s Partlow’s preferred stock cumulative or noncumulative? How can you tell? Partlow declares cash dividends of $30,000 for 2010. How much of the dividends goes to preferred. How much goes to common? Partlow passed the preferred dividend in 2011 and 2012. In 2013 the company declares cash dividends of $45,000. How much of the dividend goes to preferred? How much goes to common?
Q: The stockholders' equity accounts of Martinez Corp. on January 1, 2022, were as follows. Preferred…
A: As per Accounting Equation,Assets =Liabilities +Paid-in Capital – Treasury Stock + Revenues –…
Q: uthorized, 1,400,000 shares issued) 16,800,000 Paid-In Capital in Excess of Par—Common Stock…
A:
Q: Following is the stockholders’ equity section of the balance sheet of the Spaniel Company: Paid-in…
A: Account Titles and Explanation Debit Credit Retained Earnings (30000*15%*11.50) $51,750…
Q: Below is the stockholders' equity section of the balance sheet of Craft Corporation (with certain…
A: Introduction: Dividends: Dividends are given to share holders of the company. Its a return on their…
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share…
A: The unappropriated retained earnings are the net retained earnings available to shareholders after…
Q: Partlow Company has the following stockholders’ equity: Paid-in-capital Preferred stock, 5%,$15par,…
A: Definition: Shareholder’s Equity is the claim of the owners on the assets of the company after…
Q: Carl Corporation has the following beginning balances in its stockholders' equity accounts on…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the…
A:
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share…
A: Calculation of balance of Unappropriated Retained earnings at the end of year Amount (In P)…
Q: Oceanic Company has 15,000 shares of cumulative preferred 1% stock, $100 par and 50,000 shares of…
A: Common Stock Dividend = Total Dividend distributed during the year - Preferred Dividend
Q: The stockholders’ equity of Fremantle Corporation at January 1 follows: 8 Percent preferred…
A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…
Q: Fox Corporation had the following stockholders' equity amounts on January 1,: Preferred Stock, 5%,…
A: For the purpose of recording transactions of the business, they are recorded in a journal first.…
Q: Last Corporation had the following stockholders' equity amounts on January 1, 2021: Preferred Stock,…
A: The journal entries will need the following calculations:- Calculations for entries S.No…
Q: The stockholders’ equity accounts of Concord Corporation on January 1, 2022, were as follows.…
A:
Q: Prepare journal entries to record the following transactions: a. Sold 14,000 shares of the…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: 7. If cash dividend of P20,000 is declared, how much will be paid to preferred stockholders if…
A: Given in the question: Cash Dividend Declared = P20,000 Number of preference shares issued = 2,000…
Q: Gabby Corporation has two classes of stock and the company’s balance sheet includes the following:…
A: Amount of preferred shares issued=Number of shares×Par value=10,000×$25=$250,000
Q: Zelda Corporation had outstanding 5,000 shares of $40 par, 8 percent cumulative preferred stock and…
A: Common stock: Common stock is the stock that is directly to the investors at a very minimal cost…
Q: Foley Corporation has the following capital structure at the beginning of the year: 6% Preferred…
A: Date Particulars Amount Amount 01/02 Common Stock A/c Retained Earnings A/c To Bank A/c…
Q: The stockholders' equity section of Thompson Corporation's balance sheet at December 31 is presented…
A: Number of common shares outstanding = Number of common shares issued - Number of treasury shares…
Q: ABC Corporation had the following Balance Sheet: Paid-in-Capital: Common Stock (($4-par,…
A: a) The journal entry is shown below,
Q: The stockholders’ equity section of Monty Corp.’s balance sheet at December 31 is presented here.…
A: (a)
Q: The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning…
A: The question is based on based on the concept of Financial Accounting.
