Question

Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 124,000 shares...

Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 124,000 shares of $12 par common stock. 9,000 shares of $90 par, 4 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 9,000 shares of preferred stock and a $3 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.

a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.

b. Prepare general journal entries to record the declaration and payment of the cash dividends.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The...
On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 25,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $19 per...
On January 1, Blossom Corporation had 93,000 shares of no-par common stock issued and outstanding. The...
On January 1, Blossom Corporation had 93,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occurred. Apr. 1 Issued 30,000 additional shares of common stock for $16 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 1,500 additional shares of common stock for $19 per...
On January 1, Pharoah Corporation had 97,500 shares of no-par common stock issued and outstanding. The...
On January 1, Pharoah Corporation had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 23,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 1,500 additional shares of common stock for $19 per...
On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The...
On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 25,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $19 per...
On January 1, All About Company had 60,000 shares of no-par common stock issued and outstanding....
On January 1, All About Company had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 9,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. July 10 Paid the $1.50 cash dividend. Dec. 1 Issued 4,000 additional shares of common stock for...
On January 1, Bramble Corp. had 63,400 shares of no-par common stock issued and outstanding. The...
On January 1, Bramble Corp. had 63,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 20,250 additional shares of common stock for $12 per share. June 15 Declared a cash dividend of $1.60 per share to stockholders of record on June 30. July 10 Paid the $1.60 cash dividend. Dec. 1 Issued 9,000 additional shares of common stock for $13...
On January 1, Ivanhoe Corporation had 90,000 shares of no-par common stock issued and outstanding. The...
On January 1, Ivanhoe Corporation had 90,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 25,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,500 additional shares of common stock for $20 per...
On January 1, Guillen Corporation had 94,500 shares of no-par common stock issued and outstanding. The...
On January 1, Guillen Corporation had 94,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 23,000 additional shares of common stock for $16 per share. June 15 Declared a cash dividend of $3 per share to stockholders of record on June 30. July 10 Paid the $3 cash dividend. Dec. 1 Issued 3,000 additional shares of common stock for $19 per...
On January 1, 2020, Samsung Corporation has 400,000 shares of $3 par value common stock outstanding....
On January 1, 2020, Samsung Corporation has 400,000 shares of $3 par value common stock outstanding. On the same date the corporation’s board of directors declares a 12% stock dividend to be issue on March 2, 2020. On the declaration date, the corporation’s common stock fair market value is $4. On declaration date, the corporation will record: * Debit Stock Dividend $144,000 Debit Stock Dividend $192,000 Credit Stock Dividend $144,000 Credit Stock Dividend $192,000 A Company has 30,000 shares of...
On January 1, Grouper Corp. had 61,600 shares of no-par common stock issued and outstanding. The...
On January 1, Grouper Corp. had 61,600 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 12,150 additional shares of common stock for $13 per share. June 15 Declared a cash dividend of $1.65 per share to stockholders of record on June 30. July 10 Paid the $1.65 cash dividend. Dec. 1 Issued 5,400 additional shares of common stock for $13...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT