Question. Tamarisk, Inc.'s December 31, 2020 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 40000 shares authorized; 25000 shares issued $ 500000 19200000 Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding Paid-in capital in excess of par value - preferred stock Paid-in capital in excess of par value - common stock Retained earnings 50000 27700000 9150000 Treasury stock (30,000 shares) 450000 Tamarisk declared and paid a $80200 cash dividend on December 15, 2020. If the company's dividends in arrears prior to that date were $29100, Tamarisk's common stockholders received 1. $50,200. 2. $21,100. 3. $32,100. 4. No dividend.

Question. Tamarisk, Inc.'s December 31, 2020 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 40000 shares authorized; 25000 shares issued $ 500000 19200000 Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding Paid-in capital in excess of par value - preferred stock Paid-in capital in excess of par value - common stock Retained earnings 50000 27700000 9150000 Treasury stock (30,000 shares) 450000 Tamarisk declared and paid a $80200 cash dividend on December 15, 2020. If the company's dividends in arrears prior to that date were $29100, Tamarisk's common stockholders received 1. $50,200. 2. $21,100. 3. $32,100. 4. No dividend.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 67E: Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its...

See similar textbooks

Similar questions

Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its preferred and common stock: Preferred stock, S30 par, 12% cumulative; 300,000 shares authorized; 150,000 shares issued and outstanding Common stock, $2 par; 2,500,000 shares authorized; 1,200,000 shares issued; 1,000,000 outstanding As of December 31, 2019, Lemon was 3 years in arrears on its dividends. During 2020, Lemon declared and paid dividends. As a result, the common stockholders received dividends of $0.45 per share. Required: What was the total amount of dividends declared and paid? What journal entry was made at the date of declaration?
Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.
Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
Stock Dividends Crystal Corporation has the following information regarding its common stock: S10 par. with 500.000 shares authorized, 213,000 shares issued, and 183,700 shares outstanding. On August 22, 2019, Crystal declared and paid a 15% stock dividend when the market price of the common stock was $30 per share. Required: Prepare the journal entries to record declaration and payment of this stock dividend. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend.
Coronado Corporation’s December 31, 2020 balance sheet showed the following: 9% preferred stock, $20 par value, cumulative, 15100 shares authorized; 5100 shares issued $ 102000 Common stock, $10 par value, 1010000 shares authorized; 960000 shares issued, 930000 shares outstanding 9600000 Paid-in capital in excess of par—preferred stock 28000 Paid-in capital in excess of par—common stock 11460000 Retained earnings 3790000 Treasury stock (15100 shares) 317100 Coronado’s total paid-in capital was $20872900. $11240000. $21190000. $21507100.
Bonita Corporation’s December 31, 2020 balance sheet showed the following: 9% preferred stock, $10 par value, 59000 shares authorized; 49000 shares issued $ 490000 Common stock, $10 par value, 4610000 shares authorized; 4510000 shares issued, 4470000 shares outstanding 45100000 Paid-in capital in excess of par—preferred stock 123100 Paid-in capital in excess of par—common stock 55270000 Retained earnings 15320000 Treasury stock (59000 shares) 1270000 Bonita’s total stockholders’ equity was $100983100. $115033100. $117573100. $116303100.
Waterway Corporation’s December 31, 2020 balance sheet showed the following: 8% preferred stock, $20 par value, 69400 shares authorized; 49400 shares issued $ 988000 Common stock, $10 par value, 6750000 shares authorized; 6650000 shares issued, 6610000 shares outstanding 66500000 Paid-in capital in excess of par—preferred stock 125500 Paid-in capital in excess of par—common stock 54000000 Retained earnings 15350000 Treasury stock (69400 shares) 1261000 Waterway’s total paid-in capital was $122874500. $121613500. $54125500. $120352500.
Tamarisk, Inc.’s December 31, 2020 balance sheet showed the following: 6% preferred stock, $10 par value, cumulative, 40000 shares authorized; 15000 shares issued $ 150000 Common stock, $10 par value, 4,000,000 shares authorized; 2,600,000 shares issued, 2,560,000 shares outstanding 19800000 Paid-in capital in excess of par value - preferred stock 70000 Paid-in capital in excess of par value - common stock 28000000 Retained earnings 9750000 Treasury stock (40,000 shares) 704000 Tamarisk's total paid-in capital was $48020000. $48860000. $20520000. $47180000.
bBramble Corporation’s December 31, 2020 balance sheet showed the following: 7% preferred stock, $20 par value, 18300 shares authorized; 13300 shares issued $ 266000 Common stock, $10 par value, 1930000 shares authorized; 1880000 shares issued, 1860000 shares outstanding 18800000 Paid-in capital in excess of par—preferred stock 59500 Paid-in capital in excess of par—common stock 24900000 Retained earnings 7670000 Treasury stock (19800 shares) 623700 Bramble’s total stockholders’ equity was $44051800. $51695500. $52331800. $51071800.
Metlock Corporation's December 31, 2020 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 35000 shares authorized; 19000 shares issued $ 380000 Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding 19500000 Paid-in capital in excess of par value - preferred stock 66000 Paid-in capital in excess of par value - common stock 27900000 Retained earnings 8950000 Treasury stock (30,000 shares) 525000 Metlock's total paid-in capital was $48371000. $47846000. $27946000. $47321000.
Bramble Corp.’s December 31, 2020 balance sheet showed the following: 6% preferred stock, $10 par value, cumulative, 35000 shares authorized; 23000 shares issued $ 230000 Common stock, $10 par value, 4,000,000 shares authorized; 2,600,000 shares issued, 2,560,000 shares outstanding 20000000 Paid-in capital in excess of par value - preferred stock 65000 Paid-in capital in excess of par value - common stock 28400000 Retained earnings 9650000 Treasury stock (40,000 shares) 450000 Bramble's total paid-in capital was