Calculate the preferred and common dividend per share for the following.
CommonStock
Preferred Stock
Dividend
CompanyShares
Shares
Div./Par
Cumul.
Declared
Elvira's Soaps9,000,000
1,500,000$100 6%
No
$16,200,000
Pref.
Common
Arrears
Div./Share
Div./Share
None
What will be an ideal response?
$6.00; $0.80
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Indicate whether the statement is true or false
When a firm reacquires common shares under the Constructive Retirement Method for Repurchased Shares:
a. the Treasury Stock—Common account has a debit balance and therefore reduces total shareholders' equity. b. the accountant debits the Treasury Stock—Common account for the par value of the repurchased shares, debits Additional Paid-In Capital for the difference between the original issue price of the shares and par value, and plugs Retained Earnings for any difference between the repurchase price. c. the accountant debits the Common Stock account for the par value of the repurchased shares, debits Additional Paid-In Capital for the difference between the original issue price of the shares and par value, and plugs Retained Earnings for any difference between the repurchase price. d. the Treasury Stock—Common account has a credit balance and therefore reduces total shareholders' equity. e. the accountant credits the Common Stock account for the par value of the repurchased shares, credits Additional Paid-In Capital for the difference between the original issue price of the shares and par value, and plugs Retained Earnings for any difference between the repurchase price.
Government sources of information provide more detailed information than market research
firms do. Indicate whether the statement is true or false