Homework Answers
16.
When cash dividend is declared, it has the following effects :
i. Liabilities increase in the form of dividend payable.
ii. Total stockholder's equity decrease due to decrease in retained earnings.
iii. There is no effect in assets
Correct option is (b)
17.
Number of preferred share = 10,000
Par value of 1 preferred share = $100
Dividend rate on preferred stock = 6%
Annual dividend on preferred stock = Number of preferred share x Par value of 1 preferred share x Dividend rate on preferred stock
= 10,000 x 100 x 6%
= $60,000
Correct option is (b)
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Please write the steps to get the answers.
P15.7 (LO 3) (Cash Dividend Entries) The books of Conchita Corporation carried the following account balances as of December 31, 2020. Cash 195,000 Preferred Stock (6% cumulative, 300,000 nonparticipating, $50 par) Common Stock (no-par value, 300,000 1,500,000 shares issued) Paid-in Capital in Excess of Par-Preferred 150,000 Stock Treasury Stock (common 2,800 shares at 33,600 cost) Retained Earnings 105,000 The company decided not to pay any dividends in 2020. The board of directors,...
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