34) On July 31, Ace Electronics paid a cash dividend of $0.50 per share to common shareholders. There were 80,000 shares issued at the time. Ace held 5,000 shares of treasury stock. Ace also paid a...

34) On July 31, Ace Electronics paid a cash dividend of $0.50 per share to common shareholders. There were 80,000 shares issued at the time. Ace held 5,000 shares of treasury stock. Ace also paid a dividend to preferred shareholders. There were 1,000 shares of 6%, $100 par preferred stock outstanding. What was the total dollar amount of the cash dividend?

35) The board of directors of Kim Brothers Fitness Center is going to declare the first-ever dividends for the new corporation. The total amount of cash available for dividends is $2,000. There are 50 shares outstanding of 10%, $100 par value preferred stock. There are 2,000 shares of common stock outstanding.

1. What is the
TOTAL
dollar amount of the dividend paid to preferred shareholders?

2. What is the dividend
PER SHARE
paid to preferred shareholders?

3. What is the
TOTAL
dollar amount of the dividend paid to common shareholders?

4. What is the dividend
PER SHARE
paid to common shareholders?

36) On December 15, 2011, the board of directors of Ryes, Inc. declared a cash dividend of $2 per share on the 100,000 common shares outstanding, payable January 8, 2012. No dividends were declared in 2012. For each item, write in the amount (even if $0) in the column of the one financial statement where the amount is found.

37) Match each of the following items with its appropriate definition. Each item should be used only once.

a.noncumulative preferred stock

b.dividends

c.payment date

d.declaration date

e.preferred stock

f.cash dividends

g.date of record

h.cumulative preferred stock

i.dividends in arrears

j.treasury stock

______ 1. Type of corporate stock that has preference rights over common stock

______ 2. Corporate distribution of earnings to the shareholders of the corporation

______ 3. A distribution of earnings in the form of cash to the shareholders of a corporation

______ 4. Date when the board of directors of a corporation authorizes the payment of dividends to the shareholders of the corporation

______ 5. Date used to determine which shareholders should receive dividends; anyone owning stock on this date is entitled to receive dividends

______ 6. Stock of a corporation that has been issued and has been repurchased by the issuing corporation.

______ 7. Date when cash dividends are actually paid to shareholders of a corporation.

______ 8. Stock on which the fixed dividend amount accumulates from year to year; the entire amount of all past unpaid dividends must be paid to the preferred shareholders before any dividends can be paid to the common shareholders

______ 9. Any dividends owed to the preferred shareholders from past years, but were not declared and are currently unpaid

_____ 10. Preferred stock that is not entitled to receive past, unpaid dividends