No dividends were declared or paid during 2013 however on

Assignment Help Accounting Basics

Reference no: EM13588944

Homestead Oil Corp. was incorporated on January 1, 2013, and issued the following stock for cash:

800,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2013, at $19 per share.

200,000 shares of $100 par value, 9.5% cumulative, preferred stock were authorized, and 60,000 shares were issued on January 1, 2013, at $122 per share.

Net income for the years ended December 31, 2013 and 2014, was $1,300,000 and $2,800,000, respectively.

No dividends were declared or paid during 2013. However, on December 28, 2014, the board of directors of Homestead declared dividends of $1,800,000, payable on February 12, 2015, to holders of record as of January 19, 2015.

PART A:
1. The issuance of common stock and preferred stock on January 1, 2013.

2. The declaration of dividends on December 28, 2014.

3.The payment of dividends on February 12, 2015.

PART B:

1.Of the total amount of dividends declared during 2014, how much will be received by preferred shareholders?

Reference no: EM13588944

Questions Cloud

How would you expect the two firms compensation plans for : consider the following two separate firms. one firm manufactures flexible packaging films for the snack bakery

A 610-kg skier starts from rest at the top of a ski slope : a 61.0-kg skier starts from rest at the top of a ski slope of height 67.0 mathe skier crosses a patch of soft snow

Instructions using the following data complete the : instructions using the following data complete the requirements given below. when you are given amounts to assume the

The standard cost card shows that a finished product : the following direct materials data pertain to the operations of stone wealth manufacturing company for the month of

No dividends were declared or paid during 2013 however on : homestead oil corp. was incorporated on january 1 2013 and issued the following stock for cash800000 shares of no-par

A turntable must spin at 336 rpm 352 rads to play an : a turntable must spin at 33.6 rpm 3.52 rads to play an old-fashioned vinyl record. how much torque must the motor

Cool sips inc manufactures and sells a nutrition drink for : cool sips inc. manufactures and sells a nutrition drink for children. the company wants to develop a standard cost per

The beam contains two wavelengths 4500 nm and 7000 nm for : a light beam strikes a piece of glass at a 50.00 degree incident angle. the beam contains two wavelengths 450.0 nm and

In the second stage processing costs are assigned to : 1.dideda corporation uses an activity-based costing system with three activity cost pools. the company has provided the

User Account

All Pages