Five-0 Corp. began operations in 2016. On 1/1/2016, the company issued 7,000 shares of 10%, $10...
Five-0 Corp. began operations in 2016. On 1/1/2016, the company
issued 7,000 shares of 10%, $10 par value preferred stock and
100,000 shares of common stock. The company was not able to pay
dividends in 2016 or 2017. However, in 2018, the company declared
it will pay dividends to shareholders totaling $75,000.
Assuming the preferred stock is noncumulative, how much of
the $75,000 dividend will be paid to preferred stockholders and how
much will be paid to common stockholders in 2018?
| a. |
$75,000 to preferred stockholders and $0 to common stockholders. |
|
| b. |
$0 to preferred stockholders and $75,000 to common stockholders. |
|
| c. |
$7,000 to preferred stockholders and $68,000 to common stockholders. |
|
| d. |
$70,000 to preferred stockholders and $5,000 to common stockholders. |
|
| e. |
$21,000 to preferred stockholders and $54,000 to common stockholders. |
Homework Answers
Dividend payable to preferred stockholders:
= 7,000 X $10 X 10%
= $7,000
Dividend payable to common stockholders:
= $75,000 - $7,000
= $68,000
$7,000 to preferred stockholders and $68,000 to common stockholders.
Option C.
Add Answer to:
Five-0 Corp. began operations in 2016. On 1/1/2016, the company
issued 7,000 shares of 10%, $10...
Ryan Corporation began business on March 1, 2016. At that time, it issued 20,000 shares of...
Ryan Corporation began business on March 1, 2016. At that time, it issued 20,000 shares of $60 par value, seven percent cumulative preferred stock and 100,000 shares of $5 par value common stock. Through the end of 2018, there had been no change in the number of preferred and common shares outstanding. Required a. Assume that Ryan declared dividends of $0 in 2016, $195,000 in 2017, and $200,000 in 2018. Calculate the total dividends and the dividends per share paid...
Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of...
Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of $50 par value, six percent, cumulative preferred stock and 90,000 shares of $10 par value common stock. Through the end of 2018, there had been no change in the number of preferred and common shares outstanding. Required a. Assume that Chauncey declared dividends of $69,000 in 2016, $0 in 2017, and $354,000 in 2018. Calculate the total dividends and the dividends per share paid...
Ryan Corporation began business on March 1, 2016. At that time, it issued 20,000 shares of...
Ryan Corporation began business on March 1, 2016. At that time, it issued 20,000 shares of $60 par value, seven percent cumulative preferred stock and 100,000 shares of $5 par value common stock. Through the end of 2018, there had been no change in the number of preferred and common shares outstanding. Required a. Assume that Ryan declared dividends of $0 in 2016, $195,000 in 2017, and $200,000 in 2018. Calculate the total dividends and the dividends per share paid...
Dividend Distribution Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of $5...
Dividend Distribution Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of $50 par value, six percent, cumulative preferred stock and 90,000 shares of $10 par value common stock. Through the end of 2018, there had been no change in the number of preferred and common shares outstanding. Required a. Assume that Chauncey declared dividends of $69,000 in 2016, $0 in 2017, and $354,000 in 2018. Calculate the total dividends and the dividends per...
QUESTION TT Which of the following describes the purpose(s) of closing entries? a Transfer the balances...
QUESTION TT Which of the following describes the purpose(s) of closing entries? a Transfer the balances of temporary accounts to retained earnings; reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period. - None of the answers given are correct OC. Transfer the balances of temporary accounts to common stock; reduce the balances of the asset and liability accounts to zero to prepare them for measuring activity in the next period....
Nathan's Athletic Apparel has 2,000 shares of 6%, $100 par value preferred stock the company issued...
Nathan's Athletic Apparel has 2,000 shares of 6%, $100 par value preferred stock the company issued at the beginning of 2017. All remaining shares are common stock. The company was not able to pay dividends in 2017, but plans to pay dividends of $25,000 in 2018. Required: 1. & 2. Assuming the preferred stock is cumulative and noncumulative, how much of the $25,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in...
Cash Dividends Kerry Company has 1,000 shares of $100 par value, 10% preferred stock and 9,800...
Cash Dividends Kerry Company has 1,000 shares of $100 par value, 10% preferred stock and 9,800 shares of $10 par value common stock outstanding. The preferred stock is cumulative and nonparticipating. Dividends were paid in 2012. Since 2012, Kerry has declared and paid dividends as follows: 2013 $ 0 2014 11,300 2015 22,800 2016 27,200 Required: 1. Determine the amount of the dividends to be allocated to preferred and common stockholders for each year 2014 to 2016. If an amount...
Nathan's Athletic Apparel has 1,700 shares of 5% , $100 par value preferred stock the company...
