ACC 206 Week 1 P12 32A
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ACC 206 Week 1 P12-32A
ACC 206 Week 1 P12-32A
P12-32A Computing dividends on preferred and common stock [1520 min]
Fashonista Skincare has 10,000 shares of 3%, $20 par value preferred stock and 90,000 shares of $2 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
- Compute the total dividends to preferred and to common for each of the three years if
a. preferred is noncumulative.
b. preferred is cumulative.
- 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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02/19/2013
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P12-32A - Fashonista Skincare - ACC206 - Principles of Accounting II - AU.doc
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