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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.
COMMITTEE OF INSPECTION Appointment : A committee of inspection may be appointed by the creditors at their first or any subsequent meeting to supervise the trustee.
DEFINITION OF BANKRUPTCY Bankruptcy is another key area of accounting . The issues addressed here deal with the properties of an individual (a sole trader or partner in a partner
"Government departments should take audit report seriously by preparing annual financial statement on time".... Based on the above statement, suggest ways on how government depa
how solve the problems of trail balance?
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Equitable apportionments There are five leading cases where the courts have laid down rules to meet specific situations in which there is a conflict of interest between life tena
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