Question
In: Accounting
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.
Solutions
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 = 6500*100*5% | 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 | - |
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2016 -0-
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2019 $180,000
Determine the total cash dividends paid during the four years
with preferred stock as cumulative and then calculate it again with
the preferred stock as non-cumulative.
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