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Loki Corporation earned net income of $90,000 during the year ended December 31 2016. On December 15, Loki had declared the annual cash dividend on its $0.35 preferred shares (5,000 shares issued for $80,000) and a $0.40 per share cash dividend on its common shares (20,000 shares issued for $60,000). Loki then paid the dividends on January 4, 2017.
Question 1. Journalize the following for Loki Corporation:
• Declaring the cash dividends on December 15, 2016.
• Paying the cash dividends on January 4, 2017.
Question 2. Did Retained Earnings increase or decrease during 2016? If so, by how much?
You have been asked, in conjunction with your position as the management accountant for the company, to construct an Excel spreadsheet that can be used to estimate the financial benefits associated with the adoption of JIT.
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Since it was shipped as of 31 st December, does this represent a sale for the year ended on that date? What additional audit steps would be taken to evaluate that the sale is valid?
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Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a 1-year policy starting May 1, 2017. 2. A count of supplies shows $800 of unused supplies on May 31. 3.
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