Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 9.00

Teak Outdoor Furniture Company

(Learning Objective 2, 4: Analyzing the stockholders’ equity and dividends of a corporation) Teak Outdoor Furniture Company included the following stockholders’ equity on its year-end balance sheet at February 28:

Stockholders’ Equity

Preferred stock, 5.5% cumulative—par value $20 per share;

authorized 100,000 shares in each class;

Class A—issued 75,000 shares

$ 1,500,000

Class B—issued 92,000 shares

1,840,000

Common stock—par value $5 per share;

authorized 1,000,000 shares;

issued 280,000 shares

1,400,000

Additional paid-in capital, common

5,540,000

Retained earnings

8,330,000

$18,610,000

Required

1. Identify the different issues of stock Teak Outdoor Furniture Company has outstanding.

2. Give the summary entries to record issuance of all the Teak stock. Assume that all the stock was issued for cash. Explanations are not required.

3. Suppose Teak passed its preferred dividends for 3 years. Would the company have to pay those dividends in arrears before paying dividends to the common stockholders? Give your reason.

4. What amount of preferred dividends must Teak declare and pay each year to avoid having preferred dividends in arrears?

5. Assume that preferred dividends are in arrears for 20X8. Record the declaration of an $800,000 dividend on February 28, 20X9. An explanation is not required.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 08:09 PM My Price 9.00

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