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s l Linkedin X current Students l Xavier Uni x Assignments SHRM-360-01: xy- in sscourse.com/platform/mod/quizjattempt.php?attempt 1527236&page-1; sera@xa... Waylens Horizon X Xavier University-S. Menu My Subscriptions/Courses ACCT200:10-Weick. / Chapter 11 Chapter 11 Homework Quiz CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 2 Not yet answered Marked out of4.00 Flag question Dividend Distribution Gardner Corporation began business on June 30, 2013. At that time, it issued 18,000 shares of $50 par value, six percent, cumulative preferred stock and 90,000 shares of $10 par value common stock. Through the end of 2015, there had been no change in the number of preferred and common shares outstanding Required a. Assume that Gardner declared dividends of $54,000 in 2013. in 2014, and $108,000 in 2015. Calculate the total dividends and the dividends per share paid to each class of stock in 2013, 2014, and 2015. Round to two decimal places Preferred Common Preferred Common per share Year Stock Stock per share 2013 s 2014 2015 ensation Negot ...pd " MacBook Air

Explanation / Answer

(a) Preferred stock have every right to receive arrears of dividend and fixed amount of dividend before it is given to common stock. So in year 2015 preferred stock will receive $3 for current year and $ 3 arrear of year 2014.

(B) Preferred stock recieve fixed dividend and also any arrear of dividend so , preferred dividend per share is 6% of $50 i.e $ 3 per share, they will also receive arrears of dividend if dividend is declared in next year.

Years Preferred stock Common stock Preferred per share Common per share 2013 $ 54,000 $ 0 $ 3 $ 0 2014 $ 0 $ 0 $ 0 $ 0 2015 $ 108,000 $ 0 $ 6 $ 0

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