Pronghorn Corp. has 6,000 preferred shares outstanding ($3.00 dividend), which were issued for $180,000, and 50,000 common shares, which were issued for$520,000.The following schedule shows the amount of dividends paid out over the past four years. Allocate the dividends to each type of share under assumptions (a) and (b).Express your answers in per-share amounts and using the format that is shown. (Round intermediate calculations to 5 decimal places, e.g. 0.15647 and final answers to 2decimal places, e.g. 52.75. Do not leave any answer field blank. Enter O for amounts.)(a)Preferred, non-cumulative,and non-participatingYearPaid-outPreferred2020$15,900 $2.652021$32,000 $32022$80,000 $32023 $146,000$3+A+A+ACommonAssumptions0(b)Preferred, cumulative,and fully participatingPreferredCommonSA$2.650.28$3.351.24+A$2.56+ASA5.55$+A19.55SA$0.240.930.57

Preferred Share Dividends (Per Share) Explanation:Preferred Share Dividends (Per Share)…

Answered: Pronghorn Corp. has 6,000 preferred…

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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Kk. 243.
Top Dog, Inc. has 13,000 shares of $1 par value common stock outstanding. Top Dog, Inc. distributes a 15% stock dividend when the market value of its stock is $18 per share. Read the requirements. Requirement 1. Journalize Top Dog, Inc.'s declaration of the stock dividend on May 15 and distribution on May 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by journalizing the declaration of the stock dividend on May 15. Ad punts and Explanation Date May. 15 Requirements Debit 1. Journalize Top Dog, Inc.'s declaration of the stock dividend on May 15 and distribution on May 31. 2. What is the overall effect of the stock dividend on Top Dog, Inc.'s total assets? 3. What is the overall effect on total stockholders' equity? Credit X
A company had stock outstanding as follows during each of its first 3 years of operations: 1,000 shares of 9%, $100 par, cumulative preferred stock and 32,000 shares of $10 par common stock. The amounts distributed as dividends are presented in the following schedule. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. If necessary, round dividends per share to the nearest cent. If your answer is zero, please enter "0". Year 1 2 3 Dividends $6,750 9,000 25,580 Preferred Total Preferred Per Share Common Total Common Per Share
Kingbird Company has outstanding 2,700 shares of $100 par, 6% preferred stock and 14,300 shares of $10 par value common. The following schedule shows the amount of dividends paid out over the last 4 years. Allocate the dividends to each type of stock under assumptions (a) and (b). Express your answers in per share amounts using the format shown below. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 2 decimal places, e.g. 6.85.) Paid- out $11,900 $ $25,800 $ $51,900 $ $69,400 $ (a) Preferred, noncumulative, and nonparticipating Preferred LA LA $ Common Assumptions LA LA LA $ (b) Preferred, cumulative, and fully participating Preferred LA LA $ Common
Junkyard Arts, Inc., had earnings of $543,200 for the year. The company had 48,000 shares of common stock outstanding during the year and issued 4,300 shares of $100 par value preferred stock. The preferred stock has a dividend of $8 per share. There were no transactions in either common or preferred stock during the year. Determine the basic earnings per share for Junkyard Arts for the year. Round answer to two decimal places.
As auditor for Chrisley and Dale Associates, you have been assigned to check McKessonCorporation’s computation of earnings per share for the current year. The financial controller has supplied you with the following computations. Net Income $6,800,000Ordinary shares issued and outstanding:Beginning of year 650,000End of year 4,000,000Average 2,325,000Earnings per share calculation:$6,800,000 = $2.922,325,000You have gathered the following information:On January 1, 2020, McKesson Corp. issued 650,000 shares. Additional issues of shares for the year were as follows:April 1 150,000 shares.May 1 A 20% share dividendAugust 1 700,000 shares.September 1 340,000 shares.November 1 A 2 for 1 share splitAll 4,000,000 shares were outstanding at December 31, 2020.On January 1, 10% convertible debentures, $60,000,000 face value, were issued at par. Each $1,000 debenture is convertible into 40 ordinary shares. The interest expense for the current year related to the liability component of the…
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A corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its average costs per unit are as follows Average Cost Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense per Unit $5.20 Multiple Choice $3.75 $1.65 $2.60 $0.50 $0.40 $1.50 $0.50 If 5,500 units are produced, the total amount of direct manufacturing cost incurred is closest to:
Your answer is partially correct. Try again. The stockholders' equity section of Bonita Corporation consists of common stock ($10 par) $2,400,000 and retained earnings $527,000. A 10% stock dividend (24,000 shares) is declared when the market price per share is $14. Show the before-and-after effects of the dividend on the following. (a) The components of stockholders' equity. (b) Shares outstanding. (c) Par value per share. Stockholders' equity Outstanding shares. Par value per share x ✓ Before Dividend 2927000 After Dividend
A company had stock outstanding as follows during each of its first 3 years of operations: 2,500 shares of 10%, $100 par, cumulative preferred stock and 50,000 shares of $10 par common stock. The amounts distributed as dividends are presented in the following schedule. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. If necessary, round dividends per share to the nearest cent. If your answer is zero, please enter "0". Year 1 2 3 Dividends $10,000 25,000 60,000 Preferred Total Preferred Per Share Common Total Common Per Share
Barbur, Incorporated reported net income of $12.5625 million. During the year the average number of common shares outstanding was 3.35 million. The price of a share of common stock at the end of the year was $5. There were 540,000 shares of preferred stock outstanding on average and no dividends were declared and the preferred stock is noncumulative. The EPS is: Multiple Choice O C O $0.27. $3.51. $3.61. $3.75.
For the purpose of calculating earnings per share (EPS), the denominator is:Select one:a. Outstanding ordinary shares at balance date.b. Weighted-average number of the sum fully paid ordinary shares and partly paid equivalents.c. Outstanding ordinary shares at balance date and weighted-average number of fully paid ordinary shares.d. Weighted-average number of fully paid ordinary shares.

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