Dividends Per Share Sandpiper Company has 15,000 shares of cumulative preferred 2% stock, $50 par and 50,000 shares of $20 common stock. The following amounts were distributed as dividends: Year 1 $22,500 Year 2 7,500 Year 3 45,000 Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'. Preferred Stock Common Stock (dividends per share) (dividends per share) Year 1 Year 2 Year 3
Q: 16) The sales method of accounting for byproducts allows companies to manage its reported earnings…
A: Byproducts are materials that are created during the production process, in addition to primary…
Q: Santino is to withdraw
A: The sharing of profit and loss in accordance with the profit and loss sharing ratio.it completely…
Q: January 01 supplies was $ 50000 supplies balance on December 31 is $ 25000 Purchases made in the…
A: Supplies expense means consumables used by the organization during the period. Supplies type may be…
Q: Calculate labor rate and efficiency variances and the controllable overhead variance and the…
A: 1. Labor Rate Variance: = (Actual Hours x Standard Rate) - (Actual Hours x Actual Rate) 2. Labor…
Q: Full Throttle Delivery Co provided the following information for costs of its delivery fleet. Month…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Division Z of a company produces a component that it currently sells to outside customers for P20…
A: Facts of the case Division Z is operating at 60%…
Q: Question 18) January 01 supplies was $ 50000 supplies balance on December 31 is $ 25000 Purchases…
A: Formula used: Supplies expense = Beginning supplies balance + Purchases during the year - Ending…
Q: Asset purchased for $900,000. The expected life is 5 years. salvage value is $100,000. what is the…
A: Depreciation represents the reduction in the value of the asset over a useful life of the asset. It…
Q: FSGC) is a calendar-year corporation.
A: FSGC holds 40% shares of MC Corporation.…
Q: Exercise 7-14 Variable Costing Unit Product Cost and Income Statement; Break-Even Analysis (LO7-1,…
A: Contribution per unit = Selling price per unit - Variable cost per unit…
Q: How to achieve debt restructuring?
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Isaac Corporation processes sugar beets in batches that it purchases from farmers for $47 a batch. A…
A: Answer for the given question provided below with explanation:
Q: Question #1 North Carolina Manufacturing Co. purchased a new industrial press and installed it in…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Goods in transit are automatically included in inventory regardless of whether title has passed to…
A: Goods in transit means that the seller has shipped the goods but they are yet to be received by the…
Q: 1. Prepare the necessary journal entries to correct the accounting records of Madison Company’s…
A: Introduction: A retained earnings statement is a financial statement that displays how a company's…
Q: ABC Corp operates in the city and would besubjected to the following taxes: i. Federal corp…
A: Federal Corporation income tax surtax: 26% Normal tax: 22% Income before taxes: $370,000 Tax…
Q: Differentiate between a cost center and a profit center. _______
A:
Q: On January 1, year 1, Cenron Systems Ltd. (CSL) assigned a contract to lease computer equipment from…
A: GAAP stands for "Generally accepted accounting principles", it refers to a collection of commonly…
Q: Which of the following corporations have shares generally available to the public and tend to be…
A: A close corporation is a corporation whose shares are held by a limited number of people instead of…
Q: Which of the following is an effective internal control for cash payments? A.Payments should be…
A: Cash is one of the important current asset of the business. It's valuation and management is very…
Q: For each item that follows, indicate whether a debit or acredit applies A. increase in prepaid…
A: Introduction: Each and every business effects two aspects one is giving and taking aspect. 1 ) debit…
Q: Recently,two friends in Australia combined their monetary resources and formed a business.Regardless…
A: Accounting concepts define the assumptions on the basis of which financial statements of abbusiness…
Q: Discuss and explain how a revenue account for one taxpayer may be of a capital nature for another…
A: Taxable Income- Taxable income is a specific portion of the revenue earned by an organization or an…
Q: Garland Company Budget Performance Report—Vice President, Production For the Month Ended November 30…
A: The data is said to be over budget when actual costs are more than the budget cost and under budget…
Q: Futura Company purchases the 61,000 starters that it installs in its standard line of farm tractors…
A: If the cost of buying is more than the cost of making, then there will be financial advantage. If…
Q: On 30 June 2018, HTL Bhd classifies a business segment as a disposal group for sale. The carrying…
A: Impairment loss is the result of decline in the fair market value of an…
Q: purchased on January 01 , 2019 for $600.000. The expected life is 8 years. salvage value is $10000.…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: 1. Discount received for purchase made on April 2 Purchase = 4,100 Goods returned = 700 Net value…
Q: Acme is considering the sale of a machine with a book value of P160,000 and 3 years remaining in its…
A: Straight line method of calculating Depreciation is the most commonly used method in which annual…
Q: John's Specialty Store uses a perpetual inventory system. The following are some inventory…
A: Inventory A/C dr. $5500 To Accounts Payable A/C. $5500 Inventory…
Q: Consider the following accounts, and determine if the account is an asset (A), a liability (L), or…
