The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31 of the current year: Common shares, no par value, 45,500 shares outstanding Preferred shares, $3, no par value, 7,200 shares outstanding Retained earnings On September 1 of the current year, the board of directors was considering the distribution of a $79,840 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions (show computations): a. The preferred shares are non-cumulative. b. The preferred shares are cumulative. Required: 1. Determine the total amounts that would be paid to the preferred shareholders and to the common shareholders under the two independent assumptions. (Round "Per share" to 2 decimal places.) a. Noncumulative: Total Per share b. Cumulative: Total Per share $910,000 156,000 247,000 Preferred Common
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- 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 $ 64,520The records of Hollywood Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $11 par value, 32,000 shares outstanding Preferred stock, 10 percent, $9 par value, 6,000 shares outstanding Retained earnings, $229,000 On September 1 of the current year, the board of directors was considering the distribution of an $70,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions (show computations): 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. (Round your "per share" amounts to 2 decimal places.) Noncumulative: Total Per share Cumulative: Total Per share Preferred $ $ 5,400 Common $ 0.90 $ 64,600 2.02The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $10 par value, 42,000 shares outstanding Preferred stock, 12 percent, $8 par value, 8,000 shares outstanding Retained earnings, $223,000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $65,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: The preferred stock is noncumulative. 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. Preferred stock Common stock Noncumulative: Total Per share Cumulative: Total Per share
- The records of Hollywood Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $12 par value, 38,000 shares outstanding Preferred stock, 10 percent, $10 par value, 9,000 shares outstanding Retained earnings, $233,000 On September 1 of the current year, the board of directors was considering the distribution of a $68,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions (show computations): a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions.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, 44,000 shares outstanding Preferred stock. 8 percent. $9 par value, 5,000 shares outstanding Retained earnings, $235.000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $73,000 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. Answer is complete but not entirely correct. Preferred stock Noncumulative Total Per share Cumulative Total Per share $ $ S $ Common stock 3,520$…The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $12 par value, 50,000 shares outstanding Preferred stock, 10 percent, $10 par value, 5,000 shares outstanding Retained earnings, $216,000 On September 1 of the current year, the board of directors was considering the distribution of an $85,000 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
- This problem consists of two parts. Part I A portion of the Stockholders’ Equity section of CMH Corporation’s balance sheet as of December 31, 20X3, appears below. Dividends have not been paid for the years 20X1 and 20X2. There has been no change in the number of shares of stock issued and outstanding during these years. Assume that the board of directors of CMH Corporation declares a dividend of $50,000 after completing operations for the year 20X3. Stockholders’ Equity Preferred Stock (10% cumulative, $50 par value, 10,000 shares authorized) At Par Value (2,000 shares issued) $ 100,000 Common Stock (no-par value, with stated value of $5, 50,000 shares authorized) At Stated Value (30,000 shares issued) 150,000 Required: Compute the total amount of the dividend to be distributed to preferred stockholders. Compute the amount of the dividend to be paid on each share of preferred stock. Compute the total amount of the dividend available to be distributed to common stockholders. Compute…Colgate Company had the following shares outstanding and retained earnings at the end of the current year: Preferred shares, 4% (par value $25; outstanding, 10,500 shares) Common shares (outstanding, 35,000 shares) Retained earnings $ 262,500 625,000 306,000 The board of directors is considering the distribution of a cash dividend to both groups of shareholders. No dividends were declared during the previous two years. Three independent cases are assumed: Case A: The preferred shares are non-cumulative; the total amount of dividends is $52,000. Case B: The preferred shares are cumulative; the total amount of dividends is $65,000. Case C: Same as case B, except the amount is $98,500. Required: 1. Compute the amount of dividends, in total and per share, that would be payable to each class of shareholders for each case. (Round "Per share" to 2 decimal places.) Answer is complete and correct. Preferred Sharee Common Shares Case A: Total S 10,500 S 41,500 Per share $ 1.00 $ 1.19 Case B:…Calgate Company had the following shares outstanding and retained earnings at the end of the current year: Preferred shares, 4% (par value $15; outstanding, 10,700 shares) $ 160,500 Common shares (outstanding, 37,000 shares) 635,000 Retained earnings 316,000 The board of directors is considering the distribution of a cash dividend to the two groups of shareholders. No dividends were declared during the previous two years. Three independent cases are assumed: Case A: The preferred shares are non-cumulative; the total amount of dividends is $52,400.Case B: The preferred shares are cumulative; the total amount of dividends is $67,000.Case C: Same as case B, except the amount is $99,500
- At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued, ? issue price $9 per share. Shares held as treasury stock, 11,600 shares, cost $7 per share.. Net income for the current year, $410,720. Common Stock account, $144,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $740,000. Required: Complete the following: (Round "Earnings per share" to 2 decimal places.) 1-a. Shares issued 1-b. Shares outstanding 2. The balance in Additional Paid-in Capital would be 3. Earnings per share is 4. Total dividends paid on common stock during the current year is 5. Treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount of 6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, the par value per share…Calgate Company had the following shares outstanding and retained earnings at the end of the current year: Preferred shares, 4% (par value $30; outstanding, 11,500 shares) Common shares (outstanding, 45,000 shares) Retained earnings The board of directors is considering the distribution of a cash dividend to the two groups of shareholders. No dividends were declared during the previous two years. Three independent cases are assumed: Case A: The preferred shares are non-cumulative; the total amount of dividends is $54,000. Case B: The preferred shares are cumulative; the total amount of dividends is $75,000. Case C: Same as case B, except the amount is $103,500. Required: 1. Compute the amount of dividends, in total and per share, that would be payable to each class of shareholders for each case. (Round "Per share" to 2 decimal places.) Case A: Total Per share Case B: Total Per share $ 345,000 675,000 170,000 Case C: Total Per share Preferred Shares Common SharesCalgate Company had the following shares outstanding and retained earnings at the end of the current year: Preferred shares, 4% (par value $25; outstanding. 10,000 shares) $250,000 Common shares (outstanding. 30,000 shares) 600,000 Retained earnings 281,000 The board of directors is considering the distribution of a cash dividend to the two groups of shareholders. No dividends were declared during the previous two years. Three independent cases are assumed: Case A: The preferred shares are non-cumulative; the total amount of dividends is $51,000. Case B: The preferred shares are cumulative; the total amount of dividends is $60,000. Case C: Same as case B, except the amount is $96,000. Required: 1. Compute the amount of dividends, in total and per share, that would be payable to each class of shareholders for each case. Show computations. 2. Assume that the company issued a 10 percent common stock dividend on the outstanding common shares when the market value per share was $24.…