Nowell Inc. had the following stock issued and outstanding as of January 1, Year 2:  1. 150,000 shares of no-par common stock.  2. 30,000 shares of $50 par, 4 percent, cumulative preferred stock. (Dividends are in arrears for one year, Year 1.)  On March 8, Year 2, Nowell declared a $175,000 cash dividend to be paid March 31 to shareholders of record on March 20.  a. What amount of dividends from Arrearage from Year 1 will be paid to common shareholders?  b. What amount of dividends related to Year 2 will be paid to common shareholders?  c. Prepare the journal entries required for these transactions. The last entry will be to close the dividend account at the end of the year. (Be sure to include the dates of the entries).

A recent annual report for Malestrom Incorporated disclosed that the company declared and paid dividends on common stock in the amount of $1.80 per share. During the year, Malestrom had 1,017,000,000 authorized shares of common stock and 191,370,000 issued shares. There is no treasury stock. Required: Assume Malestrom declared the entire dividend ($1.80 per share) on February 20 and subsequently paid the dividend on March 1. Prepare the journal entries to record the declaration and payment of dividends. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0). View transaction list Journal entry worksheet

On January 1, Oriole Corporation had 61,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Issued 11,250 additional shares of common stock for $11 per share. Declared a cash dividend of $1.90 per share to stockholders of record on June 30. Paid the $1.90 cash dividend. Issued 5,000 additional shares of common stock for $12 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31. Apr. 1 June 15 July 10 Dec. (a) Prepare a tabular summary to record the three dates that involved dividends. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to O decimal places, e.g.…

The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $11 par value, 49,000 shares outstanding Preferred stock, 8 percent, $9 par value, 9,000 shares outstanding Retained earnings, $231,000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $71,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. Noncumulative: Total Per share Cumulative: Total Per share $ Preferred stock Common stock 35,280 $ 64,520

On January 1, Pharoah Company had 87000 shares of $10 par value common stock outstanding. On May 7, the company declared a 5% stock dividend to stockholders of record on May 21. Market value of the stock was $16 on May 7. The stock was distributed on May 24. The entry to record the transaction of May 24 would include a

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Nowell Inc. had the following stock issued and outstanding at January 1, Year 2. 1. 150,000 shares of no-par common stock. 2. 30,000 shares of $50 par, 4%, cumulative preferred stock. (dividends are in arrears for one year, Year 1,) On March 9, Year 1, Nowell declared a $175,000 cash dividend to be paid March 31 to shareholders of record on March 20. a. What amount of dividends will be paid to the preferred shareholders versus the common shareholders? b. Prepare the journal entries required for these transactions. (Be sure to include the dates of the entries.)

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Nowell Incorporated had the following stock issued and outstanding at January 1, Year 2: 1. 106,000 shares of no-par common stock. 2.36,000 shares of $50 par, 5 percent, cumulative preferred stock. (Dividends are in arrears for one year, Year 1.) On March 8, Year 2, Nowell declared a $208,000 cash dividend to be paid March 31 to shareholders of record on March 20. Required What amount of dividends will be paid to the preferred shareholders versus the common shareholders? Total dividend declared Preferred arrearage Current preferred dividend Available for common Distributed to common Total Distributed to Shareholders Preferred Common

Bogscraft Company has outstanding 65,500 shares of $10 par value common stock and 26,100 shares of $20 par value preferred stock (8 percent). On February 1, the board of directors voted in favor of an 8 percent cash dividend on the preferred stock. The cash dividends were paid on March 15. The company closed its books at its fiscal year-end, June 30.Required: Prepare journal entries to record the events on (a) February 1, (b) March 15, and (c) June 30. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)