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Mega Inc, has common stock and 6% preferred stock outstanding as follows: Preferred stock: 10,000 shares, $100 par value, cumulative. Common stock 50,000 shares, $50 par value. The company declares a total dividend of $200,000. If the dividends on preferred stock are 1 year in arrears, how will the total dividend be divided between the common and preferred stock?
In 2012 Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year.
The product design team at New Time Products is in the process of designing a new clock using target costing. Product features in comparison to competing prodcuts suggest a price of $30 per unit. The company requires a profit of 30 percent of sel..
What are the effect of the sale and the payoff of the loan on the accounting equation, i.e. what are the increases and/or decreases in assets, liabilities, and owners' equity?
It has been said that many corporate executives seemed to believe that it was their job not to produce accurate financial statements for the auditors to certify, but rather to bully the auditors into certifying as aggressive a set of financial sta..
1. From the information given, record closing entries. 2. If closing entries were not prepared at the end of the accounting period, what problems would result in the next accounting period?
On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job totaled $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921.
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate has declined; the fair ..
Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.
There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?
Rebello's preferred stock pays a dividend of $1.00 per quarter, and it sells for $55.00 per share. What is its effective annual (not nominal) rate of return.
Explain how producing more products can be sold in a period can increase the organization's operating income. Is this a sustainable tactic to increase the organization's operating income?
Compare the accounting systems in 2 countries with differing legal systems. Explain why each country's system is the way it is.
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