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Questions -
I. Norp Corp. had 40,000 share of $10 par value treasury shares. These shares were acquired at the cost of $800,000. During the current year 2014, the company reissued 30,000 shares at $25 per share. The company uses the cost method to account for treasury shares. Also during 2014, dividends on its 1,000 shares of 6% cumulative preference shares with $10 par value have not been declared or paid for 3 years. What amount of accumulated profits and losses should be restricted as a result of these items?
II. Norp Corp. paid dividends of $250,000 and $350,000 at the end of 2014 and 2015, respectively. The corporation has not paid any other dividends since its organization on 2 January 2013. The outstanding shares are 20,000, 12% preference shares, $100 par and 30,000 ordinary shares, $10 par. If preference share is non-cumulative, how much cash dividends would ordinary shares received in 2014? If preference share is cumulative, how much cash dividends would ordinary shares received in 2015?
Write a brief explanation of 200 words on how the experienced accountant was able to determine the facts noted in the instructions
If the Flash corporation makes 400,000 units, what is the fixed cost per unit and variable cost per unit? Calculate the variable cost per unit.
The used equipment can be sold today for $6 million, and its tax rate is 25%. What is the equipment's after-tax net salvage value
Prepare the entry to record issuance of the convertible bonds and prepare the entry to record interest expense at October 1, 2011.
XYZ Company is considering the manufacture of a new toy. Each toy would sell for $5 and would require $2.00 in variable costs. In addition, annual fixed costs associated with the project would total $84,000. Calculate: the breakeven point in units, t..
Should HGH invest in the new press assuming their expected rate of return is 12%? Provide reasons and you must show your work.
Bernadette, a long time client of yours, is an architect and president of the local Rotary chapter. to keep up-to-date with the latest developments in her profession, she attends continuing education seminars offered by the architecture school at sta..
Formulate Klein's hedging strategy using only the futures contract shown. Calculate the number of futures contracts to implement the strategy
Actual factory overhead was $287,920, actual machine-hours were 19,050. How much is the over- or underapplied overhead
On 30 June 2019, What is a journal entry to record depreciation expense for the year ended 30 June 2020 using the straight-line method.
Prepare a monthly manufacturing overhead flexible budget for each increment of 3,000 direct labor hours over the relevant range for the year ending December 31, 2014.
Use your answers for Requirement 1 of Exercises I and II and determine the flexible-budget variance and the production-volume variance for March.
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