Reference no: EM131263915
Fashionista Skincare has 10,000 shares of 33?%, $ 20 par value preferred stock and 90,000 shares of $2.00 par common stock outstanding. During a? three-year period, Fashionista declared and paid cash dividends as? follows: 2010, $3,000?; ?2011, $13,000?; and? 2012, $17,000.
Requirements
1. Compute the total dividends to preferred and to common for each of the three years if
a. preferred is noncumulative.
b. preferred is cumulative.
2. For requirement? 1.b., journalize the declaration of the 2012 dividends on December? 22, 2012, and payment on January? 14, 2013. Use separate Dividends payable accounts for preferred and common.
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