The board of directors of Picasso Manufacturing, Inc., may declare a dividend this year but has not declared a dividend for past two years. The corporation has $800,000 shares of $1 par common stock authorized and $160,000 shares issued and outstanding. It also has $300,000 shares of 5%, $10 par cumulative preferred stock authorized, of which 55,000 shares are issued and 50,000 shares are outstanding. Compute the amount of dividends available for common and preferred shareholders if the dividend declaration is $75,000.
2007-02-01
07:02:21
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4 answers
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asked by
GSU
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