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In: Accounting
Ayayai Company’s ledger shows the following balances on December 31, 2020. 8% Preferred Stock—$10 par value,...
Ayayai Company’s ledger shows the following balances on December
31, 2020.
| 8% Preferred Stock—$10 par value, outstanding 18,600 shares | $ 186,000 | |
| Common Stock—$100 par value, outstanding 27,500 shares | 2,750,000 | |
| Retained Earnings | 662,000 |
Assuming that the directors decide to declare total dividends in
the amount of $371,000, determine how much each class of stock
should receive under each of the conditions stated below. One
year‘s dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative and fully
participating. (Round the rate of participation to 4
decimal places, e.g.1.4278%. Round answers to 0 decimal places,
e.g. $38,487.)
(c) The preferred stock is noncumulative and is participating in distributions in excess of a 11% dividend rate on the common stock. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Ayayai Company’s ledger shows the following balances on December 31, 2020. 8% Preferred Stock—$10 par value,...
Ayayai Company’s ledger shows the following balances on December
31, 2020.
8% Preferred Stock—$10 par value, outstanding 18,600
shares
$ 186,000
Common Stock—$100 par value, outstanding 27,500 shares
2,750,000
Retained Earnings
662,000
Assuming that the directors decide to declare total dividends in
the amount of $371,000, determine how much each class of stock
should receive under each of the conditions stated below. One
year‘s dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative and fully...
Question 2 Ayayai Company’s ledger shows the following balances on December 31, 2020. 8% Preferred Stock—$10...
Question 2 Ayayai Company’s ledger shows the following balances
on December 31, 2020.
8% Preferred Stock—$10 par value, outstanding 18,600 shares $
186,000
Common Stock—$100 par value, outstanding 27,500 shares
2,750,000
Retained Earnings 662,000
Assuming that the directors decide to declare total dividends in
the amount of $371,000, determine how much each class of stock
should receive under each of the conditions stated below. One
year‘s dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative...
Sage Company’s ledger shows the following balances on December 31, 2020. 4% Preferred Stock—$10 par value,...
Sage Company’s ledger shows the following balances on December
31, 2020.
4% Preferred Stock—$10 par value, outstanding 18,200 shares $
182,000
Common Stock—$100 par value, outstanding 32,400 shares
3,240,000
Retained Earnings 684,000 Assuming that the directors decide to
declare total dividends in the amount of $333,000, determine how
much each class of stock should receive under each of the
conditions stated below. One year‘s dividends are in arrears on the
preferred stock.
(a) The preferred stock is cumulative and fully...
Sage Company’s ledger shows the following balances on December 31, 2020. 4% Preferred Stock—$10 par value,...
Sage Company’s ledger shows the following balances on December
31, 2020.
4% Preferred Stock—$10 par value, outstanding 18,200 shares $
182,000
Common Stock—$100 par value, outstanding 32,400 shares
3,240,000
Retained Earnings 684,000
Assuming that the directors decide to declare total dividends in
the amount of $333,000, determine how much each class of stock
should receive under each of the conditions stated below. One
year‘s dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative and fully...
Blossom Company’s ledger shows the following balances on December 31, 2020. 7% Preferred Stock—$10 par value,...
Blossom Company’s ledger shows the following balances on
December 31, 2020.
7% Preferred Stock—$10 par value, outstanding 20,500
shares
$ 205,000
Common Stock—$100 par value, outstanding 32,100 shares
3,210,000
Retained Earnings
585,000
Assuming that the directors decide to declare total dividends in
the amount of $343,000, determine how much each class of stock
should receive under each of the conditions stated below. One
year‘s dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative and fully...
Sage Company’s ledger shows the following balances on December 31, 2020. 4% Preferred Stock—$10 par value,...
Sage Company’s ledger shows the following balances on December
31, 2020.
4% Preferred Stock—$10 par value, outstanding 18,200 shares $
182,000
Common Stock—$100 par value, outstanding 32,400 shares
3,240,000
Retained Earnings 684,000
Assuming that the directors decide to declare total dividends in
the amount of $333,000, determine how much each class of stock
should receive under each of the conditions stated below. One
year‘s dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative and fully...
Monty Company’s ledger shows the following balances on December 31, 2020. 7% Preferred Stock—$10 par value,...
Monty Company’s ledger shows the following balances on December
31, 2020.
7% Preferred Stock—$10 par value, outstanding 21,800
shares
$ 218,000
Common Stock—$100 par value, outstanding 32,300 shares
3,230,000
Retained Earnings
572,000
Assuming that the directors decide to declare total dividends in
the amount of $346,000, determine how much each class of stock
should receive under each of the conditions stated below. One
year‘s dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative and fully...
Marigold Company’s ledger shows the following balances on December 31, 2017. 8% Preferred Stock—$10 par value,...
Marigold Company’s ledger shows the following balances on
December 31, 2017. 8% Preferred Stock—$10 par value, outstanding
20,400 shares $ 204,000 Common Stock—$100 par value, outstanding
27,300 shares 2,730,000 Retained Earnings 589,000 Assuming that the
directors decide to declare total dividends in the amount of
$396,000, determine how much each class of stock should receive
under each of the conditions stated below. One year‘s dividends are
in arrears on the preferred stock. (a) The preferred stock is
cumulative and fully...
Exercise 15-22 Crane Company’s ledger shows the following balances on December 31, 2020. 6% Preferred Stock—$10...
Exercise 15-22
Crane Company’s ledger shows the following balances on December
31, 2020.
6% Preferred Stock—$10 par value, outstanding 21,600
shares
$ 216,000
Common Stock—$100 par value, outstanding 32,300 shares
3,230,000
Retained Earnings
618,000
Assuming that the directors decide to declare total dividends in
the amount of $353,000, determine how much each class of stock
should receive under each of the conditions stated below. One
year‘s dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative...
Exercise 15-6 Bridgeport Limited’s ledger shows the following balances on December 31, 2020: Preferred shares outstanding:...
Exercise 15-6
Bridgeport Limited’s ledger shows the following balances on
December 31, 2020:
Preferred shares outstanding: 31,000 shares
$
837,000
Common shares outstanding: 47,000 shares
3,478,000
Retained earnings
955,330
A.) Assuming that the directors decide to declare total
dividends in the amount of $477,665, determine how much each class
of shares should receive if the preferred shares are cumulative and
fully participating. Note that one year’s dividends are in arrears
on the preferred shares, which pay a dividend of $1.35...
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