Question

Celebrity Inc. has the following shares outstanding at December 31, 2019: Common shares, $1,500,000 no par...

Celebrity Inc. has the following shares outstanding at December 31, 2019:

Common shares, $1,500,000 no par value, 10,000 shares issued and outstanding, unlimited number authorized.

Preferred shares, $200,000, $5.00, no par value, non voting shares, 2,000 shares issued and outstanding.

The preferred shares are noncumulative and non-participating.

Dividends declared are $47,500.

What is the total common share dividends?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Even preferred shares are noncumulative and non-participating, preferred shareholders have a right to get current year dividend.

Noncumulative preferred shareholders have no right of any arrear dividends.

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
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?
a. The following is the shareholders’ equity section of Natalina Inc. at December 31, 2019: Preferred...
a. The following is the shareholders’ equity section of Natalina Inc. at December 31, 2019: Preferred shares, $5 dividend, 5,000 outstanding $250,000 Common shares (5,000 outstanding) 200,000 Assume that $95,000 dividends are paid in 2019. Preferred shares dividends were not paid last year. What amount of dividends is paid to the preferred shareholders in 2019 assuming they are cumulative and participating? Show calculations.
Cash Dividends At December 31, 2020, Woodstock Corp. has the following shares outstanding (all no par...
Cash Dividends At December 31, 2020, Woodstock Corp. has the following shares outstanding (all no par value):        200,000 common shares................................................................. $ 1,275,000        $5 preferred, 7,200 shares............................................................... $   600,000 The preferred shares are cumulative and participating up to an additional 4%. Dividends have not been paid since December 31, 2017. Woodstock now wishes to declare a total cash dividend of $320,000. Instructions Prepare the entry for the dividend declaration, separating the dividend into the common and preferred portions. Show...
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....
The shareholders' equity of Davis Industries includes the data shown below. During 2019, cash dividends od...
The shareholders' equity of Davis Industries includes the data shown below. During 2019, cash dividends od $22,000 were declared Common stock shares authorized 15,000 shares issued&outstanding 12,000 par value $2 Preferred stock 8% shares authorized 600 shares issued&outstanding 500 par value 100 Determine the amount of dividents payable to prefereed shareholders and to common shareholders under each of the following assumptions regarding the characteristics of the preferred stock Assumption A - The preferred stock is noncumulative and nonparticipating Assumption B...
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...
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
The following information was obtained from Rando Corporation records on December 31, 2019. Preferred Shares, $3...
The following information was obtained from Rando Corporation records on December 31, 2019. Preferred Shares, $3 cumulative*, 25,000 shares authorized and outstanding $450,000 Common Shares, unlimited authorization, 180,000 shares outstanding $500,000 Retained Earnings $760,000 *no dividends have been declared in 2019 and 2020 Assume the following share transactions occurred in 2020: Apr 1 Issued 120,000 common shares at $13.00 per share. Oct 1 Repurchased and cancelled 60,000 common shares at $15.00 per share. ) Calculate the weighted average of common...
Healthy​ Farmer, Inc. has 46,000 shares of common stock outstanding and 4,000 shares of preferred stock...
Healthy​ Farmer, Inc. has 46,000 shares of common stock outstanding and 4,000 shares of preferred stock outstanding. The common stock is $0.08 par​ value; the preferred stock is 6​% noncumulative with a $100.00 par value. On October​ 15, 2019, the company declares a total dividend payment of $48,000. What is the total amount of dividends that will be paid to the common​ stockholders? A. $24,000 B. $48,000 C. $3,680 D. $32,000
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....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT