Lab 9 (Question 5) ~ Lyryx Learning Inc.pdf

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University of Waterloo
Accounting & Financial Management
AFM 101
Robert Ducharme

Lab 9 (Question 5) ~ Lyryx Learning Inc 12/2/2013, 3:18 AM SPREADSHEET PRINT HELP Printer Friendly Lab 9 (Question 5) Name: kun li Date: 2013-12-02 3:17 Question 5 [10 points] The question was: The December 31, 2013, shareholders' equity section of the statement of financial position of Velor Inc. appears below. Velor Inc. Shareholders' Equity December 31, 2013 Contributed capital Preferred shares, $2.00 cumulative, 27,000 shares authorized and issued 108,000 Preferred shares, $8.00 non-cumulative, 26,000 shares authorized and issued 442,000 375,000 common shares authorized and issued 3,750,000 Total contributed capital 4,300,000 Retained earnings 1,289,000 Total shareholders' equity 5,589,000 All the shares were issued on January 1, 2011 (when the corporation began operations). No dividends had been declared during the first two years of operations (2011 and 2012). During 2013, the cash dividends declared and paid totalled $516,000. (A) Calculate the amount of cash dividends paid during 2013 to each of the three classes of shares. Cumulative preferred shares 12 Non-cumulative preferred shares 1 Common shares 1 Marking : The dividends paid to cumulative preferred shareholders should be $162,000, but you have not entered this. This will cost you 1 mark. 1 of 3=answer Lab 9 (Question 5) ~ Lyryx Learning Inc 12/2/2013, 3:18 AM The dividends paid to non-cumulative preferred shareholders should be $208,000, but you have not entered th
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