# Problem calculate the dividends per share on each class of stock

1#

Canton, Inc. has stock outstanding as follows: 25,000 shares of \$2.00 cumulative,

nonparticipating preferred stock of \$50 par, and 100,000 shares of \$25 par common. During

its first five years of operations, the following amounts were distributed as dividends: first

year, none; second year, \$20,000; third year, \$90,000; fourth year, \$180,000; fifth year,

\$250,000.

1) Calculate the dividends per share on each class of stock for each of the five years.

2) Redo #1, assuming the preferred stock is noncumulative

2#

The following selected accounts appear in the ledger of Cyma Environmental Corporation on

January 1, 2003.

Preferred 4% Stock, \$100 par (10,000 shares authorized,

8,000 shares issued) …………………………………………… \$800,000

PIC-excess of par-PF ………………………………………………….80,000

Common Stock, \$20 par (60,000 shares authorized,

30,000 shares issued) …………………………………………… 600,000

PIC-excess of par-CS ……………………………………………….. 900,000

Retained Earnings ………………………………………………… 1,277,000

Journalize the entries to record the following transactions.

a. Issued 20,000 shares of common stock at \$32 receiving cash.

b. Sold 1,000 shares of preferred 4% stock at \$120.

c. Purchased 5,000 shares of treasury common for \$220,000

d. Sold 2,000 shares of treasury common for \$84,000

e. Sold 1,500 shares of treasury common for \$68,500

f. Issued 10,000 shares of common stock in exchange for Land costing \$385,000

3#

Selected transactions completed by Zebra Company appear below. Journalize the

transactions.

Jan. 5 Split the common stock 4 for 1 and reduced the par from \$100 to \$25 per share.

After the split, there were 100,000 common shares outstanding.

Feb. 20 Purchased 10,000 shares of treasury stock for \$300,000.

Mar. 12 Declared the semiannual dividends of \$4 on 20,000 shares of preferred stock and

\$.50 on the outstanding common stock.

April 12 Paid the cash dividends.

June 5 Sold 5,000 shares of treasury stock at \$33, receiving cash.

Sept. 2 Declared semiannual dividends of \$4 on preferred stock, and \$.50 on common

stock (before the stock dividend). In addition, a 4% common stock dividend was

declared on the common stock outstanding, to be capitalized at fair market value

of the common stock, which is estimated at \$40.

Oct. 5 Paid the cash dividends and issued the certificates for the common stock dividend.

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