Gracey's Department Stores has $200,000 of 6% noncumulative, nonparticipating, preferred stock outstanding. Gracey's als...
Gracey's Department Stores has $200,000 of 6% noncumulative, nonparticipating, preferred stock outstanding. Gracey's also has $600,000 of common stock outstanding. During its first year, the company paid cash dividends of $30,000. This dividend should be distributed as follows:
$0 preferred; $30,000 common.
$15,000 preferred; $15,000 common.
$30,000 preferred; $0 common.
$6,000 preferred; $24,000 common.
$12,000 preferred; $18,000 common.
Homework Answers
Answer
--Preferred Stockholders are given #1 Preference. Their due dividend = $ 200,000 shares x 6% = $ 12,000
--Common Stockholder will receive the remaining dividend = $ 30000 - 12000 = $ 18,000
--Correct Answer = Option #5: $12,000 preferred; $18,000 common.
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