A: Lets understand the basics. Asset accounts are accounts on which company has a rights. It include…
Q: 10 Slosh Cleaning Corporation services both residential and commercial customers. Slosh expects the…
A:
Q: ESSAY 32 - 34. Ending inventory is PHP13,000 while accounts payable is PHP2,500. Purchases were half…
A: Accounts payable always forms part of current liabilities. It is shown in the balance sheet under…
Q: KUALA LUMPUR, March 24 (Bernama) - The Ministry of Human Resources (KSM) is deliberating on the…
A: The minimum wage is the minimum or lowest amount which must be paid by the employer to its employees…
Q: Q3// The municipality directorate purchased the mechanisms for an amount of (120) million Iraqi…
A: 1. Determination of extinction in the sixth year Given that the cost of Mechanisms is 120 millions…
Q: ntractors are preparing to replace critical earthmoving plants and equipment so that they can…
A: Concept of Capital Budgeting Sinking fund method or loan option analysis
Q: On 1 July 2020 P Ltd purchased 100% of the issued capital of S Ltd for a purchase price of $859,000.…
A: Consolidation is a process of showing all the financial statements of the parent and the subsidiary…
Q: Skysong Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf…
A: Intangible Assets: An intangible asset is a distinguishable non-monetary item that does not have a…
Q: A. • Current assets is PHP2,000, current liabilities is PHP3,500. What is current ratio? • Inventory…
A: The question is related to Ratio Analysis. The Current Ratio and Quick Ratio are as under:- 1.…
Q: Each of the four independent situations below describes a sales-type lease in which annual lease…
A:
Q: 6) ROSEET Company Sales each box for $ 90 and variable cost for each box is $ 20, fixed cost are $…
A: Formula: Unit contribution margin = Sales price per box - Variable cost per box
Q: ent 2 Complete the Payroll Tax Register for the week ended March 31, 2018. Payroll Tax Register…
A: Payroll It is important for the business entity to prepare the payroll process of the employees with…
Q: Assume a government starts with zero debt. This government then runs an annual deficit for 13 years…
A: Budget Balance: It is possible to have a balanced budget if revenues are equal to or higher than…
Q: QUESTION I Sam Bhd. is registered with an authorised capital of 600,000 ordinary shares of RM1. The…
A: Income Statement is a summary of all revenues, gains and all expenses and losses incurred during the…
Q: r high electromagnetic radiation environments. weiter Company manufactures and sells a specialized…
A: Concept of CVP Analysis
Q: 5) NASA Company on Beginning of calendar year purchased equipment for 45000. Accumulated…
A: Formula used: Gain or loss on sale of equipment = cash received on sale - Net book value of Asset.…
Q: O Cambridge Businea ha O Cambridge Busilnes Module 11 I Finanoial Statement Forecasting LO2 MII-12.…
A: Income statement shows the net income / loss incurred by the company in a particular financial year.…
Q: Grass Pad's variable overhead is applied on the basis of direct labor-hours. The standard cost card…
A: The comparison of expected and actual results is referred to as variance analysis. For example, a…
Q: Under the Acquisition Method, regardless of the purchase price, identifiable net assets of the…
A: In case one company overtake the assets and liabilities of another company , then accounting for…
Q: Required information [The following information applies to the questions displayed below.] The…
A:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- COMMON AND PREFERRED CASH DIVIDENDS Ramirez Company currently has 100,000 shares of 1 par common stock outstanding and 5,000 shares of 50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of 0.30 per share on common stock to shareholders of record on August 1, payable on August 5. On July 15, the board of directors declared a semiannual dividend of 5 per share on preferred stock to shareholders of record on August 5, payable on August 10. Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends.Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
- Nutritious Pet Food Companys board of directors declares a large stock dividend (50%) on June 30 when the stocks market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the stock dividend distribution on July 31?Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. Preferred stock subscriptions receivable 50,000 Preferred stock, 10 par, 9% (200,000 shares authorized; 20,000 shares issued)200,000 Preferred stock subscribed (10,000 shares)100,000 Paid-in capital in excess of parpreferred stock40,000 Common stock, 10 par (100,000 shares authorized; 60,000 shares issued)600,000 Paid-in capital in excess of parcommon stock250,000 Retained earnings750,000 During 20--, Gonzales Company completed the following transactions affecting stockholders equity: (a) Received 20,000 for the balance due on subscriptions for 4,000 shares of preferred stock with a par value of 40,000 and issued the stock. (b) Purchased 10,000 shares of common treasury stock for 18 per share. (c) Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d) Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e) Sold 5,000 shares of common treasury stock for 100,000. (f) Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g) Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.Nutritious Pet Food Companys board of directors declares a large stock dividend (50%) on June 30 when the stocks market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend?
- Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.Brunleigh Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is Brunleigh Corporations weighted average number of shares for the year?Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?