MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting, The Financial Chapters (My Accounting Lab)
5th Edition
ISBN: 9780133877281
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 13, Problem 13.8SE
Dividing cash dividends between preferred and common stock
Platinum Trust has the following classes of stock:
Common Stock-$0.20 Par Value; 2,250,000 shares authorized, 1,650,000 shares issued and outstanding
Requirements
1. Platinum declares cash dividends of $20,000 for 2016. How much of the dividends goes to preferred stockholders? How much goes to common stockholders?
2. Assume the preferred stock is cumulative and Platinum passed the preferred dividend in 2014 and 2015. In 2016, the company declares cash dividends of $50,000. How much of the dividend goes to preferred stockholders? How much goes to common stockholders?
3. Assume the preferred stock is noncumulative and Platinum passed the preferred dividend in 2014 and 2015. In 2016, the company declares cash dividends of $50,000. How much of the dividend goes to preferred stockholders? How much goes to common stockholders?
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Garnet Trust has the following classes of stock:
Data table
Preferred Stock—5%, $15 Par Value; 9,000 shares authorized, 7,500 shares issued and outstanding
Common Stock—$0.15 Par Value; 2,250,000 shares authorized, 1,750,000 shares issued and outstanding
Requirements
1.
Garnet
declares cash dividends of
$22,000
for
2024.
How much of the dividends goes to preferred stockholders? How much goes to common stockholders?
2.
Assume the preferred stock is cumulative and
Garnet
passed the preferred dividend in
2022
and
2023.
In
2024,
the company declares cash dividends of
$28,000.
How much of the dividend goes to preferred stockholders? How much goes to common stockholders?
3.
Assume the preferred stock is noncumulative and
Garnet
passed the preferred dividend in
2022
and
2023.
In
2024,
the company declares cash dividends of
$28,000.
How much of the dividend goes to preferred stockholders? How much goes to common stockholders?
Requirement…
. Cash dividend pay-out to Cumulative Preferred Stock and Common Stock.
The ABC Co. has outstanding 100000 shares of 7% Cumulative Preferred Stock,
At $10 Par Value. No dividends were paid in 2016 and 2017. The Board of
Directors declared total dividends of $300000 in 2018.
Required: Calculate the amount of dividends by year that should be paid to
To Preferred shareholders and Common Shareholders.
Platinum Trust has the following classes of stock:
Requirements
1. Platinum declares cash dividends of $20,000 for 2016. How much of the dividends goes to preferred stockholders? How much goes to common stockholders?
2. Assume the preferred stock is cumulative and Platinum passed the preferred dividend in 2014 and 2015. In 2016, the company declares cash dividends of $50,000. How much of the dividend goes to preferred stockholders? How much goes to common stockholders?
3. Assume the preferred stock is noncumulative and Platinum passed the preferred dividend in 2014 and 2015. In 2016, the company declares cash dividends of . How much of the dividend goes to preferred stockholders? How much goes to common stockholders?
Data Table:
Preferred Stock--3%, $14 Par Value; 7,000 shares authorized, 5,500 shares issued and outstanding
Common Stock--$0.20 Par Value; 2,250,000 shares authorized, 1,650,000 shares issued and outstanding
Chapter 13 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting, The Financial Chapters (My Accounting Lab)
Ch. 13 - Prob. 1QCCh. 13 - Prob. 2QCCh. 13 - Suppose Value Home and Garden Imports issued...Ch. 13 - Prob. 4QCCh. 13 - Prob. 5QCCh. 13 - Assume that a company paid 6 per share to purchase...Ch. 13 - Prob. 7QCCh. 13 - A small stock dividend a. decreases common stock....Ch. 13 - Jackson Health Foods has 8,000 shares of 2 par...Ch. 13 - Prob. 10QC