Q: Thoughtful Comfort specialist, Inc, reported the following stockholder's equity on its balance sheet…
A: Dividend distribution is a method of distributing profit among the stockholder of the organization.…
Q: Dunne Corporation had the following stockholders’ equity amounts on January 1, 2021: Preferred…
A: In the context of the given question, we should journalize those transactions and compute the basic…
Q: Sandpiper Company has 25,000 shares of cumulative preferred 3% stock, $100 par and 50,000 shares of…
A: The cumulative preferred stock indicates that dividend for such preference share is fixed. In case…
Q: Below is the Stockholders' Equity data of Good Place Stockholders' Equity Share Capital Paid - In…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Upperchurch Company reports the following components of stockholders' equity on January 1. Common…
A: Date Transaction Impact on Equity Amount Jan'1 Total Stockholders' Equity - January'1 $…
Q: The equity section of Manda Corp. is shown below: 8% preferred stock, P100 par value, authorized and…
A: Shareholders' equity consists outstanding shares, additional paid-in capital in excess of par and…
Q: A portion of the stockholders’ equity section from the balance sheet of Walland Corporation appears…
A: Amount of Cash Dividend Paid Class of Stock Workings Dividend Paid Cumulative Preferred Stock…
Q: The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2018, is…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of…
A: Workings : F. Cash Dividend Payable (No of shares) Preference stock Common stock…
Q: The stockholders’ equity of Summit Corporation at January 1 follows: 7 Percent preferred stock,…
A: answers Journal entries, ledger accounts an stockholders equity account is as prepared below:…
Q: The year-end balance sheet of Manor, Inc., includes the following stockholders' equity section (with…
A: Equity shareholders are considered owners of the company. Whereas the preference shareholders are…
Q: Is Partlow’s preferred stock cumulative or noncumulative? How can you tell? Partlow declares cash…
A: Given:
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share…
A: Retained earnings are that part of a total profit of a company that is retained after paying all…
Q: Below is the Stockholders' Equity data of Good Place Stockholders' Equity Share Capital Paid – In…
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
Q: The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2018, is…
A: Legal capital refers to the total equity of an entity that can not be distributed as a dividend to…
Q: The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported…
A: Stocks represent ownership in a company issued by the company to obtain capital or pay for…
Q: Prepare the stockholders' equity section of the Fremantle Corporation's balance sheet. 8 Percent…
A: The stockholders equity section consist the detail of the shares, excess over par value and retained…
Q: The following data has been collected about Keller Company's stockholders' equity accounts: Common…
A: The term "treasury stock" refers to the shares that a corporation buys back from shareholders. This…
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of…
A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…
Q: Enscoe Enterprises, Inc. (EEI) has 260,000 shares authorized, 190,000 shares issued, and 50,000…
A: Treasury shares are those that are reacquired or repurchased by the business from its shareholders.…
Q: Micellar Company had the following available information as of December 31, 2021: Preferred Share…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: APL Corporation's records included the following stockholders' equity accounts Preferred Shares, par…
A: The answer is as fallows
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share…
A: The unappropriated retained earnings are the net retained earnings that are available for the…
Q: Partiow Company has the following stockholders' equity: Paid-in-capital Preferred stock, 5% $15par,…
A: The preference shares (PS) are those which are preferred over equity shares while paying the…
Q: How many common shares are unissued? 5. How many common shares were re-acquired by the company? 6.…
A: Given in the question: Authorized Preferred Number of stocks = 2,000 Authorized Common Number of…
Q: The shareholders' equity section of Superior Corporation's balance sheet as of December 31, 2015, is…
A: The question is based on the concept of Financial Accounting.
Partlow Company has the following
Paid-in-capital |
|
|
82,500 |
common stock, $0.30 par, 1,200,000 shares authorized and issued |
360,000 |
paid-in-capital in excess of par-common |
400,000 |
Total paid in capital |
842,500 |
|
260,000 |
Total stockholder's Equity |
1,102,500 |
- Is Partlow’s preferred stock cumulative or noncumulative? How can you tell?
- Partlow declares cash dividends of $30,000 for 2010. How much of the dividends goes to preferred. How much goes to common?
- Partlow passed the preferred dividend in 2011 and 2012. In 2013 the company declares cash dividends of $45,000. How much of the dividend goes to preferred? How much goes to common?
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
- 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.Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.
- Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.
- 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.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.Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
- Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first year, the company has the following transaction: Mar. 1, issued 40,000 shares of preferred stock at $20.50 per share. Journalize the transaction.STATED VALUE, COMMON AND PREFERRED STOCK, AND NONCASH ASSETS Kris Kraft Stores had the following stock transactions during the year: (a) Issued 8,000 shares of no-par common stock with a stated value of 5 per share for 40,000 cash. (b) Issued 6,000 shares of no-par common stock with a stated value of 5 per share for 33,000 cash. (c) Issued 5,000 shares of no-par, 6% preferred stock with a stated value of 15 per share for 75,000 cash. (d) Issued 10,000 shares of 5 par common stock for land with a fair market value of 50,000. (e) Issued 20,000 shares of 5 par common stock with a 7 fair market value for a building with an uncertain fair market value. (f) Issued 8,000 shares of 50 par, 8% preferred stock for land with a fair market value of 405,000. REQUIRED Prepare general journal entries for these transactions, identifying each by letter.