Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout 2016, and 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 calculated before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock. You've been able to retrieve the following information so far: The company declared a 2% common stock dividend on December 1, and would like you to calculate the following pieces of missing information. The market value of the common shares is $24.00 on December 1, and is $32.00 on the actual distribution date of the stock, December 31. Fill in the missing information below, using the information given and your work on the other panels. All "before" items are before the stock dividend was declared. All "after" items are after the stock dividend was declared and closing entries were recorded at the end of the year. The accounting manager for the company prepared the schedule of cash dividends paid over the period 2011-2016 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 answers below. How many shares of common stock are outstanding? How many shares of preferred stock are outstanding? What is the preferred dividend as a percent of par? Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout 2016, and 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 calculated before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock. You've been able to retrieve the following information so far: The company declared a 2% common stock dividend on December 1, and would like you to calculate the following pieces of missing information. The market value of the common shares is $24.00 on December 1, and is $32.00 on the actual distribution date of the stock, December 31. Fill in the missing information below, using the information given and your work on the other panels. All "before" items are before the stock dividend was declared. All "after" items are after the stock dividend was declared and closing entries were recorded at the end of the year. The accounting manager for the company prepared the schedule of cash dividends paid over the period 2011-2016 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 answers below. How many shares of common stock are outstanding? How many shares of preferred stock are outstanding? What is the preferred dividend as a percent of par
