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
Variable Overhead Expenditure Variance Budget for December 2003; Shs. Fixed Overheads 11,480 Variable Ov

explain any five qualities of accounting profession

the folloeing job order cost sheets were purchased for three jobs that were in production during january job 97 job 98 job 99 material

Conceptualizing Job Costing Start to develop an understanding of job costing by thinking about the simple illustration. Jack Castle owns an electrical constricting company, Cas

Q. Issues to consider when making decisions? At activity level A it can be seen from diagram that sales revenue line intersects the total cost line specifying that this is the

Q. A firm uses capital and labor to produce a single output good. The production function is given by F(K, L) = K 2 L where K is the amount of capital and L is the amount of labo

ln an attempt to conceal a thefi of funds, Kaito Kid, controller of Shinichi Products, lnc. placed a bomb in the company s record vault. The ensuing explosion left only fragments o

1. You are required to download the latest annual report published by one of the following institutions: - Adult Multicultural Education Services - Centre for Adult Education

Cost Accounting Cost accounting has been defined via many accounting scholars in different forums. There is no single watertight definition of cost accounting, however the var

Describe briefly the possible causes of: (i)   the material usage variance, (ii)  the labour rate variance, (iii)  the sales volume profit variance.