Farnsworth inc. declared a 450000 cash dividend. it, Ask an Expert

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Farnsworth Inc. declared a $450,000 cash dividend. It currently has 10,000 shares of 8%, $100 par value cumulative preferred stock outstanding. It is one year in arrears on its preferred stock. How much cash will Farnsworth distribute to the common stockholders?

a) $290,000

b) $370,000

c) $160,000

d) $450,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947447

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