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Homework answers / question archive / Sun Inc
Sun Inc. has 5,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2008. What is the annual dividend on the preferred stock? a. $60 per share b. $30,000 in total C. $3,000 in total d. $0.60 per share Allstate, Inc., has 20,000 shares of 6%, $100 par value, noncumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2008. If the board of directors declares a $200,000 dividend, the a. preferred stockholders will receive 2/10 of what the common stockholders will receive. b. preferred stockholders will receive the entire $200,000. C. $120,000 will be held as restricted retained earnings and paid out at some future date d. preferred stockholders will receive $120,000 and the common stockholders will receive $80,000 78. Archer, Inc., has 10,000 shares of 8%. $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2008. There were no dividends declared in 2007. The board of directors declares and pays a $120,000 dividend in 2008. What is the amount of dividends received by the common stockholders in 2008? a. $0 b. $80,000 c. $120,000 d. $40,000 79. Luther Inc., has 2,000 shares of 8%. $50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2008, and December 31, 2007. The board of directors declared and paid a $6,000 dividend in 2007. In 2008, $24,000 of dividends are declared and paid. What are the dividends received by the preferred stockholders in 2008? a. $14,000 b. $12,000 c. $10.000 d. $8,000 80. Anders, Inc., has 5,000 shares of 6%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2009. There were no dividends declared in 2007. The board of directors declares and pays a $50,000 dividend in 2008 and in 2009. What is the amount of dividends received by the common stockholders in 2009? a $10,000 b. $30,000 C. $50,000 d. $0 81. Cuther Inc., has 1,000 shares of 8%. $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2007, and December 31, 2008. The board of directors declared and paid a $3,000 dividend in 2007. In 2008, $12,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 20087 a $7,000 b. $6,000 c. $5,000 d. $4,000 82 On January 1, Brunner Corporation had 60,000 shares of $10 par value common stock outstanding. On March 17, the company declared a 10% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The entry to record the transaction of March 17 would include a a. credit to Retained Earings for $18,000. b. credit to Cash for $78,000 C. credit to Common Stock Dividends Distributable for $60,000. d. debit to Common Stock Dividends Distributable for $60,000. On January 1, Brunner Corporation had 60,000 shares of $10 par value common stock outstanding. On March 17, the company declared a 10% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a a. credit to Cash for $60,000 b. debit to Common Stock Dividends Distributable for $60,000. C. credit to Paid-in Capital in Excess of Par Value for $18,000. d. debit to Retained Earnings for $18,000. 83
