You purchased 3,600 common shares of Cullumber Transportation Inc. and you are about to receive your share of Cullumber's totalexpected dividend of $1,375,200. Along with 360,000 common shares outstanding the company also has 54,000 issued andoutstanding, $7.00 dividend, cumulative Class A preferred shares and 39,600 issued and outstanding, $2.00 dividend non-cumulativeClass B preferred shares. Dividends on the Class A preferred shares are one year in arrears.(a)What is the amount of dividend you would expect to receive for the 3,600 common shares you own of Cullumber TransportationInc.? (Round common dividends per share to 2 decimal places, e.g. 5.25 and final answer to O decimal places, e.g. 125.)Dividend on 3,600 common shares

Lets understand the basics. There are two type of shareholders are there which are, (1) Common stock…

Answered: You purchased 3,600 common shares of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On October 1, 2021, Margrethe Corporation declared and issued a 10% stock dividend.Before this date, Margrethe had 800,000 shares of $5 par common stock outstanding.The market value of Margrethe Corporation on the date of declaration was $10 pershare. As a result of this dividend, Margrethe's retained earnings will:a. Decrease by $800,000. c. Decrease by $400,000.b. Not change. d. Increase by $800,000.
HaidiKho Allams has 1,750,000 shares of authorized common stock, each having a $1 par value. Over the years, it has issued 1,532,000 share 1.) What would be its common stock after the financing? Format: 1,111,111 2.)What would be its additional paid-in capital accounts after the financing? Format: 11,111,111
Un Deux Corporation has outstanding 60,000 shares of 5% preference shares with a P50 par value and 300,000 shares of P30 par value ordinary shares. During the year, the company declared and paid a total cash dividend of P900,000. The corporation did not declare and pay any dividends last year. Required: For each of the following independent cases, compute the total dividends to be received by each class of share. 1. The preference share is non-cumulative and non-participating 2. The preference share is cumulative and non-participating 3. The preference share is non-cumulative and participating 4. The preference share is cumulative and participating
On June 30, 2020, when ABC shares were selling for $ 65 each, the equity accounts had the following balances: Common shares (par value $ 50: 50,000 issued) $ 2,500,000 Capital contributed in excess of par value 600,000 Retained earnings 4,200,000 A 100% share dividend is declared and distributed, the balance of the Common Shares account after recording the dividend will be: a. $2,500,000 b. $7,300,000 c. $3,100,000 d. $5,000,000
Blossom Corporation has outstanding 150,000 common shares that were issued at $12 per share. The balances at January 1, 2023, were $19 million in its Retained Earnings account: $4.10 million in its Contributed Surplus account, and $0.90 million in its Accumulated Other Comprehensive Income account. During 2023, Blossom's net income was $3,300,000 and comprehensive income was $3,450,000. A cash dividend of $0.80 per share was declared and paid on June 30, 2023, and a 6% stock dividend was declared at the fair value of the shares and distributed to shareholders of record at the close of business on December 31, 2023. You have been asked to give advice on how to properly account for the stock dividend. The existing company shares are traded on a national stock exchange. The shares' market price per share has been as follows: Oct. 31, 2023 Nov. 30, 2023 Dec. 31, 2023 Average price over the two-month period (a) $31 34 Account Titles and Explanation 38 35 Prepare a journal entry to record…
Sturdy Stone Tools, Inc., announced a 100 percent stock dividend. Determine the impact (increase,decrease, no change) of this dividend on the following:1. Total assets.2. Total liabilities.3. Common stock.4. Total stockholders’ equity.5. Market value per share of common stock.
Beverly Company announces a 200% stock dividend. Prior to the stock dividend, Beverly had 1,000,000 shares of common stock outstanding and the par value was $0.30 per share. After the stock dividend, Beverly would have: 3,000,000 outstanding shares with a par value of $0.10 per share. 3,000,000 outstanding shares with a par value of $0.30 per share. 2,000,000 outstanding shares with a par value of $0.30 per share. 500,000 outstanding shares with a par value of $0.60 per share.
AlMazoon Co has issued 60,000 ordinary shares (equity shares) of OMR 0.600 baisa each and 30,000 6% preference shares of OMR 1 each. Its profits after taxation for the year 2021 were OMR 22,100. The directors have decided to pay OMR 4,100 as ordinary dividend. You are required show: 1. The amount paid as dividends 2. The amount of retained profits 3. The balance of retained earning at the year end assuming the company had an opening balance of RO 30,000. 4. The dividend per share on ordinary shares.
Please help me

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS