FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- A company whose stock is trading at $10 per share has 1,000 shares of $1 par common stock outstanding when the board of directors declares a 30% common stock dividend. Which of the following adjustments should be made when recording the stock dividend? O Retained earnings is debited for $300. O Common stock is debited for $3,000. O Additional paid-in capital is credited for $2,700. O Treasury stock is debited for $300.arrow_forwardA company had stock outstanding as follows during each of its first 3 years of operations: 4,000 shares of 8%, $100 par, cumulative preferred stock and 44,000 shares of $10 par common stock. The amounts distributed as dividends are presented in the following schedule. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. If necessary, round dividends per share to the nearest cent. If your answer is zero, please enter "0". Year 1 2 3 Dividends $24,000 32,000 38,280 Preferred Total Preferred Per Share $ Common Total Common Per Sharearrow_forwardA company had stock outstanding as follows during each of its first three years of operations: 3,000 shares of 10%, $100 par, cumulative preferred stock and 33,000 shares of $10 par common stock. The amounts distributed as dividends follow. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Round dividends per share to the nearest cent. If your answer is zero, please enter "0". Preferred Common Year Dividends Total Per Share Total Per Share 1 $22,500 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 2 30,000 $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 $fill in the blank 8 3 43,230 $fill in the blank 9 $fill in the blank 10 $fill in the blank 11 $fill in the blank 12arrow_forward
- EPS Inc. had net income of $8,950,000 in 2xxx. The company had 2, 500, 000 shares of $4 par value common stock and 60,000 shares of 8%, $100 par, preferred stock outstanding throughout the year. Each share of preferred stock is both cumulative and convertible into 3 shares of common stock. Compute the following for 2xxx: (show your work) (a) The number of shares to be used in computing basic earnings per share. (b) The number of shares to be used in computing diluted EPS. (c) Basic earnings per sharearrow_forwardA company had stock outstanding as follows during each of its first three years of operations: 1,000 shares of 8%, $100 par, cumulative preferred stock and 43,000 shares of $10 par common stock. The amounts distributed as dividends follow. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Round dividends per share to the nearest cent. If your answer is zero, please enter "0". Preferred Common Year Dividends Total Per Share Total Per Share 1 $6,000 $ $ $ $ 2 8,000 $ $ $ $ 3 15,680 $ $ $ $arrow_forwardA company had stock outstanding as follows during each of its first three years of operations: 1,000 shares of 10%, $100 par, cumulative preferred stock and 54,000 shares of $10 par common stock. The amounts distributed as dividends follow. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Round dividends per share to the nearest cent. If your answer is zero, please enter "0". Year 1 2 3 Dividends $7,500 10,000 39,080 Total Preferred $ Per Share Total Common Per Sharearrow_forward
- A company had stock outstanding as follows during each of its first three years of operations: 4,000 shares of 9%, $100 par, cumulative preferred stock and 37,000 shares of $10 par common stock. The amounts distributed as dividends follow. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Round dividends per share to the nearest cent. If your answer is zero, please enter "0". Preferred Common Year Dividends Total Per Share Total Per Share 1 $27,000 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 2 36,000 $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 $fill in the blank 8 3 55,880 $fill in the blank 9 $fill in the blank 10 $fill in the blank 11 $fill in the blank 12arrow_forwardSeacrest Company has 15,000 shares of cumulative preferred 1% stock, $100 par and 50,000 shares of $10 par common stock. The following amounts were distributed as dividends: Year 1 $37,500 Year 2 12,000 Year 3 45,000 Determine the dividend per share for preferred and common stock for each year. Round all answers to two decimal places.arrow_forwardSabas Company has issued and outstanding 49,000 shares of $100 par, 8% preferred stock and 101,000 shares of $50 par common stock. The following amounts were distributed as dividends: Year 1 Year 2 $467,000 474,000 543,000 Year 3 Determine the dividend per share for preferred and common stock for each year. If required, round your answers to two decimal places. Dividend per share: Year 1 Year 2 Year 3 Preferred stock Common stock $ $ $ $ $arrow_forward
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