FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Belmont, Inc., has outstanding 10,000 shares of $200 par value, 7% nonparticipating, cumulative
If the dividend on preferred stock is one year in arrears, and the total cash dividend declared this year is $288,000, then the total amounts distributed to preferred and common stockholders, respectively, are:
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- Sunland Limited reported the following items in shareholders' equity on December 31, 2024: Share capital: Preferred shares, $5 cumulative dividend, 145,000 shares issued and outstanding. $14,500,000 Share capital: Common shares, 711,000 issued and outstanding. $28,440,000 Retained earnings. $26,830,000arrow_forwardnaruarrow_forwardLightfoot Inc., a software development firm, has stock outstanding as follows: 15,000 shares of cumulative preferred 2% stock, $25 par, and 19,000 shares of $100 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $2,850; second year, $4,800; third year, $30, 240; fourth year, $59,750. Calculate the dividend per share on each class of stock for each of the four years. Round all answers to two decimal places.arrow_forward
- Lightfoot Inc., a software development firm, has stock outstanding as follows: 15,000 shares of cumulative preferred 2% stock, $25 par, and 19,000 shares of $50 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $2,850; second year, $4,800; third year, $28,910; fourth year, $55,380. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0".arrow_forwardThe stockholders' equity of Blue Corporation includes $300,000 of S1 par common stock and $500,000 par of 5% cumulative preferred stock. In its first year of operations, cash dividends of $20,000 were declared. In its second year of operations, cash dividends of $15,000 were declared. Now in its third year, cash dividends of $100,000 are declared. How much of the $100,000 year three dividends will preferred stockholders receive? Multiple Choice $25,000 $15,000 $40,000 $35,000arrow_forwardLenore, Inc. declared a cash dividend of $90,000 in 2021 when the following stocks were outstanding: Common stock 30,000 shares, $5 par value $150,000 Preferred stock, 6%, 6,000 shares, $50 par value $300,000 No dividends were declared or paid during the prior two years. Required: Compute the amount of dividends that would be paid to each stockholder group if the preferred stock is noncumulative. Compute the amount of dividends that would be paid to each stockholder group if the preferred stock is cumulative.arrow_forward
- Lightfoot Inc., a software development firm, has stock outstanding as follows: 30,000 shares of cumulative preferred 2% stock, $25 par, and 38,000 shares of $50 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $5,700; second year, $9,600; third year, $57,820; fourth year, $110,760. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0" 1st Year 2nd Year Preferred stock (dividend per share) Common stock (dividend per share) 0.19 ✓ $ 0.36 X 100 3rd Year 100 4th Yeararrow_forward17. Graniel Couture has $260,000 of 8% noncumulative, preferred stock outstanding. Graniel Couture also has $80,000 of common stock outstanding. The company paid cash dividends of $56,000 during the year. This dividend should be distributed as follows: a. $20,800 common; $35,200 preferred; b. $56,000 preferred; $0 common. c. $20,800 preferred; $35,200 common. d. $0 preferred; $56,000 common. e. $28,000 preferred; $28,000 common.arrow_forward
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