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The financial condition of Greyco Inc. is expressed in the following accounting equation:
Assets = Liabilities + Common stock + Retained Earnings
$800 cash + $9200 land =$7000 + $2,000 + $1000
a. Are dividents paid to creditors or investors? Explain why.
b. How much cash is in the retained earnings account?
c. Etermine the maximum dividend GreyCo can pay?
d. If the obligation to creditors is due, can Greyco repay the loan? Why or why not?
e. Suppose the land sinks into the sea as a result of an earthquake and a resulting tsunami. The business is then liquidated. How much cash will creditors receive? How much cash will investors receive? (Assume there are no legal fees or other costs of liquidation?
For the month of April, actual direct labor hours amounted to 2,000. In April, Thorp's standard direct labor rate per hour was:
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What is the common stock, retained earnings, cost of goods sold and net income. I have 5000 cash, 10000 inventory,45000 building,5000accounts payable.total liabitities stockholders 60000,revenues 80000 and administrative expeneses 10000
Select an accounting scandal from the listing provided in class.
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Cash dividends were $43. The company sold equipment for $61 that was originally purchased for $28 and that had accumulated depreciation of $25. The net cash provided by (used in) operations for the year was:
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