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Present your solution to the following problem in an Excel document.Problem 1Cool Beans Company has 30,000 shares of 2% cumulative preferred stock of $50 par and 50,000 shares of $50 par common stock. Below are the amounts distributed as dividends.$20,000$50,000$90,000Please determine the amount of dividends paid to common and preferred stock for each scenario presented above.Problem 2On April, 10 2010, Cougs Company issued for cash 20,000 shares of no-par common stock for $40. On April 15, Cougs issued at par 2000 shares of 5%, $50 par preferred stock for cash. On May 1, Cougs Company issued for cash 2,000 shares of 5%, $50 par preferred stock for $55.Journalize the entries to record the April 10, April 15 and May 1 transactionsProblem 3You have noted that there are 3 important dates associated with a cash dividend of $25,000. These are May 1, May 15 and May 30. Please journalize the preceding transactions.
A record shop gives its customers coupons redeemable for a poster plus a record album. One coupon i issued for each dollar of sales. On the surrender of 100 coupons and $3.00 cash, the poster and alsum are given to the customer.
Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby-Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entri..
Review SOX mandates, and determine what protections are currently in place to protect whistle-blowers. Take a position on whether more employees would be willing to blow the whistle on corporate misbehavior due to the provisions for whistle-blower..
Fairfax Company had a balance in Deferred Tax Liability of $840 on December 31, 2014, resulting from depreciation timing differences. Make the income tax journal entry for the Fairfax Company for December 31, 2014.
Ivan Company has a goal of earning $75,000 after-tax income. Ivan would need to pay $20,000 of income taxes at the target level of income. The contribution margin ratio is 39%. What amount of dollar sales must be achieved to reach the goal if fixe..
If investors required a rate of return equal to 12 percent on similar-risk bonds and interest bonds and interest is paid semiannually, what should be the market price of Buner's bonds?
Waves Company purchased a patent for $170,000 at the beginning of 2011, and estimated that its expected useful life was 10 years. The patent has a legal life of 17 years. What amount should be recorded as amortization expense for the patent in 201..
In 2006 Bombay Corporation had cash receipts of $14,000 and cash disbursements of $8,000. Their ending cash balance at December 31, 2006 was $22,000. What was their beginning cash balance?
What are the signs you would look out for in the financial statements for the possibility of bad debts? Give reasons for your answers.
Given the EOQ, what is the average inventory? What is the annual inventory holding cost? In minimizing cost, how many orders would be made each year? What would be the annual ordering cost?
Identify the parties likely to be affected by this proposed action.
Does a corporation recognize a gain or loss when it distributes property as a dividend or in a redemption? My text just goes on and on regarding these topics. Is there a reference on the above that is more concise?
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