Complete the Chapter 20 Problem Set A Problems: 20.1A and 20.2AANDChapter 21 Problem Set A Problem: 21.2A

Student Name: Class: Problem 20.01A WILSON CORPORATION Year Total Dividends Case A All dividends to Preferred All dividends to Preferred 10% to Preferred - Balance to Common Case B All dividends to Preferred $1000 Arrearage to Preferred - balance to Preferred $1000 Arrearage to Preferred - 10% preference to Preferred - balance to Common Computation of 2015 dividend: Arrearage from 2013 & 2014 2015 Preferred dividend Totals Analyze: How much in total dividends should be paid to the stockholder for the fiscal year, 2015? Preferred Stock Per Total Share Common Stock Per Total Share Given Data P20.01A WILSON CORPORATION Stock and Dividend Information Common: Shares Par-value Preferred Shares Par-value Dividend rate 2013 Dividend 2014 Dividend 2015 Dividend $ $ $ $ $ 40,000 10 2,000 60 20.00% 4,000 6,000 110,000 Student Name: Class: Problem 20.02A HATTEN CORPORATION Part I 1. All $13,500 to preferred for dividends in arrears 2011 Dividend 2012 Dividend 2013 Dividend Total dividends to preferred stockholders 2. Dividend on each share of preferred stock 3. Dividend available to common stockholders 4. Dividend on each share of common stock 5. Total dividends due for 2011, 2012, and 2013 Less amount paid in 2013 Arrearage to be carried forward to future years. Part II 1. 2011 Dividend 2012 Dividend 2013 Dividend Total dividends to preferred stockholders Dividend on each share of preferred stock 2. Total dividends paid Dividend available to common stockholders 3. Dividend on each share of common stock 4. Total dividends due for 2011, 2012, and 2013 Less amount paid in 2013 Arrearage to be carried forward to future years. Analyze: Amount due preferred stockholders at $50,000 Given Data P20.02A HATTEN CORPORATION Balance Sheet Equity Section December 31, 2013 Stockholders' Equity Preferred Stock (9% cumulative, $50 par value, 2,000 shares authorized) At Par Value (1,500 shares issued) Common Stock (no-par value, with stated value of $25, 20,000 shares authorized) At Stated Value (14,000 shares issued) 75,000 350,000 Part I - Additional Information Years for which dividends have not been paid: Dividend declared after completion of year 2013 $ 2011 2012 24,000 Part II - Additional Information Dividend declared after completion of year 2013 $ 90,000 Student Name: Class: Problem 21.02A BRUIN CORPORATION Worksheet Year Ended December 31, 2013 Account Name Cash Accounts Receivable Allowance for Doubtful Accts. Inventory Land Buildings Accumulated Dep. - Buildings Equipment Accumulated Dep. - Equipment Accounts Payable Dividends Payable-Preferred Dividends Payable-Common Accrued Expenses Payable Income Tax Payable Preferred Stock, 12% Paid-In Cap. In Excess of Par Value Common Stock Retained Earnings Sales (Net) Purchases Selling Expenses (Control) General Expenses (Control) Amortization of Organization Costs Income Tax Expense Income Summary Totals Net Income Trial Balance Debit Credit Adjustments Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit BRUIN CORPORATION Income Statement Year Ended December 31, 2013 Sales (Net) Cost of Goods Sold Inventory, January 1, 2013 Purchases Goods Available for Sale Less Inventory, Dec. 31, 2013 Cost of Goods Sold Gross Profit on Sales Expenses Selling Expenses General Expenses Net Income Before Income Tax Income Tax Expense Net Income After Income Tax BRUIN CORPORATION Balance Sheet January 31, 2013 ASSETS Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts Inventory Total Current Assets Property, Plant, and Equipment Land Buildings Less Accumulated Depreciation-Buildings Equipment Less Accumulated Depreciation-Equipment Total Property, Plant, and Equipment Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Dividends Payable - Preferred Dividends Payable - Common Accrued Expenses Payable Income Tax Payable Total Current Liabilities Stockholders' Equity Paid-in Capital Preferred Stock (12%, $100 par value, 5,000 shares authorized) Issued and Outstanding, 1,600 shares Paid-in Capital in Excess of Par Value Common Stock ($10 par value 200,000 shares authorized Issued and Outstanding, 24,000 shs. Total Paid-in Capital Retained Earnings Balance, January 1, 2013 Add Net Income for Year Deductions: Dividends on Preferred Stock Dividends on Common Stock Total Retained Earnings, Dec. 31, 2013 Total Stockholders' Equity Dec. 31, 2013 Total Liabilities and Stockholders' Equity GENERAL JOURNAL Adjusting Entries Date 2013 Dec. Description Page 6 Post Ref Debit Post Ref Debit Credit a. b. c. d. e. f. GENERAL JOURNAL Closing Entries Date 2013 Dec. Description Analyze: The amount of net income before taxes is: The percentage of annual income before taxes spent on dividends was: Page 7 Credit Given Data P21.02A BRUIN CORPORATION Trial Balance (Condensed) December 32, 2013 Cash Accounts Receivable Allowance for Doubtful Accts. Income Tax Refund Receivable Inventory Land Buildings Accumulated Dep. - Buildings Equipment Accumulated Dep. - Equipment Accounts Payable Dividends Payable-Preferred Dividends Payable-Common Accrued Expenses Payable Income Tax Payable Preferred Stock, 12% Paid-In Capital In Excess of Par Value - preferred Common Stock Retained Earnings Sales (Net) Purchases Selling Expenses (Control) General Expenses (Control) Amortization of Organization Costs Income Tax Expense Income Summary Totals $ 46,570 149,800 $ 2,000 100,000 100,000 300,000 37,500 250,000 25,000 105,220 19,200 21,600 160,000 16,000 240,000 128,000 1,100,550 600,000 162,800 76,700 69,200 $ 1,855,070 $ 1,855,070 Additional Information Ending Merchandise Inventory $ 105,000 Depreciation of buildings: Selling Expense General Expense $ $ 10,000 2,500 Depreciation of equipment: Selling Expense General Expense $ $ 17,000 8,000 Accrued Expenses: Selling Expense General Expense $ $ 6,000 2,000 Change in Allowance for Doubtful Accounts $ - Quarterly tax deposits $ 69,200 Retained Earnings on January 1, 2013 $ 168,800 Dividends declared December 5, 2013 are payable January 4, 2014