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Michelangelo Inc., a software development firm, has stock outstanding as follows: 30,000 shares of cumulative 3%, preferred stock of $20 par, and 38,000 shares of $75 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $6,900; second year, $9,600; third year, $68,660; fourth year, $124,020.
Calculate the dividends per share on each class of stock for each of the four years. Round all answers to nearest whole cent. If no dividends are paid in a given year, enter 0.
Kelsey Gunn is the only employee of Arsenault Company. His pay rate is $23.00 per hour with an overtime rate of 1 and 1/2 times for hours over 40 in a work week.
Which of the following items on the income statement is not disclosed net of tax?
Find a newspaper or magazine even online and select an article relating to the use of governmental funds by state, county, local government, etc on an activity.
Joel has four transactions involving the sale of capital assets during the year resulting in a STCG of $5,000, a STCL of $12,000, a LTCG of $1,800 and a LTCL of $1,000. As a result of these transactions, Joel will:
The managing partner of the firm decides to accept the engagement. A major factor in the decision is that the firm does not have any clients in the construction industry and this will provide valuable experience. He promptly calls the president an..
Using the retail method (this method estimates lower-of-average-cost-and-market), compute the ending inventory at cost as of January 31, 2005. Make sure your answer is in good form with clearly labelled amounts.
Progressive income taxes (the more you earn, the more you pay) are designed in part to reallocate earnings. Does the approach seem fair? Explain your answer.
Suppose that nominal accounts are not closed out at the end of the fiscal period. Explain how this affects account data for the next fiscal period. Use a company or industry to help explain your answer.
The production department started the month with the beginning goods in process inventory of $350,000. During the month, it was assigned the following costs: direct materials, $192,000; direct labor, $90,000; overhead applied at the rate of 30% of..
Jensen Company forecasts a need for 200,000 pounds of cotton in May. On April 11, the company acquires a call option to buy 200,000 pounds of cotton in May at a strike price of $0.3765 per pound for a premium of $814.
You own a bond with a face value of $10,000 and a conversion ratio of 450. What is the conversion price?
Determine the adjustment to income due to the change in accounting method and the amount that is allocated to 2005.
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