Tamarisk, Inc.’s December 31, 2020 balance sheet showed the following: 6% preferred stock, $20 par value,...
Tamarisk, Inc.’s December 31, 2020 balance sheet showed the following:
|
6% preferred stock, $20 par value, cumulative, |
|
|
40000 shares authorized; 25000 shares issued |
$ 500000 |
|
Common stock, $10 par value, 3,000,000 shares authorized; |
|
|
1,950,000 shares issued, 1,920,000 shares outstanding |
19200000 |
|
Paid-in capital in excess of par value - preferred stock |
50000 |
|
Paid-in capital in excess of par value - common stock |
27700000 |
|
Retained earnings |
9150000 |
|
Treasury stock (30,000 shares) |
450000 |
Tamarisk declared and paid a $80200 cash dividend on December 15, 2020. If the company’s dividends in arrears prior to that date were $29100, Tamarisk's common stockholders received
$50200.
$21100.
$32100.
no dividend.
Homework Answers
| Annual Preferred dividends | 30000 | =500000*6% |
| Dividends paid to preferred stockholders | 59100 | =30000+29100 |
| Tamarisk's common stockholders received | 21100 | =80200-59100 |
| Option B $21100 is correct |
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Tamarisk, Inc.’s
December 31, 2020 balance sheet showed the following:
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