Homework Answers
1. A = $ 540,000 / $ 18 = 30,000 shares of preferred stock.
2. B = 325,000 shares @ $ 9.60 per share = $ 3,120,000.
3. C = $ 540,000 + $ 3,120,000 = $ 3,660,000.
4. D = $ 3,660,000 - $ 3,468,000 = $ 192,000.
5. Profit ( loss ) for the year ended October 31, 2020 = $ 384,000 + $ 192,000 = $ ( 576,000 )
6. a. Dividends paid to the preferred shareholders = 30,000 x $ 3 = $ 90,000.
b. Dividends paid to the common shareholders = $ 120,000 - $ 90,000 = $ 30,000.
7.a. Dividends per share for preferred shareholders = $ 90,000 / 30,000 = $ 3 per share.
b. Dividends per share to the common shareholders = $ 30,000 / 325,000 = $ 0.09 per share.
8. Dividends in arrears = $ 90,000 x 2 = $ 180,000.
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12-4A
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In 20X3, Snowboard Ltd. had the following share capital outstanding: Preferred shares, no-par value; $1.90 dividend: authorized, unlimited shares; issued, 100,000 shares Common shares, no-par value; authorized, unlimited shares; issued, 760,000 shares $1,400,000 1,064,000 No dividends were declared in 20X1 or 20x2, but $1,990,000 of dividends were declared in 20X3. Required: Calculate the amount of dividends that would be paid in 20x3 to each share class under the following separate cases: Case A Preferred shares are cumulative and non-participating. Total...
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