Question
In: Accounting
The partial shareholders’ equity section of Getz Inc. as at December 31, 20x4 is as follows:...
The partial shareholders’ equity section of Getz Inc. as at December 31, 20x4 is as follows: Common shares, 500,000 shares outstanding $6,500,000 Preferred shares, $6, 20,000 shares outstanding 2,000,000 Retained earnings 1,900,000 The preferred share dividends were last declared on December 31, 20x1. There were no issue or repurchase of preferred shares during the year ended December 31, 20x5. On December 15, 20x5 the board of directors declared a total dividend of $1,000,000. Required – How much dividends will be declared to common and preferred shareholders under the following assumptions:
a. The preferred shares are non-cumulative and non-participating.
b. The preferred shares are cumulative and non-participating.
c. The preferred shares are cumulative and fully participating
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The shareholders' equity section of RE Inc. appears as follows at December 31, 2016: Contributed capital:...
The shareholders' equity section of RE Inc. appears as follows
at December 31, 2016: Contributed capital: Preferred shares, $10
cumulative, unlimited shares authorized, 1,000 shares issued and
outstanding $ 100,000 Common Shares, unlimited shares authorized,
22,000 shares issued and outstanding 660,000 Total contributed
capital 760,000 Retained earnings 140,000 Total shareholders’
equity $ 900,000 The company was incorporated on January 1, 2016,
and no dividends were declared in 2016.
BELOW ARE THE 2017 JOURNAL ENTRIES:
Jan 1 Purchased and retired 1,000...
The Shareholders’ Equity section of Hamilton Design Company’s December 31, 2019, balance sheet appeared as follows:...
The Shareholders’ Equity section of Hamilton Design Company’s
December 31, 2019, balance sheet appeared as follows:
Contributed Capital:
Preferred stock, 6%, $100 par (10,000 shares authorized, 1,250
shares issued)
$125,000
Additional paid-in capital on preferred stock
$55,000
Common
stock, $10 par (60,000 shares authorized, 15,000 shares issued
$150,000
Additional paid-in capital on common stock
$105,000
Total contributed capital
$435,000
Retained
earnings
$78,000
Contributed capital and retained earnings
$513,000
Less:
Treasury Stock (300 shares of common at $14 per share)
($4,200)...
The shareholders' equity accounts of Crane Inc. at December 31, 2020, are as follows: Preferred shares,...
The shareholders' equity accounts of Crane Inc. at December 31,
2020, are as follows:
Preferred shares, $3 noncumulative, unlimited number
authorized, 2,000 issued
$200,000
Common shares, unlimited number authorized, 160,000 issued
800,000
Retained earnings
520,000
Accumulated other comprehensive loss
(54,000
)
Crane has a 40% income tax rate. During the following fiscal
year, ended December 31, 2021, the company had the following
transactions and events:
Feb.
1
Repurchased 10,000 common shares for $40,000.
July
12
Announced a 2-for-1 preferred stock...
Problem 3 The Griffin Corporation’s investments in equity securities at December 31, 20x4 is as follows:...
Problem 3
The Griffin Corporation’s investments in equity securities at
December 31, 20x4 is as follows:
Original Cost Carrying Value Fair Value
Chris Co. $ 360,000 $ 230,000 $ 310,000
Stewie Inc. 200,000 270,000 260,000
Lois Company 450,000 630,000 700,000
$1,010,000 $1,130,000 $1,270,000
Transactions during the 20x5 year:
1. Sold Stewie for $250,000 less brokerage fees of $4,000.
2. Sold Lois for $750,000 less brokerage fees of $9,000.
3. Purchased Brian Inc. for $380,000 plus brokerage fees of
$6,000.
Fair...
The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2015, is as...
The shareholders’ equity section of Superior Corporation’s
balance sheet as of December 31, 2015, is as follows: Shareholders’
Equity Preferred stock, $100 par value; authorized, 300,000 shares;
issued, 25,000 shares $2,500,000 Common stock, $5 par value;
authorized, 2,000,000 shares; issued, 416,000 shares 2,080,000
Paid-in capital in excess of par—preferred 81,000 Paid-in capital
in excess of par—common 806,000 Retained earnings 3,120,000
$8,587,000 The following events occurred during 2016: Jan. 5 8,500
shares of authorized and unissued common stock were sold for...
The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2015, is as...
The shareholders’ equity section of Superior Corporation’s
balance sheet as of December 31, 2015, is as follows:
Shareholders’ Equity
Preferred stock, $100 par value;
authorized, 300,000 shares; issued, 32,500 shares
$3,250,000
Common stock, $5 par value;
authorized, 2,000,000 shares; issued, 442,000 shares
2,210,000
Paid-in capital in excess of
par—preferred
87,000
Paid-in capital in excess of
par—common
875,000
Retained earnings
2,980,000
The following events occurred during 2016:
Jan.
5
10,000 shares of authorized and
unissued common stock were sold for $6...
The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2015, is as...
The shareholders’ equity section of Superior Corporation’s
balance sheet as of December 31, 2015, is as follows: Shareholders’
Equity Preferred stock, $100 par value; authorized, 300,000 shares;
issued, 33,000 shares $3,300,000 Common stock, $5 par value;
authorized, 2,000,000 shares; issued, 377,000 shares 1,885,000
Paid-in capital in excess of par—preferred 96,000 Paid-in capital
in excess of par—common 825,000 Retained earnings 2,920,000
$9,026,000 The following events occurred during 2016: Jan. 5 10,500
shares of authorized and unissued common stock were sold for...
Wilma Corporation reported the following amounts in its shareholders’ equity section on the December 31, 2014...
Wilma Corporation
reported the following amounts in its shareholders’ equity section
on the December 31, 2014 balance sheet:
Preferred shares, $5 dividend, 10,000
shares authorized,
2,500 shares issued
$180,000
Common shares, 100,000 authorized,
25,000 issued
100,000
Contributed Surplus'
122,000
Retained Earnings
238,000
Total Shareholders’ Equity
$640000
During 2015, the following transactions
impacted shareholders’ equity:
Jan 15: Purchased 6000 shares of its own common shares for $26
per share and retired
them ” ”’ •
Feb 1: Issued 1,500 preferred shares at $81 per...
Wilma Corporation reported the following amounts in its shareholders’ equity section on the December 31, 2014...
Wilma Corporation reported the following amounts in its
shareholders’ equity section on the December 31, 2014 balance
sheet:
Preferred shares, $5 dividend, 10,000 shares authorized,
$180,000
2,500 shares
issued
Common shares, 100,000 authorized, 25,000
issued
100,000
Contributed
Surplus[1]
122,000
Retained
Earnings
238,000
Accumulated Other Comprehensive
Income
50,000
Total Shareholders’
Equity
$690,000
During 2015, the following transactions impacted shareholders’
equity:
a) Jan 15: Purchased 6,000
shares of its own common shares for $26 per share and...
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:...
Included in the December 31, 2015, Jacobi Company balance sheet
was the following shareholders’ equity section:
Jacobi Company Balance Sheet (Shareholders' Equity) December 31,
2015
1 Contributed Capital:
2 Preferred stock, 6%, $100 par $200,000.00
3 Additional paid-in capital on preferred stock 12,000.00
$212,000.00
4 Common stock, $5 par $150,000.00
5 Additional paid-in capital on common stock 240,000.00
390,000.00
6 Total contributed capital $602,000.00
7 Retained earnings 627,000.00
8 Accumulated other comprehensive income (loss):
9 Unrealized decrease in value of...
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