Question
In: Accounting
Sweet Company’s outstanding stock consists of 2,000 shares of cumulative 4% preferred stock with a $100...
Sweet Company’s outstanding stock consists of 2,000 shares of
cumulative 4% preferred stock with a $100 par value and 12,000
shares of common stock with a $10 par value. During the first three
years of operation, the corporation declared and paid the following
total cash dividends.
| Dividends Declared & Paid | ||
| Year 1 | $ | 4,000 |
| Year 2 | $ | 8,000 |
| Year 3 | $ | 42,000 |
The total amount of dividends paid to preferred and common
shareholders over the three-year period is:
Multiple Choice
-
$24,000 preferred; $30,000 common.
-
$16,000 preferred; $38,000 common.
-
$8,000 preferred; $46,000 common.
-
$20,000 preferred; $34,000 common.
-
$16,000 preferred; $38,000 common.
Solutions
Expert Solution
Correct answer-----------$24,000 preferred; $30,000 common.
Working
| Par Value per Preferred share | Dividend rate | Dividend per preffred share | Number of preffered shares | Preffered Dividend | |
| Annual Prefrred Dividend: | 100 | 4.00% | $ 4.000 | 2000 | $ 8,000.00 |
| Year | Total Cash dividend Paid | Paid to Preferred | Paid to common | Dividends in arear at year-end | |
| 1 | $ 4,000.00 | $ 4,000.00 | $ 0 | $ 4,000 | |
| 2 | $ 8,000.00 | $ 8,000.00 | $ 0 | $ 4,000 | |
| 3 | $ 42,000.00 | $ 12,000.00 | $ 30,000 | ||
| Total | $ 54,000.00 | $ 24,000.00 | $ 30,000.00 |
.
ekkarill92 answered 1 year agoRelated Solutions
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