Homework Help is Here – Start Your Trial Now!
Business
Accounting
On December 31, 2021, the statement of financial position of FRUITS Company showed the following shareholders' equity accounts: • Ordinary shares, par P50, authorized 100,000 shares, issued 85,000 shares, in treasury 7,500 shares - P 4,250,000 12% Preference shares, par P75, authorized 50,000 shares, issued 20,000 shares, in treasury 4,000 shares - P 1,500,000 Share premium in excess of par -P 862,500 Reserve for Treasury shares - 725,000 Treasury ordinary shares - P 435,000; Treasury preference shares - P 290,000 Retained earnings, unrestricted - P 2,168,000 Net income for the year - P 762,000 Cash dividends declared - P 194,000; 2 years in arrears, current year is not yet included

On December 31, 2021, the statement of financial position of FRUITS Company showed the following shareholders' equity accounts: • Ordinary shares, par P50, authorized 100,000 shares, issued 85,000 shares, in treasury 7,500 shares - P 4,250,000 12% Preference shares, par P75, authorized 50,000 shares, issued 20,000 shares, in treasury 4,000 shares - P 1,500,000 Share premium in excess of par -P 862,500 Reserve for Treasury shares - 725,000 Treasury ordinary shares - P 435,000; Treasury preference shares - P 290,000 Retained earnings, unrestricted - P 2,168,000 Net income for the year - P 762,000 Cash dividends declared - P 194,000; 2 years in arrears, current year is not yet included

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 4MC: Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys...
See similar textbooks
icon
Related questions
Question

8A. How much is the dividend allocation for ORDINARY shareholders considering - Preference shares are non-cumulative and non-participating?

8B. How much is the dividend allocation for PREFERENCE shareholders considering - Preference shares are cumulative and participating?

8C. How much is the dividend PER SHARE for ORDINARY shareholders considering - Preference shares are non-cumulative and participating up to 20%? (Present answer in 2 decimal places, example: x.xx)

 

8A. How much is the dividend allocation for ORDINARY shareholders considering - Preference shares are non-cumulative and non-participating? * On December 31, 2021, the statement of financial position of FRUITS Company showed the following shareholders' equity accounts: Ordinary shares, par P50, authorized 100,000 shares, issued 85,000 shares, in treasury 7,500 shares - P 4,250,000 12% Preference shares, par P75, authorized 50,000 shares, issued 20,000 shares, in treasury 4,000 shares - P 1,500,000 Share premium in excess of par - P 862,500 Reserve for Treasury shares - 725,000 Treasury ordinary shares - P 435,000; Treasury preference shares - P 290,000 Retained earnings, unrestricted -P 2,168,000 Net income for the year - 762,000 Cash dividends declared - P 194,000; 2 years in arrears, current year is not yet included
Transcribed Image Text:8A. How much is the dividend allocation for ORDINARY shareholders considering - Preference shares are non-cumulative and non-participating? * On December 31, 2021, the statement of financial position of FRUITS Company showed the following shareholders' equity accounts: Ordinary shares, par P50, authorized 100,000 shares, issued 85,000 shares, in treasury 7,500 shares - P 4,250,000 12% Preference shares, par P75, authorized 50,000 shares, issued 20,000 shares, in treasury 4,000 shares - P 1,500,000 Share premium in excess of par - P 862,500 Reserve for Treasury shares - 725,000 Treasury ordinary shares - P 435,000; Treasury preference shares - P 290,000 Retained earnings, unrestricted -P 2,168,000 Net income for the year - 762,000 Cash dividends declared - P 194,000; 2 years in arrears, current year is not yet included
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for stockholder's equity
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Accounting (Text Only)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS