The shareholders' equity of Kramer Industries includes the data shown below. During 2022, cash dividends of $170 million were declared. Dividends were not declared in 2020 or 2021. Common stock Paid-in capital-excess of par, common Preferred stock, 10%, nonparticipating Paid-in capital-excess of par, preferred ($ in millions) $ 360 1,440 180 360 Required: Determine the amount of dividends payable to...
The shareholders' equity of Kramer Industries includes the data shown below. During 2022, cash dividends of $110 million were declared. Dividends were not declared in 2020 or 2021. Common stock Paid-in capital-excess of par, common Preferred stock, 10%, nonparticipating Paid-in capital-excess of par, preferred ($ in millions) $ 240 960 120 300 Required: Determine the amount of dividends payable to...
On January 4, Year 1, Ferguson Company purchased 75,000 shares of Silva Company directly from one of the founders for a price of $43 per share. Silva has 300,000 shares outstanding, including the Daniels shares. On July 2, Year 1, Silva paid $218,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of...
Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Debit Credit Cash $ 3 Accounts Receivable 5 Supplies 12 Land 0 Equipment...
Pineapple Ltd is considering replacing its current stock of
computers with a new model. It plans to evaluate three
options
based on the following information:
Management is considering three options:
1. Replace the old computers now and operate Model XA for four
years, then replace with Model XD and operate for eight
years, to be replaced in perpetuity
2. Replace...
1 Netflix Co. that has been floating rate notes now believes that interese rise I decides to protect itself nainst this possibility by entering into an in rate swap with a dealer. In this swap, the notional principal is $80 million and the company will pay a fixed rate of 5.5 percent and receive LIBOR. The current LIROU is 5...
Question 7 --/1 View Policies Current Attempt in Progress The books of Monty Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 320,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,600 shares at cost) Retained Earnings $ 175,000 296,000 1,600,000 146,000...
Culiver, Inc. is constructing a building that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2016-December 31, 2017 Expenditures on project (incurred evenly): 2016 $20,000 2017 $60,000 Amounts borrowed and outstanding (all debt incurred January 1, 2016): $10,000 at 10% (specifically for the construction project) $18,000 at 12% (general debt) $30,000 at 14% (general debt)...
John Company purchases used equipment form Moore Inc. on January 1, 2018 issuing a zero-interest note for $(see below) that matures on (see number of years below). The market value of the equipment is not readily available. John Company’s normal borrowing rate is (see below): Last Name Face Amount # of Years Rate A – D $2,000,000 3 7% E...
Company X and Company Z are related companies subject to consolidation. On 1/1/19, Company X sold machinery to Company Z for $50,000 cash that had an original purchase price of $150,000, useful life of 10 years, accumulated depreciation at the time of sale of $60,000, and was expected to be continued to be depreciated at $15,000 per year had it...