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Lopez, Inc. has 2,000 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2009, and December 31, 2010. The board of directors declared and paid a $3,000 dividend in 2009. In 2010, $15,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2010?
Preferred Common
a. $9,000 $6,000
b. $7,500 $7,500
c. $5,000 $10,000
d. $4,000 $11,000
The real property tax year in Adams County is the calendar year. The real property tax becomes a person liability of the owner of real property on January 1 in the current real property tax year 2009.
Find what are the two methods of accounting for treasury stock and fill the journal entry to record the purchase of treasury stock by the cost method.
Mikor has an account payable of 7,700$ due to Smiley Inc. one of its suppliers. The amount was due to be paid on October 15, 2007. Use the horizontal model, or write the journal entry to show the effect of :
For each of the following items indicate, whether the individual taxpayer must include any amount in gross income.
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At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the a..
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James Welling, a 37 year old engineer has an appointment to meet you in about an hour. As you are reviewing his accounts, you notice that he is a fairly active trader. He seems to do pretty well with returns that outpace the averages
The following control procedures are used at Sandwich Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is violated.
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