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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.
Q. What are the Organization Expenditures? Organization Expenditures -Costs of organizing a business or trade or for profit activity before it begins active business. A taxpaye
As a recently hired accountant for a small business, Bearing, Inc., you are provided with last year's balance sheet, income statement, and post-closing trial balance to familiarize
Do liabilities fall under debtors
1.From the following information you are required to prepare a cash Flow statement of XYZ Ltd for the year ended 31 st December 2009 LIABILITIES
Grants are not necessarily recognized as revenue when they are awarded. Columbus City was awarded a state reimbursement grant of $150,000 to assist its adult literacy program. The
Whereas dividend may be of prime significance to some equity shareholders, this may not be so for the other shareholders. Several shareholders may be interested in receiving a usua
Cost of goods sold minus sales
Form No special form is normally required for the creation of a trust except that a declaration of trust respecting land or any interest therein must be manifested and proved b
Illustrations of Changes in accounting estimates B Ltd., bought an item of plant at a total cost of £100,000. The estimated useful life commencing from 1st January 2000 was 10
Fully secret trusts This is where neither the existence nor the terms of the trust are disclosed in the will. The trust will be enforced only if the following conditions are
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