Preferred Stock—6%, $15 Par Value; 7,500 shares authorized, 6,000 shares issued and outstanding
Common Stock—$0.35 Par Value; 2,000,000 shares authorized, 1,300,000 shares issued and outstanding
Requirement 1:
a. Golden declares cash dividends of $25,000 for 2016. How much of the dividends goes to preferred​stockholders? How much goes to common​stockholders?
b. Assume the preferred stock is cumulative and Golden passed the preferred dividend in 2014 and 2015. In 2016​, the company declares cash dividends of $30,000. How much of the dividend goes to preferred​ stockholders? How much goes to common​stockholders?
c. Assume the preferred stock is noncumulative and Golden passed the preferred dividend in 2014 and 2015. In 2016​, the company declares cash dividends of $30,000. How much of the dividend goes to preferred​ stockholders? How much goes to common​ stockholders?
Golden​'s dividend would be divided between preferred and common stockholders in this​ manner:
Total Dividend
Dividend to preferred stockholders:
Dividend in arrears
Current year dividend
Total dividend to preferred stockholders
Dividend to common stockholders
Requirement 2:
Assume the preferred stock is cumulative and Golden passed the preferred dividend in 2014 and 2015. In 2016​, the company declares cash dividends of $30,000. How much of the dividend goes to preferred​ stockholders? How much goes to common​ stockholders?
Answers: 2
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Preferred Stock—6%, $15 Par Value; 7,500 shares authorized, 6,000 shares issued and outstanding
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