Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Estrada Corporation has 5,000 shares of 6% cumulative, Php100 par value, preferred stock outstanding and 175,000 shares of common stock outstanding. The company has paid

image text in transcribed

image text in transcribed

image text in transcribed

Estrada Corporation has 5,000 shares of 6% cumulative, Php100 par value, preferred stock outstanding and 175,000 shares of common stock outstanding. The company has paid no dividends since May 31, 2021. For the year ended May 31, 2023, Estrada had net income of Php1,450,000 and wishes to pay common shareholders a dividend equivalent to 25% of net income. The total amount of dividends to be paid by Estrada Corporation at May 31, 2023 is Mari declared a 5% stock dividend on its 10,000 issued and outstanding shares of Php2 par value common stock, which had a fair market value of Php5 per share before the stock dividend was declared. This stock dividend was distributed 60 days after the declaration date. By what amount did Mari's current liabilities increase as a result of the tock dividend declaration? Cam Corp. has 700,000shares of common stock authorized and 300,000 shares outstanding at December 31, 2020. The following events occurred during 2021: Jan 31: Declared 10% stock dividend June 30: Purchased 100,000 shares Aug 1: Reissued 50,000 shares Nov 30: Declared 2-for 1 stock split At December 31, 2021, how many outstanding shares did Coronado have

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Integrated Auditing Of ERP Systems

Authors: Yusufali F. Musaji

1st Edition

0471235180, 978-0471235187

More Books

Students also viewed these Accounting questions