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    natalie_hope's Avatar
    natalie_hope Posts: 1, Reputation: 1
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    #1

    Sep 15, 2012, 12:49 AM
    Dividends
    Computing dividends on preferred and common stock
    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
    1. Compute the total dividends to preferred and to common for each of the three years if
    a. preferred is noncumulative.
    b. preferred is cumulative.
    2. 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.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Sep 15, 2012, 03:06 AM
    Show us your attempt and tell us what your problem is, we don't provide model answers

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