Problem #2 York's outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: Year 1 Year 2 Year 3 Year 4 $20,000 28,000 200,000 350,000 Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. Also compute the total dividends paid to each class for the four years combined. Annual Preferred Dividend: Par Value per Preferred Share $5.00 Dividend Rate 7.5% Dividend per Preferred Share $0.375 Number of Preferred Shares 80,000 Preferred Dividend $30,000

Problem #2 York's outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: Year 1 Year 2 Year 3 Year 4 $20,000 28,000 200,000 350,000 Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. Also compute the total dividends paid to each class for the four years combined. Annual Preferred Dividend: Par Value per Preferred Share $5.00 Dividend Rate 7.5% Dividend per Preferred Share $0.375 Number of Preferred Shares 80,000 Preferred Dividend $30,000

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Description: Problem #2 York's outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5par value and also 200,000 shares of common stock with a $1 par value. During its first four years of operation,the corporation declared and

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company's outstanding stock consists of 1,700 shares of cumulative 5% preferred stock with a $100 par value and 10,700 shares of common stock with with a $10 par value. First 3 years the corporation declared and paid the dividends . Year 1 2,700,Year 2 $6700 Year 3 $35,000. What is the amount of dividends paid to preferred and common stockholders over these 3 years ?
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Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and outstanding. During the year, the following transactions occurred. Apr. 1 Issued 8,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. Paid the $1.50 cash dividend. July 10 Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. 15 Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31. Instructions (a) Prepare the entries for the above transactions. (b) How are dividends and dividends payable reported in the financial statements prepared at December 31?
MAKE A JOURNAL ENTRY FOR EACH TRANSACTION
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