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The 2012 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $230,000 in 2012. It also declared and paid dividends on common stock in the amount of $1.70 per share. During 2012, Sneer had 1 million common shares authorized; 430,000 shares had been issued; and 217,000 shares were in treasury stock. The balance in Retained Earnings was $770,000 on December 31, 2011, and 2012 Net Income was $270,000.
1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock
2. Using the information given above, prepare a statement of retained earnings for the year ended December 31, 2012.
Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form.
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Prepare a classified year-end balance sheet. (Note: A $22,000 installment on the long-term note payable is due within one year.)
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