Cullumber Corporation was organized on January 1, 2026. During its first year, the corporation issued 1,900 shares of $50 par valuepreferred stock and 97,500 shares of $10 par value common stock. At December 31, the company declared the following cashdividends: 2026, $5,100: 2027, $12.100; and 2028, $28,200.(a)Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. If youranswer is zero, enter "0")Total dividendAllocation to preferred stockRemainder to common stock202620272028 Show the allocation of dividends to each class of stock,assuming the preferred stock dividend is 7% and cumulative.(If your answer is zero, enter "0".)

The dividend is the portion of the company's profit paid to shareholders during the year. There are…

Answered: umber Corporation was organized on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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29. The Corazon Corporation it authorized to isue 100,000 shares at P20 par ordinary shares. At the beginning of 2020, I8.000 ordinary shores were issued and outstanding. These shares had been hsued at P27 per sham. During 2020, me company enteted into the folowing transactione January 4 Morch 19 ued 1.300 ordinary sharet at P28 per share. Exchanged 12,000 ordinary shares for a mochine. The ordinary share was seling at P30 per share. Reacquired ordiniary shates at P29 per share. May 9 Juhy 19 Accepted subscriptions tor 1.000 ordincry shares at P31 per share. the contract caled Ior 105 down pnyment with the hoinnre dun on December 1 Septermber 4 Sold 500 of trmasury shares at P32 per shate. December 1 Collected the balance due on July 19 subscriptions and issued the stock certificate. How much s the total contritutecd copital for December 31, 20209
The following data is available for Sheffield Service Corporation at December 31, 2020: Common stock, par $10 (authorized 100000 shares) Treasury Stock (at cost $15 per share) $413000 O 41300 O 50000 O 37700 O 48200 54000 Based on the data, how many shares of common stock are outstanding?
The following information relates to X, Y, and Z as at 30 June 2021 Stock Share price Number of shares X 10 2,000,000 Y 15 6,000,000 Z 20 10,000,000 During the year the following activities occurred; A two for one stock split on Y Payment of 10% dividend on Z. It can be assumed that the entire dividend paid will be reinvested in shares of Z limited. On 30 June 2022 the stock prices of X, Y and Z were sh 12, sh 10 and sh 20 respectively. Required; New index value given that the beginning value index is 100. Explain how secondary markets benefit investors. State and explain the main risks faced by financial institutions in the course of conduct of their business.
Concord Corporation has the following shareholders'equity on December 31, 2021: Shareholders' equity Share capital $10 convertible preferred shares. 10,000 shares authorized, 4600 shares issued $573000 Common shares, 200,000 shares authorized, 70000 shares issued 1750000 Total share capital 2323000 Retained earnings 454000 Total shareholders' equity $2777000 IF 9800 common shares were reacquired for $26 per share, the journal entry to record the transaction would O debit Common Shares for $245000. O credit Contributed Surplus-Reacquisition of Shares for $9800. O credit Retained Earnings for $9800. O credit Common Shares for $254800.
K Michael Corporation has the following information as of December 31 of the current year: Common Stock, $1 par value (authorized 16,261 shares) Treasury Stock (2,300 shares at cost) Common Stock Outstanding (2,600 shares) Based on the information above, how many shares of common stock are issued? A. 2,300 OB. 2,600 C. 4,900 D. 16,261 $15,000
Integrity Company, a newly formed company, had the following shares issued and outstanding as of April 1, 2022: Ordinary share, P20 par (20,000 shares originally issued for P60 per share) Preference share, P50 par (6,000 shares originally issued for P100 per share) How much is the Ordinary Share Capital, Preference Share Capital, and Share Premium, respectively? a. P400,000; P300,000; and P1,100,000 b. P1,200,000; P300,000; and P300,000 c. P400,000; P600,000; and P800,000 d. P1,200,000; P600,000; and P0
Nevada Corporation has 65,772 shares of $23 par stock outstanding that has a current market value of $266 per share. If the corporation issues a 5-for-1 stock split, the number of shares outstanding will be Oa. 13,154 Ob. 328,860 O c. 756,378 Od. 65,772 A
Kk128. Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2022. Each preferred share is convertible into four common shares. journalize issues of shares
The equity section of JUJI Corporation as of December 31, 2018, was as follows: Share capital—ordinary, par value P20; authorized 20,000 shares; issued and outstanding 10,000 shares P200,000 Share premium—ordinary 300,000 Retained Earnings 750,000 1,250,000 On March 1, 2019, the board of directors declared a 15% share dividend, and accordingly 1,500 additional shares were issued. On March 1, 2019, the fair value of the share was P60 per share. For the two months ended February 28, 2019, JUJI sustained a net loss of P100,000. What amount should JUJI report as retained earnings as of March 1, 2019?
On October 1, 2021, ATN Corporation, a newly formed company had the following shares issued and outstanding: Preference shares, P50 par, 6,000 shares originally issued at P100; Ordinary share P20 par,20,000 shares originally issued at P60. ATN shareholders' equity should report preference share capital, ordinary share capital and paid-in capital in excess of par, respectively at: a.) P600,000, P1,200,000 0 b.) P300,000, P1,200,000 P300,000 c.) P300,000, P400,000 P1,100,000 d.) P600,000, P400,000 P800,000 SHOW COMPLETE SOLUTION
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Shareholders' equity Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend…
12. On Jan. 1, 2019, Giron Corp. reported the following on its shareholders' equity section: Ordinary Shares, P5 par value, authorized 200,000 shares, issued 100,000 shares Share Premium-Ordinary Retained Earnings P 500,000 1,500,000 516,000 P2,516,000 Treasury Stock, at cost, 5,000 shares Total Shareholders' Equity (40,000) P2,476,000 The following events occurred in 2019: May 1: July 9: 1,000 shares of treasury stock were sold for P10,000. 10,000 shares of previously unissued ordinary shares were sold for P12 per share. Oct. 1: The distribution of a 2-for-1 share split resulted in the ordinary shares' per share par value being halved. Giron accounts for treasury stock under the cost method. On Dec. 31, 2019, the total par value of the issued ordinary shares should be а. P550,000. P518,000. P291,000. d. P530,000. C.

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umber Corporation was organized on January erred stock and 97,500 shares of $10 par value common sto dends: 2026, $5,100: 2027 $12.100; and 2028, $28.200