Question

Norton, Inc. has 10,000 shares of 6%, $100 par value, noncumulative preferred stock and 100,000 shares...

Norton, Inc. has 10,000 shares of 6%, $100 par value, noncumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2020, and December 31, 2021. The board of directors declared and paid a $50,000 dividend in 2020. In 2021, $110,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2021?

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
Question 6 Aim, Inc., has 10,000 shares of 5%, $100 par value, noncumulative preferred stock and...
Question 6 Aim, Inc., has 10,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2013. There were no dividends declared in 2012. The board of directors declares and pays a $120,000 dividend in 2013. What is the amount of dividends received by the common stockholders in 2013? A. $20,000 B. $50,000 C. $70,000 D. $0
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....
Alina Inc., has 4,000 shares of 5%, $50 par value, cumulative and fully participating preferred stock...
Alina Inc., has 4,000 shares of 5%, $50 par value, cumulative and fully participating preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2021, and December 31, 2020. The board of directors declared and paid an $8,000 dividend in 2020. Preferred stockholders received all the dividends for all prior years except the current year (2021). In 2021, $40,000 of dividends are declared and paid. What are the dividends received by the common stockholders in...
Mustang Company has the following shares of stock outstanding: Preferred, 8%, $100 par, 10,000 shares (Dividends...
Mustang Company has the following shares of stock outstanding: Preferred, 8%, $100 par, 10,000 shares (Dividends totaling $15,000 are in arrears.) Common, $1 par, 100,000 shares On October 22, the board of directors declared cash dividends totaling $100,000, payable on December 24 to shareholders of record as of November 24. The preferred stock is NONCUMULATIVE. Which of the following will be included in the journal entry to record the declaration of the dividends? Question 1 options: Debit Paid-in capital –...
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...
Peabody, Inc. has 5,000 shares of 7%, $100 par value, cumulative preferred stock and 50,000 shares...
Peabody, Inc. has 5,000 shares of 7%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2014. If the board of directors declares a $30,000 dividend, the a. preferred shareholders will receive 1/10th of what the common shareholders will receive. b. preferred shareholders will receive the entire $30,000. c. $30,000 will be held as restricted retained earnings and paid out at some future date. d. preferred shareholders will receive $15,000...
Bramble Corp. has 11000 shares of 5%, $100 par value, cumulative preferred stock and 22000 shares...
Bramble Corp. has 11000 shares of 5%, $100 par value, cumulative preferred stock and 22000 shares of $1 par value common stock outstanding at December 31, 2017. There were no dividends declared in 2015. The board of directors declares and pays a $99000 dividend in 2016 and in 2017. What is the amount of dividends received by the common stockholders in 2017? $33000. $0. $44000. $5500
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
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...
There shall be created 100,000 shares of preferred stock, par value $100 per share, of the...
There shall be created 100,000 shares of preferred stock, par value $100 per share, of the Company authorized to be issued pursuant to the Certificate of Incorporation designated as the “5.00% Cumulative Preferred Stock,” par value $100 per share (the “Preferred Stock”). The holders of shares of the outstanding Preferred Stock shall be entitled, when, as and if declared by the Board of Directors out of funds of the Company legally available therefor, to receive cumulative dividends at the rate...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT