Platinum passed the preferred dividend in 2011 and 2012 in

Assignment Help Accounting Basics

Reference no: EM13585445

Platinum Trust has the following stockholders equity:

PAid in Capitols-

Prefered stock 6%$10 par, 8,000 shares authorized, 6,000 shares issued- $65,000

Common Stock, $0.10, 1,400,000 shares authorized and issued- 140,000

PAid in capitol in excess of par common- 350,000

total paid in capitol 555,000

retained earnings - 275,000

total stock holders equity- 830,000

Requirements

R1. Is Platinum's preferred stock cumulative or noncumulative? How can you tell? Cumulative. You can tell by the % before the par amount.

R2. Platinum declares cash dividends of $15,000 for 2010. How much of the dividends goes to preferred? How much goes to common?

R3. Platinum passed the preferred dividend in 2011 and 2012. In 2013 the company declares cash dividends of $25,000. How much of the dividend goes to preferred? How much goes to common?

Reference no: EM13585445

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