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Question - At December 31, 2021 and 2020, P Co. had 50,000 shares of common stock and 5,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2021 or 2020. Net income for 2021 was $500,000. For 2021, compute the basic earnings per common share?
a. $9.00.
b. $10.00.
c. $9.50.
d. $5.00.
Describe how the following business transactions affect the three elements of the accounting equation.a. Invested cash in business.b. Received cash for services performed.c. Paid for utilities used in the business.d. Purchased supplies for cash.e. Pu..
Identify and explain any problems you see with the sales plan. If you were Bright and Shiny CEO, which aspects of the sales plan would you have approved and which would you have denied. Why?
What is the amount of uncollectible accounts expense for 2016? What is the net realizable value of accounts receivable at December 31, 2016?
fresh mint candy company budgeted the following costs for anticipated production for july 2008. advertising expenses
Partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. Kasi's basis in the partnership interest is:
Grand Marais city's fiscal year ends on June 30. Jasper uses encumbrance accounting. On May 6, a purchase order was approved and issued for supplies in the amount of $5,000. Grand Marias received these supplies on June 2, and the $5,000 invoice wa..
The present value of $295000 at 12% for three years is $209981. What amount of interest income should Ms. Price recognize in 2017
Describe the procedures Jeff should use in setting standards for direct labor and direct materials.
Notes Receivable with Realistic Interest Rate On October 1, 2010, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $120,000, 8% note (a realis..
Determine the total DIRECT MATERIALS cost variance, B) the DM price variance, C) and the DM quantity variance
the level of inventory of a manufactured product has increased by 8000 units during a period. the following data are
Write a 400 - 700-word summary explaining the differences between revenue expenditures and capital expenditures during a useful life and identifying any similarities. Briefly explain the entries of revenue expenditures and capital expenditures.
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