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A corporation with both preferred stock and common stock outstanding has a substantial credit balance in its retained earnings account at the beginning of the current fiscal year. Although net income for the current year is sufficient to pay the preferred dividend of $90,000 each quarter and a common dividend of $275,000 each quarter, the board of directors declares dividends only on the preferred stock. Suggest possible reasons for passing the dividends on the common stock.
During the first year of coperations,Shapiro tool accumulated the following manufacturing costs: Raw materials puschased on account 8000 factory labor accrued 6000 incurred manufacturing overhead on account 4000 Prepare separate journal entries for e..
Crockford Company's working capital is $272,000 and its current liabilities are $340,000. What is the company's current ratio close to?
Fixed Assets
The sale, including the cost of the merchandise sold - the credit memorandum, including the cost of the returned merchandise,
Under GAAP, an entry should be made to the bad debt expense account
What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
Fluent an investor in stocks and bonds wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments: US Series EE bonds, bonds for industrial dev..
A corporation receives a $50,000 life insurance settlement when its vice-president dies. At that time, the cash surrender value is $3,000. What journal entry should be made?
Arthur operates a part-time auto repair service. He estimates that a new diagnostic computer system will result in increased cash inflows of $2,100 in Year 1, $3,200 in Year 2, and $4,000 in Year 3.
Aligning the Balanced Scorecard to Strategy
Reese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. The appropriate adjusting journal entry..
Knox Corp. plans to sell 1,000 units in 2011 at an average sale price of $40 each. Cost of goods sold will be 40% of the sale price. Depreciation expense will be $2,500, interest expense $1,500, and other expenses will be $3,000. Wessel's tax rate..
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