RequirementsWhat is the journal entry to record the issuance of preferred stock?b. What is the journal entry to record the declaration and payment of cashdividends in 2021? What footnote disclosures are necessary for dividends inarrears in fiscala.year 2021?What footnote disclosures are necessary for dividends in arrears in fiscal year2023?С.d. What is the journal entry to record the declaration and payment of cashdividends in 2024? on january 1 2020 paco comapny issued 1800shares of 5% $105 per cumumlative preferredstock for $225000 on december 26 2021 the boardof directors declared dividend of $13900 whichwere paid on december 31 ,2021 the board ofdirectors didnt declare dividends again untildecember 24,2024 at which time they declareddividend of $44350 paco paid the dividends ondecember 27 2024 any dividends declared beyondwhat is due to the preferred stockholders go tocommon stockholders

Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

on january 1 2020 paco comapny issued 1800 shares of 5% $105 per cumumlative preferred stock for $225000 on december 26 2021 the board of directors declared dividend of $13900 which were paid on december 31 ,2021 the board of directors didnt declare dividends again until december 24,2024 at which time they declared dividend of $44350 paco paid the dividends on december 27 2024 any dividends declared beyond what is due to the preferred stockholders go to common stockholders

on january 1 2020 paco comapny issued 1800 shares of 5% $105 per cumumlative preferred stock for $225000 on december 26 2021 the board of directors declared dividend of $13900 which were paid on december 31 ,2021 the board of directors didnt declare dividends again until december 24,2024 at which time they declared dividend of $44350 paco paid the dividends on december 27 2024 any dividends declared beyond what is due to the preferred stockholders go to common stockholders

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On January 1, 2021, Pina Corporation had 119000 shares of its $0.001 par value common stock outstanding. On November 27, when the market price of the stock was $9, the corporation declared a 10% stock dividend to be issued to stockholders of record on December 28, 2021. What was the impact of the 10% stock dividend on the balance of the retained earnings account? $11900 decrease O $107100 decrease No effect ○ $95200 decrease
8. On December 31st, 2022 Czervik Construction had 60,000 shares of $50 par value common stock outstanding. On January 1st, 2020, Czervik issued 30,000 shares of $100 par value, 4% cumulative preferred stock. Czervik did not declare dividends in 2020. Czervik declared $220,000 of total dividends in 2021. Czervik declared $220,000 of total dividends in 2022. What was the amount of dividends received by common shareholders in 2022? $100,000 You Answered None of the other answers $160,000 Correct Answer • $80,000
(Learning Objectives 1, 2, 3, 4, 5: Account for and evaluate accounts receivableincluding returns, sales discounts, and uncollectible accounts) The balance sheet of Aqua,Inc., a world leader in the design and sale of telescopic equipment, reported the followinginformation on its balance sheets for 2018 and 2017 (figures are in thousands):$8,300(In thousands) December 31, 2018$8,560December 31, 2017Accounts receivable (net of allowance of $1,080 and $940,respectively)In 2018, Aqua recorded $15,700 (gross) in sales (all on account), of which $700 (gross) wasreturned for credit. The cost of sales was $7,700; the cost of the merchandise returned was $400.Aqua offers its customers credit terms of 2/10, n/30. Ninety percent of collections on accountsreceivable were made within the discount period. Aqua wrote off uncollectible accounts receivablein the amount of $120 (gross) during 2018. Sales returns are estimated to be 4% of sales.Requirements1. Calculate the amount of uncollectible…
please avoid image in answers thank you
On October 1, 2021 Chief Corporation declared and issued a 10% stock dividend. Before this date, Chief had 80,000 shares of $5 par common stock outstanding. Te of Chief Corporation on the date of desiaration was $10 per share. As a result of this dividend, Chief's retained earnings will
Requirement 1a-1b please!
Hh1.
17
Pharoah corporation issued $117000 shares of $19 par value cumulative, 7% preferred stock on January 1,2021 for $2530000 in December 2023 pharoah declared its first dividend of $840000 if the preferred stock is not cumulative how much of the $840000 would be paid to common stockholders? Common stock dividends
On June 30, 2020, when ABC shares were selling for $ 65 each, the equity accounts had the following balances: Common shares (par value $ 50: 50,000 issued) $ 2,500,000 Capital contributed in excess of par value 600,000 Retained earnings 4,200,000 A 100% share dividend is declared and distributed, the balance of the Common Shares account after recording the dividend will be: a. $2,500,000 b. $7,300,000 c. $3,100,000 d. $5,000,000
please answer question 2
The stockholders equity section of K Pop Corp balance sheet at December 31, 2019 was as follows: Ordinary shares P10 par authorized 1,000,000 shares, issue and Outstanding 900,000) P9,000,000 Share premium 2,700,000 Retained Earnings 1,300,000 On Jan 2, 2020 K Pop purchased and retired 100,000 shares of the stocks for P1,800,000. Immediately after retirement of these 100,000 shares, balances of the share premium and retained earnings account respectively should be :