Question

On January 1, 2020, Coronado Company purchased at face value, a $1300, 9% bond that pays interest on January 1. Coronado Company has a calendar year end.
The entry for the receipt of interest on January 1, 2021 is

Outstanding stock of the Sheridan Corporation included 20800 shares of $5 par common stock and 5100 shares of 6%, $10 par noncumulative preferred stock. In 2019, Sheridan declared and paid dividends of $1900. In 2020, Sheridan declared and paid dividends of $6400. How much of the 2020 dividend was distributed to preferred shareholders?

Marigold, Inc. has 3100 shares of 4%, $50 par value, cumulative preferred stock and 62000 shares of $1 par value common stock outstanding at December 31, 2019. The board of directors declared and paid a $2700 dividend in 2019. In 2020, $18100 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2020?

Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is:

CHENARD, JENNINGS, AND BLAIR PARTNERSHIP
Balance Sheet
December 31, 2020
Assets      Liabilities and Owners' Equity
Cash   $ 37700      Liabilities   $141000
Noncash assets   283000      Chenard, Capital   59500
          Jennings, Capital   89400
           Blair, Capital   30800
Total  
$320700
    Total  
$320700

If the partnership is liquidated by selling the noncash assets for $384000, and creditors are paid in full, what is the total amount of cash that Chenard will receive in the distribution of cash to partners?

Answer 1

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