Homework answers / question archive / Fools Gold Trust has the following classes of? stock: Data Table     Preferred Stock—3%, $13 Par Value; 9,000 shares authorized, 7,500 shares issued and outstanding Common Stock—$0

Fools Gold Trust has the following classes of? stock: Data Table     Preferred Stock—3%, $13 Par Value; 9,000 shares authorized, 7,500 shares issued and outstanding Common Stock—$0

Accounting

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Fools Gold Trust has the following classes of? stock:

Data Table

Preferred Stock—3%, $13 Par Value; 9,000 shares authorized, 7,500 shares issued

and outstanding

Common Stock—$0.35 Par Value; 2,300,000 shares authorized, 1,450,000 shares

issued and outstanding. Read the requirements

Requirements

1. Fools Gold declares cash dividends of $33,000 for 2018. How much of the dividends goes to preferred? stockholders? How much goes to common? stockholders?
2. Assume the preferred stock is cumulative and Fools Gold passed the preferred dividend in 2016 and 2017. In 2018?, the company declares cash dividends of $48,000. How much of the dividend goes to preferred? stockholders? How much goes to common? stockholders?
3. Assume the preferred stock is noncumulative and Fools Gold passed the preferred dividend in 2016 and 2017. In 2018?, the company declares cash dividends of $48,000. How much of the dividend goes to preferred? stockholders? How much goes to common? stockholders?