Reference no: EM132314838
Question
The books of Headland Corporation carried the following account balances as of December 31, 2017.
Cash $ 205,000
Preferred Stock (6% cumulative, nonparticipating, $50 par) 282,000
Common Stock (no-par value, 313,000 shares issued) 1,565,000
Paid-in Capital in Excess of Par-Preferred Stock 160,000
Treasury Stock (common 3,100 shares at cost) 34,900
Retained Earnings 105,800
The company decided not to pay any dividends in 2017.
The board of directors, at their annual meeting on December 21, 2018, declared the following: "The current year dividends shall be 6% on the preferred and $0.30 per share on the common. The dividends in arrears shall be paid by issuing 1,410 shares of treasury stock." At the date of declaration, the preferred is selling at $80 per share, and the common at $12 per share. Net income for 2018 is estimated at $70,600.
(a) Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously.
(b) Could Headland Corporation give the preferred stockholders 2 years' dividends and common stockholders a 30 cents per share dividend, all in cash?
|
What are your research interests in information technology
: What are your research interests in the area of Information Technology? Why are you inspired to research in this area, and why do you think.
|
|
Calculate craigmont companys conversion costs total
: Craigmont Company's direct materials costs are $4,600,000, its direct labor costs total $8,440,000, and its factory overhead costs total $6,440,000.
|
|
Calculate the overhead costs
: A company's prime costs total $4,509,000 and its conversion costs total $5,510,000. If direct materials are $2,011,000, calculate the overhead costs?
|
|
Write the code to print out a customer report
: Write the code to print out a customer report. Your code must read each customer from a file, populate the object, place the object in a linked list.
|
|
Prepare the journal entries required for dividend payment
: Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously.
|
|
Determine what would you say in the policy
: The policy should encourage the use of IM and chat while also providing useful guidance to avoid potential problems. What would you say in the policy?
|
|
Rank the following investments in order from least duration
: Rank the following investments in order from least duration to greatest duration at a yield of 10% per year effective
|
|
Calculate the expected return from johnson and johnson
: Calculate the expected return from Johnson & Johnson. Find the highest expected return that is offered by one of these stocks.
|
|
Determine the coefficient of association
: MST-002: Descriptive Statistics Assignment - Boys failing in the examination numbered 80. Determine the coefficient of association
|