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Monty Corporation has 11,600 shares of $100 par value, 9%,
preferred stock and 48,200 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
$...
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Whispering Company has two classes of capital stock outstanding:
8%, $20 par preferred and $5 par common. At December 31, 2020, the
following accounts were included in stockholders’ equity.
Preferred Stock, 148,200 shares
$ 2,964,000
Common Stock, 1,991,000 shares
9,955,000
Paid-in Capital in Excess of Par—Preferred Stock
207,000
Paid-in Capital in Excess of Par—Common Stock
26,478,000
Retained Earnings
4,495,000
The following transactions affected stockholders’ equity during
2021.
Jan. 1
29,200 shares of preferred stock issued at $23 per share.
Feb....
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On January 1, 2020, Crane Corporation had the following
stockholders’ equity accounts.
Common Stock (no par value, 91,000 shares issued and
outstanding)
$1,385,000
Retained Earnings
546,000
During the year, the following transactions occurred.
Feb. 1
Declared a $1 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 3-for-1 stock split. Prior to the split, the market
price per share was $37.
July 1...
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Cheyenne Corp. has issued 91,000 shares of $5 par value common
stock. It was authorized 499,000 shares. The paid-in capital in
excess of par value on the common stock is $264,000. The
corporation has reacquired 6,700 shares at a cost of $55,000 and is
currently holding those shares. It also had accumulated other
comprehensive income of $67,000.
The corporation also has 1,700 shares issued and outstanding of 8%,
$104 par value preferred stock. It was authorized 10,900 shares.
The paid-in...
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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...
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Exercise 15-9 Sage Corporation has 10,500 shares of $100 par value, 8%, preferred stock and 48,100 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...
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Problem 15-03
Nash Company has two classes of capital stock outstanding: 8%,
$20 par preferred and $5 par common. At December 31, 2020, the
following accounts were included in stockholders’ equity.
Preferred Stock, 148,200 shares
$ 2,964,000
Common Stock, 1,991,000 shares
9,955,000
Paid-in Capital in Excess of Par—Preferred Stock
207,000
Paid-in Capital in Excess of Par—Common Stock
26,478,000
Retained Earnings
4,495,000
The following transactions affected stockholders’ equity during
2021.
Jan. 1
29,200 shares of preferred stock issued at $23 per...
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The stockholders’ equity accounts of Pronghorn Corp. on January
1, 2017, were as follows.
Preferred Stock (6%, $100 par noncumulative, 4,250 shares
authorized)
$255,000
Common Stock ($3 stated value, 350,000 shares authorized)
875,000
Paid-in Capital in Excess of Par Value—Preferred Stock
12,750
Paid-in Capital in Excess of Stated Value—Common Stock
560,000
Retained Earnings
686,000
Treasury Stock (4,250 common shares)
34,000
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 5,440 shares...
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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...
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On January 1, 2022, Tamarisk, Inc. had these stockholders’
equity balances.
Common Stock, $1 par (2,900,000
shares authorized, 655,000 shares issued and outstanding)
$655,000
Paid-in Capital in Excess of Par
Value
1,590,000
Retained Earnings
683,000
Accumulated Other Comprehensive Income
60,000
During 2022, the following transactions and events
occurred.
1.
Issued 55,000 shares of $1 par
value common stock for $2 per share.
2.
Issued 59,500 shares of common
stock for cash at $6 per share.
3.
Purchased 21,100 shares of...
Monty Corporation has 11,600 shares of $100 par value, 9%,
preferred stock and 48,200 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
$...
On January 1, 2020, Crane Corporation had the following
stockholders’ equity accounts.
Common Stock (no par value, 91,000 shares issued and
outstanding)
$1,385,000
Retained Earnings
546,000
During the year, the following transactions occurred.
Feb. 1
Declared a $1 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 3-for-1 stock split. Prior to the split, the market
price per share was $37.
July 1...
Cheyenne Corp. has issued 91,000 shares of $5 par value common
stock. It was authorized 499,000 shares. The paid-in capital in
excess of par value on the common stock is $264,000. The
corporation has reacquired 6,700 shares at a cost of $55,000 and is
currently holding those shares. It also had accumulated other
comprehensive income of $67,000.
The corporation also has 1,700 shares issued and outstanding of 8%,
$104 par value preferred stock. It was authorized 10,900 shares.
The paid-in...
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...
Exercise 15-9 Sage Corporation has 10,500 shares of $100 par value, 8%, preferred stock and 48,100 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...
Problem 15-03
Nash Company has two classes of capital stock outstanding: 8%,
$20 par preferred and $5 par common. At December 31, 2020, the
following accounts were included in stockholders’ equity.
Preferred Stock, 148,200 shares
$ 2,964,000
Common Stock, 1,991,000 shares
9,955,000
Paid-in Capital in Excess of Par—Preferred Stock
207,000
Paid-in Capital in Excess of Par—Common Stock
26,478,000
Retained Earnings
4,495,000
The following transactions affected stockholders’ equity during
2021.
Jan. 1
29,200 shares of preferred stock issued at $23 per...
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...