Question
In: Accounting
Dividends Per Share Seacrest Company has 20,000 shares of cumulative preferred 1% stock, $100 par and...
Dividends Per Share
Seacrest Company has 20,000 shares of cumulative preferred 1% stock, $100 par and 50,000 shares of $5 par common stock. The following amounts were distributed as dividends:
20Y1$40,000
20Y28,000
20Y360,000
Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'.
Preferred Stock
(dividends per share)Common Stock
(dividends per share)
20Y1$$
20Y2$$
20Y3$$
Solutions
Expert Solution
| Annual Preferred Dividend = 20,000*100 * 1% = 20,000 | ||||||||
| Year | Total | Preferred | Arrears | Common | ||||
| Dividend | Dividend | if any | dividend | |||||
| 1 | 40000 | 20000 | 0 | 20000 | (40000-20000) | |||
| 2 | 28000 | 20000 | 0 | 8000 | (28000-20000) | |||
| 3 | 360000 | 20000 | 0 | 340000 | (360000-20000) | |||
| Preferred Dividend per share | ||||||||
| Year | Pref. Div. / | Number of Pref. Stock = | Pref. Dividend per share | |||||
| 1 | 20000 / | 20000 = | 1 | per share | ||||
| 2 | 20000 / | 20000 = | 1 | per share | ||||
| 3 | 20000 / | 20000 = | 1 | per share | ||||
| Common Dividend per share | ||||||||
| Year | Common Dividend / | Number of Common Stock = | Common. Dividend per share | |||||
| 1 | 20000 / | 50000 = | 0.4 | per share | ||||
| 2 | 8000 / | 50000 = | 0.16 | per share | ||||
| 3 | 340000 / | 50000 = | 6.8 | per share | ||||
| Year | Pref. Dividend | Common Dividend | ||||||
| per share | per share | |||||||
| 1 | 1 | 0.4 | ||||||
| 2 | 1 | 0.16 | ||||||
| 3 | 1 | 6.8 | ||||||
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