Problem calculate the dividends per share on each class of stock

1#

Canton, Inc. has stock outstanding as follows: 25,000 shares of $2.00 cumulative,

nonparticipating preferred stock of $50 par, and 100,000 shares of $25 par common. During

its first five years of operations, the following amounts were distributed as dividends: first

year, none; second year, $20,000; third year, $90,000; fourth year, $180,000; fifth year,

$250,000.

1) Calculate the dividends per share on each class of stock for each of the five years.

2) Redo #1, assuming the preferred stock is noncumulative

 

2#

The following selected accounts appear in the ledger of Cyma Environmental Corporation on

January 1, 2003.

Preferred 4% Stock, $100 par (10,000 shares authorized,

8,000 shares issued) …………………………………………… $800,000

PIC-excess of par-PF ………………………………………………….80,000

Common Stock, $20 par (60,000 shares authorized,

30,000 shares issued) …………………………………………… 600,000

PIC-excess of par-CS ……………………………………………….. 900,000

Retained Earnings ………………………………………………… 1,277,000

Journalize the entries to record the following transactions.

a. Issued 20,000 shares of common stock at $32 receiving cash.

b. Sold 1,000 shares of preferred 4% stock at $120.

c. Purchased 5,000 shares of treasury common for $220,000

d. Sold 2,000 shares of treasury common for $84,000

e. Sold 1,500 shares of treasury common for $68,500

f. Issued 10,000 shares of common stock in exchange for Land costing $385,000

 

 

 

 

3#

 

Selected transactions completed by Zebra Company appear below. Journalize the

transactions.

Jan. 5 Split the common stock 4 for 1 and reduced the par from $100 to $25 per share.

After the split, there were 100,000 common shares outstanding.

Feb. 20 Purchased 10,000 shares of treasury stock for $300,000.

Mar. 12 Declared the semiannual dividends of $4 on 20,000 shares of preferred stock and

$.50 on the outstanding common stock.

April 12 Paid the cash dividends.

June 5 Sold 5,000 shares of treasury stock at $33, receiving cash.

Sept. 2 Declared semiannual dividends of $4 on preferred stock, and $.50 on common

stock (before the stock dividend). In addition, a 4% common stock dividend was

declared on the common stock outstanding, to be capitalized at fair market value

of the common stock, which is estimated at $40.

Oct. 5 Paid the cash dividends and issued the certificates for the common stock dividend.

 

 

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer