Question
Sheffield Corporation’s December 31, 2018 balance sheet showed the following: 7% preferred stock, $20 par value,...
Sheffield Corporation’s December 31, 2018 balance sheet showed the following:
7% preferred stock, $20 par value, cumulative, 14600 shares
authorized; 9600 shares issued $ 192000
Common stock, $10 par value, 1010000 shares authorized; 985000
shares issued, 970000 shares outstanding 9850000
Paid-in capital in excess of par—preferred stock 28500
Paid-in capital in excess of par—common stock 11630000
Retained earnings 3760000
Treasury stock (15000 shares) 315000
Sheffield’s total paid-in capital was
A. $22015500.
B. $11750500.
C. $21385500.
D. $21700500.
2.
Coronado, Inc. has 2100 shares of 5%, $50 par value, cumulative preferred stock and 42000 shares of $1 par value common stock outstanding at December 31, 2017, and December 31, 2018. The board of directors declared and paid a $2100 dividend in 2017. In 2018, $18700 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2018?
Preferred Common
A. $10300 $8400
B. $9350 $9350
C. $8400 $10300
D. $5250 $13450
3.
Which of the following is not a right or preference associated with preferred stock?
A.First claim to dividends
B.To receive dividends in arrears before common
stockholders receive dividends
C.Preference to corporate assets in case of
liquidation
D.The right to vote
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