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New England Communications has the following stockholders' equity on December 31, 2018: E (Click on the icon to view the stockholders' equity) Read the requirements. Total dividend to preferred stockholders A Data Table - X Dividend to common stockholders New England's 2019 dividend would be divided between preferred and common stockholders in this manner: Stockholders' Equity Total Dividend2019 Paid-In Capital: Dividend to preferred stockholders: Preferred Stock–8%, $ 9 Par Value; 150,000 shares Dividend in arrears authorized, 22,000 shares issued and outstanding 2$ 198,000 Common Stock–$2 Par Value; 575,000 shares authorized, 400,000 shares issued and outstanding Current year dividend 800,000 Total dividend to preferred stockholders 1,800,000 Paid-In Capital in Excess of Par-Common Dividend to common stockholders Total Paid-In Capital 2,798,000 Requirement 2. Record the journal entries for 2018, assuming that New England Communications declared the divid Retained Earnings 150,000 tions Activate V$ind2,948,000 Choose from any list or enter any number in the input fields and then continue to the next question. Total Stockholders' Equity

New England Communications has the following stockholders' equity on December 31, 2018: E (Click on the icon to view the stockholders' equity) Read the requirements. Total dividend to preferred stockholders A Data Table - X Dividend to common stockholders New England's 2019 dividend would be divided between preferred and common stockholders in this manner: Stockholders' Equity Total Dividend2019 Paid-In Capital: Dividend to preferred stockholders: Preferred Stock–8%, $ 9 Par Value; 150,000 shares Dividend in arrears authorized, 22,000 shares issued and outstanding 2$ 198,000 Common Stock–$2 Par Value; 575,000 shares authorized, 400,000 shares issued and outstanding Current year dividend 800,000 Total dividend to preferred stockholders 1,800,000 Paid-In Capital in Excess of Par-Common Dividend to common stockholders Total Paid-In Capital 2,798,000 Requirement 2. Record the journal entries for 2018, assuming that New England Communications declared the divid Retained Earnings 150,000 tions Activate V$ind2,948,000 Choose from any list or enter any number in the input fields and then continue to the next question. Total Stockholders' Equity

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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New England Communications has the following stockholders' equity on December 31, 2018: E (Click on the icon to view the stockholders' equity) Read the requirements. - X Total dividend to preferred stockholders i Data Table Dividend to common stockholders New England's 2019 dividend would be divided between preferred and common stockholders in this manner: Stockholders' Equity Total Dividend–2019 Paid-In Capital: Dividend to preferred stockholders: Preferred Stock–8%, $ 9 Par Value; 150,000 shares authorized, 22,000 shares issued and outstanding Common Stock-$2 Par Value; 575,000 shares ized, 400,000 shares issued and outstanding Dividend in arrears 2$ 198,000 Current year dividend au 800,000 Total dividend to preferred stockholders 1,800,000 Paid-In Capital in Excess of Par-Common Dividend to common stockholders Total Paid-In Capital 2,798,000 Requirement 2. Record the journal entries for 2018, assuming that New England Communications declared the divid Retained Earnings 150,000 tions Total Stockholders' Equity Activate V$ind3948,000 Choose from any list or enter any number in the input fields and then continue to the next question.
Transcribed Image Text:New England Communications has the following stockholders' equity on December 31, 2018: E (Click on the icon to view the stockholders' equity) Read the requirements. - X Total dividend to preferred stockholders i Data Table Dividend to common stockholders New England's 2019 dividend would be divided between preferred and common stockholders in this manner: Stockholders' Equity Total Dividend–2019 Paid-In Capital: Dividend to preferred stockholders: Preferred Stock–8%, $ 9 Par Value; 150,000 shares authorized, 22,000 shares issued and outstanding Common Stock-$2 Par Value; 575,000 shares ized, 400,000 shares issued and outstanding Dividend in arrears 2$ 198,000 Current year dividend au 800,000 Total dividend to preferred stockholders 1,800,000 Paid-In Capital in Excess of Par-Common Dividend to common stockholders Total Paid-In Capital 2,798,000 Requirement 2. Record the journal entries for 2018, assuming that New England Communications declared the divid Retained Earnings 150,000 tions Total Stockholders' Equity Activate V$ind3948,000 Choose from any list or enter any number in the input fields and then continue to the next question.
Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if total dividends are $12,840 in 2018 and $49,000 in 2019. Assume no changes in preferred stock and common stock in 2019. (Assume all preferred dividends have been paid prior to 2018. Complete all input boxes. Enter a "0" for zero amounts. For the current year preferred dividend, be sure to enter the calculated dividend on the "current year dividend" line and the paid out dividend on the "total dividend to preferred stockholders" line.) New England's 2018 dividend would be divided between preferred and common stockholders in this manner: Total Dividend–2018 Data Table Dividend to preferred stockholders: Dividend in arrears Stockholders' Equity Current year dividend Paid-In Capital: Total dividend to preferred stockholders Preferred Stock-8%, $ 9 Par Value; 150,000 shares authorized, 22,000 shares issued and outstanding Common Stock–$2 Par Value; 575,000 shares authorized, 400,000 shares issued and outstanding Dividend to common stockholders $ 198,000 800,000 Choose from any list or enter any number in the input fields and then continue to the next question. 1,800,000 Paid-In Capital in Excess of Par-Common Total Paid-In Capital 2,798,000 Retained Earnings 150,000 $ 2,948,000 Total Stockholders' Equity Activate Windows Go to Settings to activate WWindows. Done Print
Transcribed Image Text:Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if total dividends are $12,840 in 2018 and $49,000 in 2019. Assume no changes in preferred stock and common stock in 2019. (Assume all preferred dividends have been paid prior to 2018. Complete all input boxes. Enter a "0" for zero amounts. For the current year preferred dividend, be sure to enter the calculated dividend on the "current year dividend" line and the paid out dividend on the "total dividend to preferred stockholders" line.) New England's 2018 dividend would be divided between preferred and common stockholders in this manner: Total Dividend–2018 Data Table Dividend to preferred stockholders: Dividend in arrears Stockholders' Equity Current year dividend Paid-In Capital: Total dividend to preferred stockholders Preferred Stock-8%, $ 9 Par Value; 150,000 shares authorized, 22,000 shares issued and outstanding Common Stock–$2 Par Value; 575,000 shares authorized, 400,000 shares issued and outstanding Dividend to common stockholders $ 198,000 800,000 Choose from any list or enter any number in the input fields and then continue to the next question. 1,800,000 Paid-In Capital in Excess of Par-Common Total Paid-In Capital 2,798,000 Retained Earnings 150,000 $ 2,948,000 Total Stockholders' Equity Activate Windows Go to Settings to activate WWindows. Done Print
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