maria company has 6000 shares of $.50 par value common stock and 900 shares of $3...
maria company has 6000 shares of $.50 par value common stock and 900 shares of $3 cumulative preferred stock outstanding. The dividends on the preferred stock were not declared during the previous 3 years. THis year the company is declaring dividends of $16,800. The common stockholders receive how much in dividends per share?
Homework Answers
Number of preferred shares = 900
Dividend per preferred share = $3
Annual preferred dividend = Number of preferred shares x Dividend per preferred share
= 900 x 3
= $2,700
Preferred dividend have not been declared for the last 3 years.
Arrears of preferred dividends = Annual preferred dividend x 3
= 2,700 x 3
= $8,100
Preferred dividends to be paid this year = Arrears of preferred dividends+ Annual preferred dividend
= 8,100+2,700
= $10,800
Total dividends declared this year = $16,800
Dividend received by common stockholders = Total dividends declared this year- Preferred dividends to be paid this year
= 16,800-10,800
= $6,000
Dividend per share of common stock = Dividend received by common stockholders/ Number of common shares
= 6,000/6,000
= $1
The common stockholders receive $1 dividends per share.
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