Homework Answers
Dividends in arrears that should be reported on the December 31, 2017, balance sheet is calculated below:-
Last Paid Dividend = December 31, 2014
So, dividend is arrear for 3 years.
Dividend in arrears for 1 year = 10000 shares * $100/ share * 8%= $80,000
Dividend in arrears from December 31, 2014 to December 31, 2017= &80,000*3= $240,0000
Reporting of Dividend in arrear:-
- Dividend in arrear will be appear in the balance sheet of Otis Thorpe Corporation as Short term liabilities. So $240,000 will be shown as Short term liabilities in the balance sheet of Otis Thorpe Corporation
-
Dividends in arrears of $240,000 should be disclosed in the footnote/notes of the financial statements as these dividends may not have been authorized by the board of directors as there is not sufficient cash with the entity.
Add Answer to:
Instructions Answer the questions in each (a) If the preferred stock the dividends in arrears that...
Bridgeport Corporation has 10,600 shares of $100 par value, 9%, preferred stock and 50,100 shares of...
Bridgeport Corporation has 10,600 shares of $100 par value, 9%, preferred stock and 50,100 shares of $10 par value common stock outstanding at December 31, 2020. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2017, what are the dividends in arrears on December 31, 2020, balance sheet? $ The amount of dividends in arrears on the December 31, 2020...
Sheffield Corporation has 8,700 shares of $100 par value, 9%, preferred stock and 48,300 shares of...
Sheffield Corporation has 8,700 shares of $100 par value, 9%, preferred stock and 48,300 shares of $10 par value common stock outstanding at December 31, 2017. Answer the questions in each of the following independent situations (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in arrears at December 31, 2017? Amount of dividends in arrears How should these dividends be reported? The cumulative dividend...
Exercise 15-9 Sage Corporation has 10,500 shares of $100 par value, 8%, preferred stock and 48,100 shares of $10 par va...
Exercise 15-9 Sage Corporation has 10,500 shares of $100 par value, 8%, preferred stock and 48,100 shares of $10 par value common stock outstanding at December 31, 2017. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in arrears at December 31, 2017? Amount of dividends in arrears How should these dividends be reported? The...
Exercise 15-9 Sheffield Corporation has 9,500 shares of $100 par value, 8%, preferred stock and 47,700...
Exercise 15-9
Sheffield Corporation has 9,500 shares of $100 par value, 8%,
preferred stock and 47,700 shares of $10 par value common stock
outstanding at December 31, 2017.
Answer the questions in each of the following independent
situations.
(a) If the preferred stock is cumulative and
dividends were last paid on the preferred stock on December 31,
2014, what are the dividends in arrears at December 31, 2017?
Amount of dividends in arrears
$
How should these dividends be reported?...
Question 4 Novak Corporation has 10,600 shares of $100 par value, 8%, preferred stock and 45,700...
Question 4 Novak Corporation has 10,600 shares of $100 par value, 8%, preferred stock and 45,700 shares of $10 par value common stock outstanding at December 31, 2020. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2017, what are the dividends in arrears on December 31, 2020, balance sheet? The amount of dividends in arrears on the December 31,...
Question 4 Bridgeport Corporation has 8,400 shares of $100 par value, 8%, preferred stock and 49,600...
Question 4 Bridgeport Corporation has 8,400 shares of $100 par value, 8%, preferred stock and 49,600 shares of $10 par value common stock outstanding at December 31, 2020. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2017, what are the dividends in arrears on December 31, 2020, balance sheet? The amount of dividends in arrears on the December 31,...
Monty Corporation has 11,600 shares of $100 par value, 9%, preferred stock and 48,200 shares of...
Monty Corporation has 11,600 shares of $100 par value, 9%,
preferred stock and 48,200 shares of $10 par value common stock
outstanding at December 31, 2020.
Answer the questions in each of the following independent
situations.
(a) If the preferred stock is cumulative and
dividends were last paid on the preferred stock on December 31,
2017, what are the dividends in arrears on December 31, 2020,
balance sheet?
The amount of dividends in
arrears on the December 31, 2020
$...
Wildhorse Corporation has 8,200 shares of $100 par value, 7%, preferred stock and 46,200 shares of...
Wildhorse Corporation has 8,200 shares of $100 par value, 7%, preferred stock and 46,200 shares of $10 par value common stock outstanding at December 31, 2017 Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in areas at December 1, 2017 Amount of dividends in arrears How should these dividends be reported? The cumulative dividend...
The stockholders' equity section of Joshua Company shows the following on December 31, 2019 Preferred stock,...
The stockholders' equity section of Joshua Company shows the following on December 31, 2019 Preferred stock, 6%, 50 par value, 5.000 shares outstanding Common stock, 55 par value, 80,000 shares outstanding Paid-in capital in excess of par, common stock Retained earnings $250.000 00000 200,000 Total stockholders' equity 210.000 $1.060.000 Required: Assume that the corporation has determined to pay out $90,000 in dividends at December 31, 2019. The last time that dividends were paid was on December 31, 2017. Calculate the...
26 HWIT#26: CASH DIVIDENDS PREFERRED STOCK and COMMON STOCK: Listed below we ens found in the...
26 HWIT#26: CASH DIVIDENDS PREFERRED STOCK and COMMON STOCK: Listed below we ens found in the stockholders' equity section of the Garland's Corporation Balance Sheet. The Grand Corporation declared cash dividends of $500.000 on September I payable to stockholders of record on December 1, 2018 8% Preferred stock. $100 par value. cumulative, 50,000 shares authorized 25,00 shares issued and outstanding Common stock, S10 stated value, 400,000 shares authorized, 100,000 issued and outstanding Instructions: Assume each is an independent transaction. a....
