Question
1)On January 1, 2020, Bramble Company purchased at face value, a $1210, 10% bond that pays interest on January 1. Bramble Company has a calendar
1)On January 1, 2020, Bramble Company purchased at face value, a $1210, 10% bond that pays interest on January 1. Bramble Company has a calendar year end. The adjusting entry on December 31, 2020, is
not required
Cash | 121 | |
Interest Revenue | 121 |
Interest Receivable | 121 | |
Debt Investments | 121 |
Interest Receivable | 121 | |
Interest Revenue | 121 |
2)Marigold Inc. has 5200 shares of 5%, $100 par value, cumulative preferred stock and 49200 shares of $1 par value common stock outstanding at December 31, 2020. What is the annual dividend on the preferred stock?
3)
Waterway, Inc., has 9500 shares of 5%, $100 par value, noncumulative preferred stock and 95000 shares of $1 par value common stock outstanding at December 31, 2020. If the board of directors declares a $201500 dividend, the
A)preferred stockholders will receive the entire $201500.
b)preferred stockholders will receive $47500 and the common stockholders will receive $154000.
c)$47500 will be held as restricted retained earnings and paid out at some future date.
d)preferred stockholders will receive 1/10th of what the common stockholders will receive.
4)
Outstanding stock of the Bramble Corporation included 19800 shares of $5 par common stock and 9900 shares of 6%, $10 par noncumulative preferred stock. In 2019, Bramble declared and paid dividends of $4200. In 2020, Bramble declared and paid dividends of $11000. How much of the 2020 dividend was distributed to preferred shareholders?
A)$6800
b)$4200
c)$5940
D)None of these answer choices are correct
5)
Outstanding stock of the Crane Corporation included 19000 shares of $5 par common stock and 4500 shares of 5%, $10 par noncumulative preferred stock. In 2019, Crane declared and paid dividends of $1500. In 2020, Crane declared and paid dividends of $5500. How much of the 2020 dividend was distributed to preferred shareholders?
1)$1500
2)$4000
3)$2250
4)None of these answer choices are correct
(you dont need to show the work just answer them)
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