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need help with the question outlined in pink EC Chapter 12 Master Mastery s, and 750,000 Mastery Problem: Corporations: Organization, Stock Transactions, Dividends Pranks, Inc.
need help with the question outlined in pink
EC Chapter 12 Master Mastery s, and 750,000 Mastery Problem: Corporations: Organization, Stock Transactions, Dividends Pranks, Inc. Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout Year 6, the current year. It is also declaring a stock dividend to its stockholders as the calendar year-end approaches. You've been brought in as a consultant to assist with this process, and also to help determine whether some missing information can be determined before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock. Number of common shares authorized 100.000 Number of common shares value of common shares Par value of cutive preferred shores 530 Paid-in capital in excess of par-common stock 17,000,000 Paid-in capital in excess of par Total retained earnings before the stock dividend is declared $33.500.000 do trey share have been red Preferred Dividends Common Dividends Total Cash Year Dividends Total Per Share Total Per Share Year 40,000 40,000 0.20 0 0.00 Your 72.000 72,000 0:36 0.00 113,000 69,000 0.34 45,000 0.00 Year 135.000 60,000 75.000 0.15 Year 5 150,000 60,000 0.3 90,000 0.18 Year 6 210.000 60,000 150,000 0.3 Cash Dividends The accounting manager for the company prepared the schedule of cash dividends paid from Year 1 to Year 6 on the Pranks, Inc panel. However, one of the reasons for Pranks, Inc.'s missing information is that the manager is away on vacation and is unreachable by phone, because he is backpacking on a remote island that does not have cell phone reception. Management would like you to determine some information from the data you've collected regarding its outstanding stock. Fill in the following answers. How many shares of common stock are outstanding? 500,000 How many shares of preferred stock are outstanding? K 200,000 What is the preferred dividend as a percent of par? % C EC Chapter 12 Master Mastery How many shares of preferred stock are outstanding? 300.000 What is the preferred dividend as a percent of par? Feedback Review the definitions of the items, and the amounts that are included in their computation Additional Questions 1. After completing the Cash Dividends panel, answer the following question Does Pranks, Inc. have any treasury stock? How can you tell? Yesbecause the number at stars and her than the others attending 2. In which years has Pranks, Inc. paid cumulative preferred dividends in arrears? et Feedback 1. Review the definitions and relationships between authorized, issued, and outstanding shares of stock 2. Review the definition of cumulative preferred dividends in arrears. When did Pranks, Inc. not pay the full amount of preferred dividends due? When did they make up these amounts ? Stock Dividend The company declared a 2% common stock dividend on December 1, and would like you to compute the following pieces of missing information. The market value of the common shares is $25 on December 1, and is $30 on the actual distribution date of the stock, December 31. Fill in the missing information in the following table, using the information given and your work on the other panels. All "before" items are before the stock dividend was declares. Au uster items are after the stock dividend was declared and closing entries at end of Total capital before the stored 23.000.000 Totalcaring before the dividend 33.500.000 dorte S.500.000 Tuta - capita after the stock and trained in the divine Total sector quite the stock and 25.500.000 31.000 $100,000 EC Chapter 12 Master Mastery s, and 750,000 Mastery Problem: Corporations: Organization, Stock Transactions, Dividends Pranks, Inc. Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout Year 6, the current year. It is also declaring a stock dividend to its stockholders as the calendar year-end approaches. You've been brought in as a consultant to assist with this process, and also to help determine whether some missing information can be determined before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock. Number of common shares authorized 100.000 Number of common shares value of common shares Par value of cutive preferred shores 530 Paid-in capital in excess of par-common stock 17,000,000 Paid-in capital in excess of par Total retained earnings before the stock dividend is declared $33.500.000 do trey share have been red Preferred Dividends Common Dividends Total Cash Year Dividends Total Per Share Total Per Share Year 40,000 40,000 0.20 0 0.00 Your 72.000 72,000 0:36 0.00 113,000 69,000 0.34 45,000 0.00 Year 135.000 60,000 75.000 0.15 Year 5 150,000 60,000 0.3 90,000 0.18 Year 6 210.000 60,000 150,000 0.3 Cash Dividends The accounting manager for the company prepared the schedule of cash dividends paid from Year 1 to Year 6 on the Pranks, Inc panel. However, one of the reasons for Pranks, Inc.'s missing information is that the manager is away on vacation and is unreachable by phone, because he is backpacking on a remote island that does not have cell phone reception. Management would like you to determine some information from the data you've collected regarding its outstanding stock. Fill in the following answers. How many shares of common stock are outstanding? 500,000 How many shares of preferred stock are outstanding? K 200,000 What is the preferred dividend as a percent of par? % C EC Chapter 12 Master Mastery How many shares of preferred stock are outstanding? 300.000 What is the preferred dividend as a percent of par? Feedback Review the definitions of the items, and the amounts that are included in their computation Additional Questions 1. After completing the Cash Dividends panel, answer the following question Does Pranks, Inc. have any treasury stock? How can you tell? Yesbecause the number at stars and her than the others attending 2. In which years has Pranks, Inc. paid cumulative preferred dividends in arrears? et Feedback 1. Review the definitions and relationships between authorized, issued, and outstanding shares of stock 2. Review the definition of cumulative preferred dividends in arrears. When did Pranks, Inc. not pay the full amount of preferred dividends due? When did they make up these amounts ? Stock Dividend The company declared a 2% common stock dividend on December 1, and would like you to compute the following pieces of missing information. The market value of the common shares is $25 on December 1, and is $30 on the actual distribution date of the stock, December 31. Fill in the missing information in the following table, using the information given and your work on the other panels. All "before" items are before the stock dividend was declares. Au uster items are after the stock dividend was declared and closing entries at end of Total capital before the stored 23.000.000 Totalcaring before the dividend 33.500.000 dorte S.500.000 Tuta - capita after the stock and trained in the divine Total sector quite the stock and 25.500.000 31.000 $100,000 Step by Step Solution
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