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4. ABC Company had the following classes of shares outstanding as of December 31, 2020: Ordinary shares, P 20 par value, 22,000 outstanding Preference shares, 6%, P 100 par value, cumulative and fully participating, 1,100 shares were outstanding. The last payment of reference dividend was on December 31, 2018. On December 31, 2020, a total cash dividend of P 99,000 was declared. What are the amounts of dividends payable on both the ordinary and preference shares?

4. ABC Company had the following classes of shares outstanding as of December 31, 2020: Ordinary shares, P 20 par value, 22,000 outstanding Preference shares, 6%, P 100 par value, cumulative and fully participating, 1,100 shares were outstanding. The last payment of reference dividend was on December 31, 2018. On December 31, 2020, a total cash dividend of P 99,000 was declared. What are the amounts of dividends payable on both the ordinary and preference shares?

FINANCIAL ACCOUNTING
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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Financial Accounting & Reporting: Dividend Distribution

4. ABC Company had the following classes of shares outstanding as of December 31, 2020: o Ordinary shares, P 20 par value, 22,000 outstanding Preference shares, 6%, P 100 par value, cumulative and fully participating, 1,100 shares were outstanding. The last payment of reference dividend was on December 31, 2018. On December 31, 2020, a total cash dividend of P 99,000 was declared. What are the amounts of dividends payable on both the ordinary and preference shares?
Transcribed Image Text:4. ABC Company had the following classes of shares outstanding as of December 31, 2020: o Ordinary shares, P 20 par value, 22,000 outstanding Preference shares, 6%, P 100 par value, cumulative and fully participating, 1,100 shares were outstanding. The last payment of reference dividend was on December 31, 2018. On December 31, 2020, a total cash dividend of P 99,000 was declared. What are the amounts of dividends payable on both the ordinary and preference shares?
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