FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Norton Corporation has the following shareholders equity on September 30, 2021:
Shareholder's Equity
Share Capital
$10 preferred shares, cumulative 10,000 shares authorized, 5,000 issued
$5,000,000
Common shares, 200,000 shares authorized, 10,000 shares issued
200,000
Total Share Capital
5,200,000
Retained Earnings
570,000
Total shareholder's equity
5,770,000
On September 15, 2021, Norton Corporation declared a $170,000 dividend to be
paid on October 15 to shareholders of record on September 30. Assuming that the
preferred dividends have NOT been paid since 2019 the amount of dividends per
common share for 2021 would be
$0.10
O $17
$10
%24
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Transcribed Image Text:Norton Corporation has the following shareholders equity on September 30, 2021: Shareholder's Equity Share Capital $10 preferred shares, cumulative 10,000 shares authorized, 5,000 issued $5,000,000 Common shares, 200,000 shares authorized, 10,000 shares issued 200,000 Total Share Capital 5,200,000 Retained Earnings 570,000 Total shareholder's equity 5,770,000 On September 15, 2021, Norton Corporation declared a $170,000 dividend to be paid on October 15 to shareholders of record on September 30. Assuming that the preferred dividends have NOT been paid since 2019 the amount of dividends per common share for 2021 would be $0.10 O $17 $10 %24
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