Reference no: EM132105381
Question - The Wendy Corporation's April 30 balance sheet included the following information. Total assets = $325,000,000. Total liabilities = $200,000,000. Total stockholders' equity = $125,000,000. Stockholders' equity consisted of the following four items.
7%, noncumulative preferred stock, $100 par, 300,000 shares issued - $30,000,000
Common stock, $1 par, 20,000,000 shares issued - $20,000,000
Additional paid-in capital, common stock - $46,000,000
Retained earnings - $29,000,000
Dividends were paid to preferred stock in all previous years except for two years. Total dividends declared and paid in the current year ended April 30 were $8,000,000.
Calculate the total dollar amount of dividends paid to preferred stockholders and common stockholders in the current year ended April 30.
a. Preferred dividends = $2,100,000. Common dividends = $5,900,000.
b. Preferred dividends = $4,200,000. Common dividends = $3,800,000.
c. Preferred dividends = $6,300,000. Common dividends = $1,700,000.
d. Preferred dividends = $8,000,000. Common dividends = $0.
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