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Partlow Company has the following stockholders’ equity: Paid-in-capital Preferred stock, 5%,$15par, 7000 shares authorized, 5,500 shares issued. 82,500common stock, $0.30 par, 1,200,000 shares authorized and issued360,000paid-in-capital in excess of par-common400,000Total paid in capital842,500Retained Earning260,000Total stockholder's Equity 1,102,500Requirements:Is Partlow’s preferred stock cumulative or noncumulative? How can you tell?Partlow declares cash dividends of $30,000 for 2010. How much of the dividends goes to preferred. How much goes to common?Partlow passed the preferred dividend in 2011 and 2012. In 2013 the company declares cash dividends of $45,000. How much of the dividend goes to preferred? How much goes to common? |
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