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Waddell & Reed, Inc., has the following stockholders’ equity

Waddell & Reed, Inc., has the following stockholders’ equity
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Solution Guide / Answer Key:

ACCOUNTING

Waddell & Reed, Inc., has the following stockholders’ equity:

Paid-in capital:
Preferred stock, 8%, $10 par, 100,000 shares authorized, 20,000 shares issued $200,000
Common stock, $0.50 par, 500,000 shares authorized, 300,000 shares issued 150,000
Paid-in capital in excess of par—common 600,000
Total paid-in capital 950,000
Retained earnings 150,000
Total stockholders’ equity $110,000

First, determine whether preferred stock is cumulative or noncumulative. Then compute the amount of dividends to preferred and to common for 2007 and 2008 if total dividends are $10,000 in 2007 and $50,000 in 2008.

 

FILE: MS WORD

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