How much is the Retained earnings, END? 7. How much is the Retained earnings, end - UNAPPROPRIATED?
Complete the missing balance sheet entries for Travers & Co.'s balance sheets for the years ending 2004 and 2005 based on the following statements: < BUDE I В H I • Travers issued $30 million of new common stock. • Travers had net income available to common shareholders of $77 million during 2005. At the end of 2005, Travers paid out $61 million in common dividends. • Travers neither issued nor retired long-term debt during 2005. • In 2005, Travers had cash flows from operating activities of $147 million, cash flow from investing activities of -$80 million, and cash flow from financing activities of -$16 million. BALANCE SHEET (Millions of dollars) Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Yr 2 A 170 190 B $ 280 H Yr 1 $ 10 140 210 $360 $ 250 $ 610 Accounts payable Notes payable Accrued liabilities Total current liabilities Long-term debt Total liabilities Preferred stock Common stock Retained earnings Total common equity Total liabilities…
On December 31, 2015, Haikyu Company 140,000 issued P100-par 8% cumulative preference shares and 600,000 issued P50-par ordinary shares. There were no treasury shares. The total Shareholders' Equity on the same date is P43,512,000. No dividends were declared since the year 2012. Assuming the preference shares are preferred as to assets, how much is the book value of each ordinary share?

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