Nathan's Athletic Apparel has 1,700 shares of 5% , $100 par value preferred stock the company issued at the beginning of 2017 All remaining shares are common stock The company was not able to pay dividends in 2017, but plans to pay dividends of $18,000 in 2018. Required: 1. & 2. Ansuming the preferred stock is cumulative and noncumulative, how much of the $18,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders...
Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash:...
Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash: 790,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2016, at $18.00 per share. 240,000 shares of $90 par value, 8.50% cumulative, preferred stock were authorized, and 63,000 shares were issued on January 1, 2016, at $150 per share. Net income for the years ended December 31, 2016 and 2017, was $1,450,000 and $2,650,000, respectively. No dividends were...
Question 9 Sheffield Corp. has 2,500 shares of 7%, $100 par value preferred stock outstanding at...
Question 9 Sheffield Corp. has 2,500 shares of 7%, $100 par value preferred stock outstanding at December 31, 2019. At December 31, 2019, the company declared a $145,000 cash dividend. Determine the dividend paid to preferred stockholders and common stockholders under each of the following scenarios. 1. The preferred stock is noncumulative, and the company has not missed any dividends in previous years. The dividend paid to preferred stockholders The dividend paid to common stockholders 2. The preferred stock is...
Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of $50 par value, six percent, cumulative preferred stock and 90,000 shares of $10 par value common stock. Through the end of 2018, there had been no change in the number of preferred and common shares outstanding. Required a. Assume that Chauncey declared dividends of $69,000 in 2016, $0 in 2017, and $354,000 in 2018. Calculate the total dividends and the dividends per share paid...
Dividend Distribution Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of $50 par value, six percent, cumulative preferred stock and 90,000 shares of $10 par value common stock. Through the end of 2018, there had been no change in the number of preferred and common shares outstanding. Required a. Assume that Chauncey declared dividends of $69,000 in 2016, $0 in 2017, and $354,000 in 2018. Calculate the total dividends and the dividends per...
QUESTION TT Which of the following describes the purpose(s) of closing entries? a Transfer the balances of temporary accounts to retained earnings; reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period. - None of the answers given are correct OC. Transfer the balances of temporary accounts to common stock; reduce the balances of the asset and liability accounts to zero to prepare them for measuring activity in the next period....
Nathan's Athletic Apparel has 2,000 shares of 6%, $100 par value preferred stock the company issued at the beginning of 2017. All remaining shares are common stock. The company was not able to pay dividends in 2017, but plans to pay dividends of $25,000 in 2018. Required: 1. & 2. Assuming the preferred stock is cumulative and noncumulative, how much of the $25,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in...
Nathan's Athletic Apparel has 1,700 shares of 5% , $100 par value preferred stock the company issued at the beginning of 2017 All remaining shares are common stock The company was not able to pay dividends in 2017, but plans to pay dividends of $18,000 in 2018. Required: 1. & 2. Ansuming the preferred stock is cumulative and noncumulative, how much of the $18,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders...
Question 9 Sheffield Corp. has 2,500 shares of 7%, $100 par value preferred stock outstanding at December 31, 2019. At December 31, 2019, the company declared a $145,000 cash dividend. Determine the dividend paid to preferred stockholders and common stockholders under each of the following scenarios. 1. The preferred stock is noncumulative, and the company has not missed any dividends in previous years. The dividend paid to preferred stockholders The dividend paid to common stockholders 2. The preferred stock is...
Most questions answered within 3 hours.
-
Homework: Create a Class.... from scratch
Design , implement and test a class that can be...
asked 10 minutes ago -
A project has a service life of five years with the initial
investment outlay of $200,000....
asked 6 minutes ago -
Employee develop involves longer term training and opportunities
that while not immediately needed on a current...
asked 6 minutes ago -
Why is the reticulum the affected compartment of the
stomach?
Group of answer choices
It has...
asked 8 minutes ago -
(Print distinct numbers) C++
Write a program that reads in 10 numbers and displays distinct
numbers...
asked 9 minutes ago -
A 3.0275 g sample of KHP (a primary standard, 1:1 acid:base,
FM=204.23 g/mol) is titrated with...
asked 14 minutes ago -
1. You need to make an aqueous solution of
0.165 M barium acetate for an
experiment...
asked 14 minutes ago -
Let X be a discrete random variable with the following PMF.
Px(k) =
1/4 for k...
asked 18 minutes ago -
ONLY use the information provided here on the
firm's Mission Statement. Written assessment must include
(1)...
asked 28 minutes ago -
2 Aliases
2a: Create an alias, numberfiles, which prints the number of
files in the current...
asked 36 minutes ago -
Hi so I'm currently using MIT App Inventor to create a app and I
wanted to...
asked 32 minutes ago -
Create a truth table for a 4-bit input where the output will be
a 1, if...
asked 34 minutes ago