I have be working on the same problem for 4 hours.
Does anyone hold Accounting experience that could help me next to this?
Caron Corporation pays dividends at the end of respectively year. The dividends that it paid for 2003 be $80,000, 2004 was $60,000, and 2005 be $180,000.
Calculate the total amount of dividends the Caro Corporation paid within each of these years to its adjectives stockholders and its preferred stock holders under the following assets structures:
1. 20,000 shares of $100 par, 6 percent noncumulative preferred stock and 60,000 shares of $10 par common stock
2. 10,000 shares of $100 par, 7 percent cumulative preferred stock and 60,000 shares of $10 par adjectives stock. No dividends were contained by arrears at the beginning of 2003.
Answers: 1. 20,000 shares of $100 par, 6 percent NONcumulative preferred stock and 60,000 shares of $10 par adjectives stock
2003 : Preferred stockholders must be paid first, so 6% x $100 x 20,000 = $120,000, but the co. one and only paid $80,000, so adjectives $80k went to the preferred stockholders and adjectives stockholders got nil.
2004: Same reason as above. The preferred stockholders get $60k and the commoners got nought.
2005: The preferred guys got their $120,000 and the remaining $60,000 go to the commoners.
2. 10,000 shares of $100 par, 7 percent CUMULATIVE preferred stock and 60,000 shares of $10 par common stock. No dividends be in arrears at the starting point of 2003.
2003: Preferred guys go 1st, so 7% x $100 x 10,000 = $70,000, and $10,000 go to the commoners.
2004: There isn't enough to remuneration the 7% in full, so the preferred guys get $60,000 and $10,000 was surrounded by arrears to them. The commoners got nil.
2005: The co. had to net good the arrears of $10,000, plus clear the preferred guys the current yr's $70,000, so that's $80,000, leaving $100,000 for the commoners.
When it's cumulative, the full dividend must be salaried, including dividends in arrears, until that time the common stockholders can receive anything.
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Does anyone hold Accounting experience that could help me next to this?
Caron Corporation pays dividends at the end of respectively year. The dividends that it paid for 2003 be $80,000, 2004 was $60,000, and 2005 be $180,000.
Calculate the total amount of dividends the Caro Corporation paid within each of these years to its adjectives stockholders and its preferred stock holders under the following assets structures:
1. 20,000 shares of $100 par, 6 percent noncumulative preferred stock and 60,000 shares of $10 par common stock
2. 10,000 shares of $100 par, 7 percent cumulative preferred stock and 60,000 shares of $10 par adjectives stock. No dividends were contained by arrears at the beginning of 2003.
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Answers: 1. 20,000 shares of $100 par, 6 percent NONcumulative preferred stock and 60,000 shares of $10 par adjectives stock
2003 : Preferred stockholders must be paid first, so 6% x $100 x 20,000 = $120,000, but the co. one and only paid $80,000, so adjectives $80k went to the preferred stockholders and adjectives stockholders got nil.
2004: Same reason as above. The preferred stockholders get $60k and the commoners got nought.
2005: The preferred guys got their $120,000 and the remaining $60,000 go to the commoners.
2. 10,000 shares of $100 par, 7 percent CUMULATIVE preferred stock and 60,000 shares of $10 par common stock. No dividends be in arrears at the starting point of 2003.
2003: Preferred guys go 1st, so 7% x $100 x 10,000 = $70,000, and $10,000 go to the commoners.
2004: There isn't enough to remuneration the 7% in full, so the preferred guys get $60,000 and $10,000 was surrounded by arrears to them. The commoners got nil.
2005: The co. had to net good the arrears of $10,000, plus clear the preferred guys the current yr's $70,000, so that's $80,000, leaving $100,000 for the commoners.
When it's cumulative, the full dividend must be salaried, including dividends in arrears, until that time the common stockholders can receive anything.
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