Determine the allocation of dividends, Cost Accounting

Sleep Corporation was organized on January 1, 2011. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends:

 

2011

$  8,000

 

2012

$30,000

 

2013

$70,000

Instructions

(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative.

(b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative.

(c) Journalize the declaration of the cash dividend at December 31, 2013 using the assumption of part (b).

 

Posted Date: 3/18/2013 3:40:22 AM | Location : United States







Related Discussions:- Determine the allocation of dividends, Assignment Help, Ask Question on Determine the allocation of dividends, Get Answer, Expert's Help, Determine the allocation of dividends Discussions

Write discussion on Determine the allocation of dividends
Your posts are moderated
Related Questions
how does idle capacity effect cost behavior patterns and factory overhead application methods

You have recently graduated from VU and are now working for a small accounting firm. The firm recently purchases MYOB software for internal use. Upon learning that you had learnt M

Required Ledgers in Financial System In the financial Systems the Required ledgers are as: The General Ledger Debtors Ledger Creditors Ledger

Question The statements of comprehensive income for three entities for the year ended 30 September 2009 are presented below: SOT PB UV

initial stock.=21,926,150 purchases.=361,550,000 other expenses=207,000,000 operatig profit=34,500,000 sqles=600,000,000 disc received=23,976,150 final stock=1000,000 variable exp

Bedovin Company manufactures office tables and chairs using the job order cost system

manufacturing costs will not include a. indirect material used b. sales salaries expense c. indirect labor costs d. depreciation of factory equipment

Rosco Company purchased 35,000 shares of common stock of Paxton Corporation as a long-term investment for $900,000. During the year, Paxton Corporation reported net income of $300,

Functional Classification of Costs Beneath this classification, costs are classified according to the function they execute in an organization.  Costs can functionally be clas

Determine how much to stock 1. Employ The Economic Order Quantity Model This is an easiest model which helps the manager to find out the optimum quantity of stock to order