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XYZCompany began operations in January, 2004, by issuing 2,000 sharesof 9%, cumulative, $50 par value preferred stock and 5,000 shares of $10 par value commonstock. XYZ did not pay any dividends in 2004, they paid $12,000 of dividends in 2005 and $8,000 ofdividends in 2006. In 2007, XYZ Company paid $45,000 of dividends to its stockholders. Calculatethe amount of the $45,000 dividend paid in 2007 that waspaid to common stockholders.
Which of the following is not acceptable in estimating uncollectible accounts receivable under GAAP?
Probe Manufacturing leased an asset with a fair market value of $145,000 to Detection Devices. Detection will pay Probe $25,000 annually, in advance, for the next 10 years.
Prepare the adjusting entry that records bad debts expense. Prepare the journal entry that records a write-off of a $700 uncollectible account receivable.
Using the data classification scheme presented in this chapter, identify and classify the information contained in your personal computer or personal digital assistant. Based on the potential for misuse or embarrassment, what information would be ..
Internal users of accounting information include: Of the following accounts, the one which normally has the credit balance is:
According to Sec. 121, individuals who sell or exchange their personal residence after May 6, 1997, may exclude part or all of the gain if the house was owned and occupied as a principal residence for
Duke Associates, antique dealers, purchased the contents of an estate for $38,400. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Duke Associates' warehouse was $1,650.
The salary is reasonable in amount and George is in the 35% marginal tax bracket irrespective of any income from Black. Assuming that Black Corporation distributes all after-tax income as dividends, how much total combined income tax do Black and ..
Goerge owns a sole proprietorship and Kevin is the sole shareholder of a C (regular) corporation. Each business sustained a $16,000 operating loss and a $2,500 capital loss for the year. Evaluate how these losses will affect the taxable income of ..
On January 1 of the current year, George's basis and at-risk amount in the partnership was $25,000; he made no withdrawals from the partnership during the year. If the partnership sustained an operating loss of $90,000 in the current year, George'..
What are the relative advantages of partnership versus limited partnership as a form of doing business? What legal principles are most likely to bite partnerships?
Where on the balance sheet should a 20 year, 12% bond, due 1/1/2013 for $500,000 be listed. Is it a current liability or a long term liability?
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