Pharoah company has 6500 shares of 5%, $100 par value, cumulative preferred stock and 13000 shares...

Pharoah company has 6500 shares of 5%, $100 par value, cumulative preferred stock and 13000 shares of $1 par value common stock outstanding in december 31,2020. There were no dividends declared in 2018. The board of directors declares and pays a $61100 dividend in 2019 and in 2020. what is the amoun of dividends recieved by the common stock holders in 2020.

Expert Solution

amoun of dividends recieved by the common stock holders in 2020is $24,700
Statementshowing Computations
Paticulars	2018	2019	2020
Total Dividend Paid	-	61,100.00	61,100.00
Preference Dividend to be paid = 65001005%	32,500.00	32,500.00	32,500.00
Preference Dividend Paid = Existing + arrears	-	61,100.00	36,400.00

Dividend available for common stock	-	-	24,700.00

Arrears of preference Dividend	32,500.00	3,900.00	-

ekkarill92 answered 2 years ago

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Pharoah company has 6500 shares of 5%, $100 par value, cumulative preferred stock and 13000 shares...

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