Carunungan Corporation has the following data on stock issued and outstanding on December 31, 2015: 10%...
Carunungan Corporation has the following data on stock issued and outstanding on December 31, 2015: 10% Preference share, P10 par 300,000 Ordinary share capital, P10 par 200,000 Retained earnings 300,000 Dividends were in arrears for 2 years, excluding the current year. The Board of Directors declared P200,000 cash dividends. Preferred is non-cumulative and participating
1. The ordinary dividend per share is?
a. 1
b. 4
c. 3
d. 2
2. The preferred dividend per share is?
a. 1
b. 4
c. 3
d. 2
3. What amount was charged / debited to retained earnings?
a. 260,000
c. 50,000
b. 200,000
d. 0
Homework Answers
Answer.
1) a.1
The ordinary dividend per share is Cash dividend/No. of ordinary shares= 200000/200000=1 per share
2. a.1
The preferred dividend per share is Preferance dividend/No. of Preference shares= 300000/300000=1 per share
3.b. 200000
The cash dividend are debited to Retained Earnings. Hence 200000 will be debited.
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