Bridgeport Corporation has 10,600 shares of $100 par value, 9%, preferred stock and 50,100 shares of $10 par value common stock outstanding at December 31, 2020. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2017, what are the dividends in arrears on December 31, 2020, balance sheet? $ The amount of dividends in arrears on the December 31, 2020...
Sheffield Corporation has 8,700 shares of $100 par value, 9%, preferred stock and 48,300 shares of $10 par value common stock outstanding at December 31, 2017. Answer the questions in each of the following independent situations (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in arrears at December 31, 2017? Amount of dividends in arrears How should these dividends be reported? The cumulative dividend...
Exercise 15-9 Sage Corporation has 10,500 shares of $100 par value, 8%, preferred stock and 48,100 shares of $10 par value common stock outstanding at December 31, 2017. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in arrears at December 31, 2017? Amount of dividends in arrears How should these dividends be reported? The...
Exercise 15-9
Sheffield Corporation has 9,500 shares of $100 par value, 8%,
preferred stock and 47,700 shares of $10 par value common stock
outstanding at December 31, 2017.
Answer the questions in each of the following independent
situations.
(a) If the preferred stock is cumulative and
dividends were last paid on the preferred stock on December 31,
2014, what are the dividends in arrears at December 31, 2017?
Amount of dividends in arrears
$
How should these dividends be reported?...
Question 4 Novak Corporation has 10,600 shares of $100 par value, 8%, preferred stock and 45,700 shares of $10 par value common stock outstanding at December 31, 2020. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2017, what are the dividends in arrears on December 31, 2020, balance sheet? The amount of dividends in arrears on the December 31,...
Question 4 Bridgeport Corporation has 8,400 shares of $100 par value, 8%, preferred stock and 49,600 shares of $10 par value common stock outstanding at December 31, 2020. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2017, what are the dividends in arrears on December 31, 2020, balance sheet? The amount of dividends in arrears on the December 31,...
Monty Corporation has 11,600 shares of $100 par value, 9%,
preferred stock and 48,200 shares of $10 par value common stock
outstanding at December 31, 2020.
Answer the questions in each of the following independent
situations.
(a) If the preferred stock is cumulative and
dividends were last paid on the preferred stock on December 31,
2017, what are the dividends in arrears on December 31, 2020,
balance sheet?
The amount of dividends in
arrears on the December 31, 2020
$...
Wildhorse Corporation has 8,200 shares of $100 par value, 7%, preferred stock and 46,200 shares of $10 par value common stock outstanding at December 31, 2017 Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in areas at December 1, 2017 Amount of dividends in arrears How should these dividends be reported? The cumulative dividend...
The stockholders' equity section of Joshua Company shows the following on December 31, 2019 Preferred stock, 6%, 50 par value, 5.000 shares outstanding Common stock, 55 par value, 80,000 shares outstanding Paid-in capital in excess of par, common stock Retained earnings $250.000 00000 200,000 Total stockholders' equity 210.000 $1.060.000 Required: Assume that the corporation has determined to pay out $90,000 in dividends at December 31, 2019. The last time that dividends were paid was on December 31, 2017. Calculate the...
26 HWIT#26: CASH DIVIDENDS PREFERRED STOCK and COMMON STOCK: Listed below we ens found in the stockholders' equity section of the Garland's Corporation Balance Sheet. The Grand Corporation declared cash dividends of $500.000 on September I payable to stockholders of record on December 1, 2018 8% Preferred stock. $100 par value. cumulative, 50,000 shares authorized 25,00 shares issued and outstanding Common stock, S10 stated value, 400,000 shares authorized, 100,000 issued and outstanding Instructions: Assume each is an independent transaction. a....
Most questions answered within 3 hours.
-
Why would natural selection not minimize costs (in the form of
symptoms) of evolved defenses? (choose...
asked 2 minutes ago -
What is true about a critical task?
Latest finish time - latest start time = 0...
asked 4 minutes ago -
A company uses a
process costing system. Its Assembly Department's beginning
inventory consisted of 56,800 units,...
asked 4 minutes ago -
a
sealed glass cylinder contains 325 g of N2 gas at 1.02 atm at 20 c....
asked 8 minutes ago -
The main difference between an equity and a nonequity alliance
is that
A
equity alliances are...
asked 6 minutes ago -
Need help with this, in JAVA, using netbeans. A
complete response will receive a positive comment...
asked 15 minutes ago -
An imprest petty cash fund of $600 was established for minor
disbursements. At the end of...
asked 20 minutes ago -
Sharpe Cutter is a small company that produces specialty knives
for paper cutting machinery. The annual...
asked 24 minutes ago -
Calculating the Ka of a weak acid from
pH:
The pH of a 0.68M solution of...
asked 26 minutes ago -
1.What process is pushing back against gravity in the very
center (the core) of sun-like stars?...
asked 45 minutes ago -
This question is from the textbook "Python for ArcGIS" by Laura
Tateosian:
Write a script "triangles.py"...
asked 44 minutes ago -
Which of the following is an impediment that makes it
difficult for firms to achieve the...
asked 45 minutes ago