Early in 2008, Robbinsville Press was organized with authorization to issue 100,000 shares of $100 par value preferred stock and 500,000 shares of $1 par value common stock. Ten thousand shares of the preferred stock were issued at par, and 170,000 shares
Early in 2008, Robbinsville Press was organized with authorization to issue 100,000 shares of $100 par value preferred stock and 500,000 shares of $1 par value common stock. Ten thousand shares of the preferred stock were issued at par, and 170,000 shares of common stock were sold for $15 per share. The preferred stock pays an 8 percent cumulative dividend.
During the first four years of operations (2008 through 2011), the corporation earned a total of $1,085,000 and paid dividends of 75 cents per share in each year on its outstanding common stock.
Instructions
a. Prepare the stockholders’ equity section of the balance sheet at December 31, 2011. Include a supporting schedule showing your computation of the amount of retained earnings reported.
(Hint: Income increases retained earnings, whereas dividends decrease retained earnings.)
b. Are there any dividends in arrears on the company’s preferred stock at December 31, 2011? Explain your answer.
Homework Answers
Request Answer!
We need at least 9 more requests to produce the answer.
1 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Early in 2008, Robbinsville Press was organized with authorization to issue 100,000 shares of $100 par value preferred stock and 500,000 shares of $1 par value common stock. Ten thousand shares of the preferred stock were issued at par, and 170,000 shares
Banner Publications was organized early in 2008 with authorization to issue 10,000 preference shares of $100...
Banner Publications was organized early in 2008 with authorization to issue 10,000 preference shares of $100 par value and 1 million ordinary shares of $1 par value. All the preference shares were issued at par, and 400,000 ordinary shares were sold for $15 per share. The preference shares pay a 10 percent noncumulative dividend. During the first five years of operations (2008 through 2012) the corporation earned a total of $4,100,000 and paid dividends of 5.80 per share each year...
Banner Publications was organized early in 2008 with authorization to issue 10,000 preference shares of $100...
Banner Publications was organized early in 2008 with authorization to issue 10,000 preference shares of $100 par value and 1 million ordinary shares of $1 par value. All the preference shares were issued at par, and 400,000 ordinary shares were sold for $15 per share. The preference shares pay a 10 percent noncumulative dividend. During the first five years of operations (2008 through 2012) the corporation earned a total of $4,100,000 and paid dividends of $.80 per share each...
Preferred stock—5% cumulative, $25 par value, $30 callprice, 10,000 shares issued and outstanding $ 250,000 Common...
Preferred stock—5% cumulative, $25 par value, $30 callprice, 10,000 shares issued and outstanding $ 250,000 Common stock—$10 par value, 45,000 shares issued and outstanding 450,000 Retained earnings 267,500 Total stockholders’ equity $ 967,500 Determine the book value per share of the preferred and common stock under two separate situations. 1. No preferred dividends are in arrears. Preferred stock—5% cumulative, $25 par value, $30 callprice, 10,000 shares issued and outstanding $ 250,000 Common stock—$10 par value, 45,000 shares issued and outstanding...
(c) What is the par value of the preferred stock? The par value of the preferred...
(c) What is the par value of the preferred stock? The par value of the preferred stock $ 103 per share (d) If the annual dividend on preferred stock is $41,097, what is the dividend rate on preferred stock? The dividend rate 7.21 % (e) If dividends of $73,200 were in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance $ 1163700 e Textbook and Media Attempts: 1 of 3 used Save...
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...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,160 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated...
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...
8% Preferred Stock, $100 par value, cumulative, 50,000 shares authorized 30,000 shares issued and outstanding 3,000,000...
8% Preferred Stock, $100 par value, cumulative, 50,000 shares authorized 30,000 shares issued and outstanding 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized. 400,000 shares issued and outstanding $ 10,000,000 In excess of stated value on common stock $ 600,000 Total Paid-in-Capital from Common Stock $ 10,600,000 Total Paid-in-Capital $ 13,900,000 Retained Earnings (Note A) $ 4,100,000 Total Stockholder's Equity $...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 4,000 shares of common stock have been issued.
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021:March1Issue 1,100 shares of common stock for $42 per share.May15Purchase 400 shares of treasury stock for $35 per share.July10Resell 200 shares of treasury stock purchased on May 15 for $40 per share.October15Issue 200 shares of preferred stock...
Texas Inc. has 5,246 shares of 8%, $100 par value cumulative preferred stock and 89,366 shares of $1 par value common s...
Texas Inc. has 5,246 shares of 8%, $100 par value cumulative preferred stock and 89,366 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock? a. $41,968 in total b. $80.00 per share c. $7,149 in total d. $5,246 in total A company with 111,062 authorized shares of $8 par common stock issued 38,702 shares at $13 per share. Subsequently, the company declared a 2% stock dividend on a date...
Banner Publications was organized early in 2008 with authorization to issue 10,000 preference shares of $100 par value and 1 million ordinary shares of $1 par value. All the preference shares were issued at par, and 400,000 ordinary shares were sold for $15 per share. The preference shares pay a 10 percent noncumulative dividend. During the first five years of operations (2008 through 2012) the corporation earned a total of $4,100,000 and paid dividends of 5.80 per share each year...
(c) What is the par value of the preferred stock? The par value of the preferred stock $ 103 per share (d) If the annual dividend on preferred stock is $41,097, what is the dividend rate on preferred stock? The dividend rate 7.21 % (e) If dividends of $73,200 were in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance $ 1163700 e Textbook and Media Attempts: 1 of 3 used Save...
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...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,160 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated...
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...
8% Preferred Stock, $100 par value, cumulative, 50,000 shares authorized 30,000 shares issued and outstanding 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized. 400,000 shares issued and outstanding $ 10,000,000 In excess of stated value on common stock $ 600,000 Total Paid-in-Capital from Common Stock $ 10,600,000 Total Paid-in-Capital $ 13,900,000 Retained Earnings (Note A) $ 4,100,000 Total Stockholder's Equity $...
Texas Inc. has 5,246 shares of 8%, $100 par value cumulative preferred stock and 89,366 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock? a. $41,968 in total b. $80.00 per share c. $7,149 in total d. $5,246 in total A company with 111,062 authorized shares of $8 par common stock issued 38,702 shares at $13 per share. Subsequently, the company declared a 2% stock dividend on a date...
Most questions answered within 3 hours.
-
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 27 minutes ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 1 hour ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 1 hour ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 1 hour ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 1 hour ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 2 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 2 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 2 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 2 hours ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 2 hours ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 2 hours ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 2 hours ago