Ch. 13 - Prob. 1RQCh. 13 - Prob. 2RQCh. 13 - How does authorized stock differ from outstanding...Ch. 13 - What are the four basic rights of stockholders?Ch. 13 - How does preferred stock differ from common stock?Ch. 13 - Prob. 6RQCh. 13 - What are the two basic sources of stockholders'...Ch. 13 - Prob. 8RQCh. 13 - If stock is issued for assets other than cash,...Ch. 13 - Prob. 10RQCh. 13 - Where and how is treasury stock reported on the...Ch. 13 - What is the effect on the accounting equation when...Ch. 13 - What are the three relevant dates involving cash...Ch. 13 - How does cumulative preferred stock differ from...Ch. 13 - What is a stock dividend?Ch. 13 - Prob. 16RQCh. 13 - What are some reasons corporations issue stock...Ch. 13 - Prob. 18RQCh. 13 - What does the statement of retained earnings...Ch. 13 - What is a prior-period adjustment?Ch. 13 - Prob. 21RQCh. 13 - What does earnings per share report, and how is it...Ch. 13 - What is the price/earnings ratio, and how is it...Ch. 13 - What does the rate of return on common stock show,...Ch. 13 - Prob. 13.1SECh. 13 - Journalizing issuance of stock- at par and at a...Ch. 13 - Journalizing issuance of stock-no-par Ashford...Ch. 13 - Journalizing issuance of stock- stated value...Ch. 13 - Journalizing issuance o f stock for assets other...Ch. 13 - Prob. 13.6SECh. 13 - Accounting for cash dividends Frenchroast Company...Ch. 13 - Dividing cash dividends between preferred and...Ch. 13 - Prob. 13.9SECh. 13 - Prob. 13.10SECh. 13 - Prob. 13.11SECh. 13 - Preparing a statement of retained earnings Tinder,...Ch. 13 - Analyzing the effect of prior-period adjustments...Ch. 13 - Prob. 13.14SECh. 13 - Prob. 13.15SECh. 13 - Prob. 13.16SECh. 13 - Prob. 13.17ECh. 13 - Prob. 13.18ECh. 13 - Journaling issuance of stock Skylar Systems...Ch. 13 - Prob. 13.20ECh. 13 - Prob. 13.21ECh. 13 - Prob. 13.22ECh. 13 - Journalizing treasury stock transactions and...Ch. 13 - Journalizing issuance of s tock and treasury stock...Ch. 13 - Computing dividends on preferred and common stock...Ch. 13 - Computing dividends on preferred and common stock...Ch. 13 - Journalizing a stock dividend and reporting...Ch. 13 - Prob. 13.28ECh. 13 - Reporting stockholders' equity after a stock split...Ch. 13 - Determining the effects of cash dividends, stock...Ch. 13 - Prob. 13.31ECh. 13 - Prob. 13.32ECh. 13 - Computing earnings per share and price/earnings...Ch. 13 - Computing rate of return on common stockholders'...Ch. 13 - Organizing a corporation and issuing stock John...Ch. 13 - Identifying sources of equity, stock issuance, and...Ch. 13 - Prob. 13.37APCh. 13 - Journalizing dividends and treasury stock...Ch. 13 - Journalizing dividend and treasury stock...Ch. 13 - Prob. 13.40APCh. 13 - Prob. 13.41BPCh. 13 - Prob. 13.42BPCh. 13 - Prob. 13.43BPCh. 13 - Journalizing dividends and treasury stock...Ch. 13 - Journalizing dividend and treasury stock...Ch. 13 - Prob. 13.46BPCh. 13 - Sources of equity and journalizing stock issuance...Ch. 13 - Prob. 13.1CTFSCCh. 13 - Prob. 13.1CTCA
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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 375. The bonds are classified as a heldtomaturity 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 issued 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 (l). 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 had a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 2016, had been posted [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 income statement for the year ended December 31, 2016, 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, 2016. c. Prepare a balance sheet in report form as of December 31, 2016.arrow_forwardDividing cash dividends between preferred and common stock Copperhead Trust has the following classes of stock: Requirements Copperhead declares cash dividends of $44,000 for 2018. How much of the dividends goes to preferred stockholders? How much goes to common stockholders? Assume the preferred stock is cumulative and Copperhead passed the preferred dividend in 2016 and 2017. In 2018, the company declares cash dividends of $46,000. How much of the dividend goes to preferred stockholders? How much goes to common stockholders? Assume the preferred stock is noncumulative and Copperhead passed the preferred dividend in 2016 and 2017. In 2018, the company declares cash dividends of $46,000. How much of the dividend goes to preferred stockholders? How much goes to common stockholders?arrow_forward
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