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The Ferris Corporation has 2,000 shares of $100, 8 percent cumulative preferred stock outstanding and 40,000 shares of $1 par value common stock outstanding. In the company's first three years of operation, its board of directors paid cash dividends as follows: 2009, none; 2010, $42,000; and 2011, $80,000.
Determine the total cash dividends and dividends per share paid to the preferred and common stockholders during each of the three years.
Compute depreciation expense for the years 2010 and 2011 and show the book value of the machine on December 31, 2011 using each method below:
You own a bond with a face value of $10,000 and a conversion ratio of 450. What is the conversion price?
The SEC has always wanted and expected more information and disclosure in the financial statements.
In the United States, about one in every four companies uses variable costing for internal reporting purposes. These companies must make adjustments to these reports for external-reporting purposes. Explain.
What was the amount of the gain or loss on retirement of the bonds? Prepare the journal entry needed at April 1, 2011 to record retirement of the bonds. Assume that interest and premium discount amortization have been recorded through January 1, 20..
Please explain, identify, and justify effective funding strategies in the following areas:
What is meant by setting a preliminary judgment about materiality? What are the most important factors affecting preliminary judgment on materiality?
Are the facilities at the fairgrounds adequate to handle crowds needed to generate ticket revenues calculated in number 8 above to earn a $6,000 profit? Show calculations to support your answers.
Is it necessary to do an entry to correct the prior years' depreciation? Prepare the entry to record depreciation for 2011
Dick owns a house that he rents to college students. Dick receives $750 per month rent and incurs the following expenses during the year.
An electing S corporation has a $30,000 ordinary loss for the non-leap year. On January 1, Beverly and Sonya own equally all of the S corporation stock. On the 146th day of the year, Beverly gives her one-half of the S corporation stock to her dau..
Please describe the procedure used in either case and do you think there was sufficient internal control to prevent improper claims?
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