Elroy Corporations
When Crossett Corporation was organized in January, Year 1, it immediately issued 5,400 shares of $50 par, 4 percent, cumulative preferred stock and 11,500 shares of $6 par common stock. Its earnings history is as follows: Year 1, net loss of $15,400; Year 2, net income of $123,000; Year 3, net income of $82,100. The corporation did not pay a dividend in Year 1.
Required
a. How much is the dividend arrearage as of January 1, Year 2?
b. Assume that the board of directors declares a $38,100 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders?
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When Crossett Corporation was organized in January Year 1, it immediately issued 4,500 shares of $46...
When Crossett Corporation was organized in January Year 1, it immediately issued 4,500 shares of $46 par, 4 percent, cumulative preferred stock and 11,500 shares of $9 par common stock. Its earnings history is as follows: Year 1, net loss of $12,100; Year 2, net income of $114,000; Year 3, net income of $104,400. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2? Dividend arrearage...
When Crossett Corporation was organized in January 2018, it immediately issued 4,000 shares of $50 par,...
When Crossett Corporation was organized in January 2018, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative preferred stock and 50,000 shares of $20 par common stock. Its earnings history is as follows: 2018, net loss of $35,000; 2019, net income of $125,000; 2020, net income of $215,000. The corporation did not pay a dividend in 2018. Required a. How much is the dividend arrearage as of January 1, 2019? b. Assume that the board of directors declares...
Exercise 11-6A Accounting for cumulative preferred dividends LO 11-3 When Crossett Corporation was organized in January...
Exercise 11-6A Accounting for cumulative preferred dividends LO 11-3 When Crossett Corporation was organized in January Year 1, it immediately issued 5,200 shares of $50 par, 6 percent, cumulative preferred stock and 9,500 shares of $12 par common stock. Its earnings history is as follows: Year 1, net loss of $15700; Year 2.net income of $124,000; Year 3, net income of $108,500. The corporation did not pay a dividend in Year 1 We were unable to transcribe this image
In 2018, when Noah Corporation was organized, it immediately issued 790 shares of $8 par, 7...
In 2018, when Noah Corporation was organized, it immediately issued 790 shares of $8 par, 7 percent, noncumulative preferred stock and 1,563 shares of $2 par common stock. It is now 2020 and the company is declaring its 1st dividend. No dividends were declared in 2018 or 2019. Assume that the board of directors declares a $5,800 cash dividend at the end of 2020. How much of the dividend will go to the common stockholders? $______
Coronado Industries was organized on January 1, 2021. During its first year, the corporation issued 1,600...
Coronado Industries was organized on January 1, 2021. During its
first year, the corporation issued 1,600 shares of $50 par value
preferred stock and 110,000 shares of $10 par value common stock.
At December 31, the company declared the following cash dividends:
2021, $5,400; 2022, $12,800; and 2023, $27,700.
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. ( blank. Enter O for amounts.) 2021 2022 2023 Total dividend Allocation...
Problem 15-07 The books of Bonita Corporation carried the following account balances as of December 31,...
Problem 15-07
The books of Bonita Corporation carried the following account
balances as of December 31, 2020.
Cash
$ 191,000
Preferred Stock (6% cumulative, nonparticipating, $50 par)
300,000
Common Stock (no-par value, 317,000 shares issued)
1,585,000
Paid-in Capital in Excess of Par—Preferred Stock
162,000
Treasury Stock (common 2,800 shares at cost)
32,700
Retained Earnings
110,000
The company decided not to pay any dividends in 2020.
The board of directors, at their annual meeting on December 21,
2021, declared the following:...
Uzi Company received a charter granting the right to issue 200,000 shares of $2 par value...
Uzi Company received a charter granting the right to issue 200,000 shares of $2 par value common stock and 10,000 shares of 9% cumulative and nonparticipating, $50 par value preferred stock that is callable at $80 per share. Selected transactions are presented below. 2014 Feb. 19 Issued 45,000 shares of common stock at par for cash. 22 Gave the corporation’s promoters 30,000 shares of common stock for their services in getting the corporation organized. The directors valued the services at...
E11-4 Reporting the Stockholders' Equity Section of the Balance Sheet [LO 11-2, LO 11-3, LO 11-4]...
E11-4 Reporting the Stockholders' Equity Section of the Balance Sheet [LO 11-2, LO 11-3, LO 11-4] Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $10 par value, 6 percent, 50,000 shares. During January and February, the following stock transactions were completed: a. Collected $169,000 cash and issued 13,000 shares of common stock. b. Issued...
5 Part A In late 2017, the Nicklaus Corporation was formed. The corporate charter authorizes the ...
5 Part A In late 2017, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2018, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share 15...
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander...
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 50,000 shares authorized, 33,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 825,000 66,000 350,000 $1,241,000 Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 3,300 shares of its own stock at $25...
When Crossett Corporation was organized in January Year 1, it immediately issued 4,500 shares of $46 par, 4 percent, cumulative preferred stock and 11,500 shares of $9 par common stock. Its earnings history is as follows: Year 1, net loss of $12,100; Year 2, net income of $114,000; Year 3, net income of $104,400. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2? Dividend arrearage...
When Crossett Corporation was organized in January 2018, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative preferred stock and 50,000 shares of $20 par common stock. Its earnings history is as follows: 2018, net loss of $35,000; 2019, net income of $125,000; 2020, net income of $215,000. The corporation did not pay a dividend in 2018. Required a. How much is the dividend arrearage as of January 1, 2019? b. Assume that the board of directors declares...
Exercise 11-6A Accounting for cumulative preferred dividends LO 11-3 When Crossett Corporation was organized in January Year 1, it immediately issued 5,200 shares of $50 par, 6 percent, cumulative preferred stock and 9,500 shares of $12 par common stock. Its earnings history is as follows: Year 1, net loss of $15700; Year 2.net income of $124,000; Year 3, net income of $108,500. The corporation did not pay a dividend in Year 1 We were unable to transcribe this image
Coronado Industries was organized on January 1, 2021. During its
first year, the corporation issued 1,600 shares of $50 par value
preferred stock and 110,000 shares of $10 par value common stock.
At December 31, the company declared the following cash dividends:
2021, $5,400; 2022, $12,800; and 2023, $27,700.
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. ( blank. Enter O for amounts.) 2021 2022 2023 Total dividend Allocation...
Problem 15-07
The books of Bonita Corporation carried the following account
balances as of December 31, 2020.
Cash
$ 191,000
Preferred Stock (6% cumulative, nonparticipating, $50 par)
300,000
Common Stock (no-par value, 317,000 shares issued)
1,585,000
Paid-in Capital in Excess of Par—Preferred Stock
162,000
Treasury Stock (common 2,800 shares at cost)
32,700
Retained Earnings
110,000
The company decided not to pay any dividends in 2020.
The board of directors, at their annual meeting on December 21,
2021, declared the following:...
E11-4 Reporting the Stockholders' Equity Section of the Balance Sheet [LO 11-2, LO 11-3, LO 11-4] Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $10 par value, 6 percent, 50,000 shares. During January and February, the following stock transactions were completed: a. Collected $169,000 cash and issued 13,000 shares of common stock. b. Issued...
5 Part A In late 2017, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2018, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share 15...
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 50,000 shares authorized, 33,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 825,000 66,000 350,000 $1,241,000 Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 3,300 shares of its own stock at $25...
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