Fargo Company's outstanding stock consists of 550 shares of noncumulative 5% preferred stock with a $10 par value and 4,000 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.Year Dividend Declared
2015 $20,000
2016 $6,000
2017 $32,000The amount of dividends paid to preferred and common shareholders in 2015 is:
$200 preferred; $19,800 common.
$4,000 preferred; $16,000 common.
$17,000 preferred; $3,000 common.
$10,000 preferred; $10,000 common.
$20,000 preferred; $0 common.

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10-12-2022
Business

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Fargo Company's outstanding stock consists of 550 shares of noncumulative 5% preferred stock with a $10 par value and 4,000 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.Year Dividend Declared
2015 $20,000
2016 $6,000
2017 $32,000The amount of dividends paid to preferred and common shareholders in 2015 is:
$200 preferred; $19,800 common.
$4,000 preferred; $16,000 common.
$17,000 preferred; $3,000 common.
$10,000 preferred; $10,000 common.
$20,000 preferred; $0 common.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-12-14T21:00:16+01:00

The amount of dividends paid to preferred and common shareholders in 2015 is $10,000 preferred; $10,000 common.

The total dividend declared for the year was $20,000. Since the preferred stock is noncumulative, the company must pay dividends each year. The preferred stockholders would receive the full 5% dividend of $10,000 (550 x $10 x 5%). The remaining $10,000 would go to the common shareholders.

Dividend refers to a reward, cash or otherwise, that a company gives to its shareholders. Dividends can be issued in various forms, such as cash payment, stocks or any other form. A company's dividend is decided by its board of directors and it requires the shareholders' approval.

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