Question

Apple Inc. was incorporated in January 2016 and has 30,000 shares of $10 par value, 15%,...

Apple Inc. was incorporated in January 2016 and has 30,000 shares of $10 par value, 15%, preferred stock outstanding; and 150,000 shares of $5 par value common stock outstanding. Apple has declared and paid cash dividends each year as shown below. Calculate the total dividends distributed to each class of stockholders under each of the assumptions given.


  

Assuming Preferred Stock Is Cumulative

Assuming Preferred Stock Is Non-cumulative

Year

Cash Dividends Declared and Paid

Preferred Dividend

Common Dividend

Preferred Dividend

Common Dividend

2016

$25,000

2017

$20,000

2018

$50,000

2019

$100,000
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
PLEASE ANSWER FULLY! THANK YOU As of January 2016,  Magna Refrigeration Co has 6% Preferred stock, $100...
PLEASE ANSWER FULLY! THANK YOU As of January 2016,  Magna Refrigeration Co has 6% Preferred stock, $100 par value 10,000 shares  issued and outstanding; Common stock, $5 par value, 100,000 shares  issued and outstanding.(50 points) The following dividends  were declared and paid  in 2016, 2017 and 2018 2015 No dividends were declared and paid ·         2016 $15,000 ·         2017 $40,000 ·         2018 $110,000 a)    Assuming the preferred stock were non-cumulative, how much dividends did preferred and common stockholders receive for each year dividends were declared.  ...
Corrao Foods Corporation has 5000 shares of 7%, $15 par value, cumulative preferred stock on December...
Corrao Foods Corporation has 5000 shares of 7%, $15 par value, cumulative preferred stock on December 31, 2019and 150,000 shares of $1 par value common stock outstanding on December 31, 2020. In 2019, a $2000 dividend was declared and paid. In 2020, $33,000 of dividends are declared and paid. What are the dividends received by the preferred stockholders in 2020 (assuming no dividends in arrears prior to 2019)? Show calculations. Required: Show calculations
Kirchner Company has 50,000 shares of $10 par value, 6% preferred stock and 300,000 shares of...
Kirchner Company has 50,000 shares of $10 par value, 6% preferred stock and 300,000 shares of $1 par value common stock outstanding. As of December 31, 2018, it had $900,000 of Retained earnings. On December 31, 2019, the Board of Directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared in 2017 and 2018 and no dividends were in arrears prior to 2017. The company is considering the following options. Option...
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...
Lopez, Inc. has 2,000 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares...
Lopez, Inc. has 2,000 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2019, and December 31, 2020. The board of directors declared and paid a $3,000 dividend in 2019. In 2020, $15,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2020? Group of answer choices a. Preferred stockholders get $4,000 and Common stockholders get $11,000 b....
Preferred stock— $25 par value, 10,000 shares authorized, 5,200 shares issued and outstanding $ 130,000 Common...
Preferred stock— $25 par value, 10,000 shares authorized, 5,200 shares issued and outstanding $ 130,000 Common stock—$10 par value, 100,000 shares authorized, 80,000 shares issued and outstanding 800,000 Total paid-in capital $ 930,000 Retained earnings 550,000 Total stockholders’ equity $ 1,480,000 The number of issued and outstanding shares of both preferred and common stock have been the same for the last two years. Dividends on preferred stock are 8 percent of par value and have been paid each year the...
Cash Dividends Kerry Company has 1,200 shares of $100 par value, 7% preferred stock and 11,600...
Cash Dividends Kerry Company has 1,200 shares of $100 par value, 7% preferred stock and 11,600 shares of $10 par value common stock outstanding. The preferred stock is cumulative and nonparticipating. Dividends were paid in 2013. Since 2013, Kerry has declared and paid dividends as follows: 2014 $0 2015 9,200 2016 19,800 2017 24,800 1. Determine the amount of the dividends to be allocated to preferred and common stockholders for each year 2015 to 2017. If an amount is zero,...
Kerry Company has 850 shares of $100 par value, 9% preferred stock and 11,900 shares of...
Kerry Company has 850 shares of $100 par value, 9% preferred stock and 11,900 shares of $10 par value common stock outstanding. The preferred stock is cumulative and nonparticipating. Dividends were paid in 2013. Since 2013, Kerry has declared and paid dividends as follows: 2014 $ 0 2015 8,850 2016 17,200 2017 21,200 Required: 1. Determine the amount of the dividends to be allocated to preferred and common stockholders for each year 2015 to 2017. If an amount is zero,...
1) On January 1, Crane Corporation had 64000 shares of $10 par value common stock outstanding....
1) On January 1, Crane Corporation had 64000 shares of $10 par value common stock outstanding. On March 17, the company declared a 10% stock dividend to stockholders of record on March 20. Market value of the stock was $12 on March 17. The entry to record the transaction of March 17 would include a Credit to common stock dividends distributasble for 64000 Debit to common stock dividends distributable for 64000 Credit to cash for 76800 Credit to stock dividends...
4)  Wedge Corporation has the following capital stock outstanding: Common stock, par $1, with 250,000 shares outstanding...
4)  Wedge Corporation has the following capital stock outstanding: Common stock, par $1, with 250,000 shares outstanding for a total par value of $250,000. 8% preferred stock, par $100, with 5,000 shares outstanding, cumulative, for a total par value of $500,000.  They have not received dividends in 2 years prior to this current year.              Part A:             A cash dividend of $150,000 was declared and paid near the end of the current year. Calculate, showing supporting calculations, the current year’s dividend and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT