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Foley Corporation has the following capital structure at the beginning of the year:6% Preferred stock, $50 par value, 20,000 shares authorized,6,000 shares issued and outstanding $ 300,000Common stock, $10 par value, 60,000 shares authorized,40,000 shares issued and outstanding 400,000Paid-in capital in excess of par 110,000Total paid-in capital 810,000Retained earnings 440,000Total stockholders' equity $1,250,000InstructionsA. Additional Information:1. A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.2. A 10% common stock dividend was declared. The average market value of the common stock is $18 a share.3. Assume that net income for the year was $150,000 (record the closing entry) and the board of directors appropriated $70,000 of retained earnings for plant expansion.B. Construct the stockholders' equity section incorporating all the above information.
The construction manager for Acme, Inc. must decide whether to build single-family homes, apartments, or condominiums. She estimates annual profits will vary with the economy, as f
Asset Acquisition An alternate way of conducting a buyout by purchasing few assets an industry may have inspite of purchasing that organizations stock.
sale of 430 to ramdas were credited in his account 340
Content of accounts Periodical accounts should normally consist of: 1. Balance sheet of the whole trust; 2. Capital account; 3. Income account
Illustrations of retained profits brought forward H Ltd acquired 75% of the ordinary shares of S Ltd since S Ltd was incorporated. The Summarized income statement for the two c
depreciation in question is given more and in adjustment is less. What would be in the profit and loss account?
We have discussed the computation of the future value in the previous sections; here let us work the process in opposite. Let us assume you have won a lottery ticket worth Rs. 1000
Lenders' evaluation: Current Assets to Current Liabilities, Quick Assets that is current assets minus inventories to Current Liabilities, Long term Debt to Net Assets, to
How can a person tell whether an entry to an expense account is payment for a legitimate expenditure or a means of concealing a theft of cash?
Inventories constitute a important portion of the current assets ranging from 40 percent to 60 percent for manufacturing companies. The manufacturing companies conduct investments
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