Solved: Total amount of dividends pay to preferred shareholders, Accounting Basics

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Total amount of dividends pay to preferred shareholders

Question: Starbucks has 325,000 shares of cumulative preferred stock outstanding. The stock is supposed to pay $2.00 in dividends per share each quarter. The company missed the last two quarterly payments on its preferred stock. What is the total amount of dividends it must pay to the preferred shareholders next quarter if it plans to a pay a $1.15 dividend to its common shareholders at that time?

1. $650,000

2. $1,300,000

3. $1,673,750

4. $1,950,000

5. $2,323,750

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Accounting Basics: Total amount of dividends pay to preferred shareholders

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