A company was organized in January 2012 and has 2,000 shares of $100 par value,10%,nonparticipating preferred stock outstanding and 30,000 shares of $10 par value common stock outstanding.It has declared and paid cash dividends each year as shown below.Calculate the total dividends distributed to each class of stockholder under each of the assumptions given.
Definitions:
Adjusting Entries
Final journal recordings at the close of an accounting spell to assign revenues and expenditures to the factual period of occurrence.
Supplies
Materials and goods used in the operation of a business, often consumable and regularly replaced.
Prepaid Insurance
An asset account that represents insurance payments made in advance for coverage that extends over a future period.
Depreciation Expense
The orderly apportioning of the expense of a concrete asset over its expected lifetime, illustrating its decline in value as time progresses.
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