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Reiner Wholesale Merchandise had 20,000 shares

Dividend Computations

Reiner Wholesale Merchandise had 20,000 shares of 5%, $20
par value preferred stock and 15,000 shares of $25 par value common stock
outstanding throughout 2003. These data apply to each of the independent
situations below.

1. Assuming
that total dividends declared in 2003 were $35,000 and that the preferred stock
is not cumulative. Determine the total of 2003 dividends the common
stockholders should receive.

2. Assuming
that total dividends declared in 2003 were $80,000 and that the preferred stock
is cumulative with two years’ preferred dividends in arrears on December 31,
2002. Determine the total 2003 dividends the preferred stockholders should
receive.

3. Assuming that total dividends in 2003 were $30,000 and
that the preferred stock is cumulative with one year’s preferred dividends in
arrears on December 31, 2002. Determine the total 2003 dividends the preferred
stockholders should receive.

4. Assuming
that total dividends declared in 2003 were $40,000, that the cumulative
preferred stock was issued on January 1, 2002, and that $10,000 of preferred
dividends were declared and paid in 2002. Determine the total 2003 dividends
the common stockholders should receive.

5. Assuming
that total dividends declared in 2003 were $60,000 and that the cumulative
preferred stock dividends have not been paid after 2001. Determine the total
2003 dividends the common stockholders should receive.

6. Assuming
that total dividends declared in 2003 were $190,000 and that the cumulative
preferred stock received dividends in the following manner: In full up to 1999,
$18,000 in 2000, $4,000 in 2001, and $15,000 in 2002. Determine the total 2003
dividends the common stockholders should receive.

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