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Matt Schmidt Company's ledger shows the following balances on December 31, 2014. 7% Preferred Stock-$10 par value, outstanding 20,000 shares $ 200,000 Common Stock-$100 par value, outstanding 30,000 shares 3,000,000 Retained Earnings 630,000 Assuming that the directors decide to declare total dividends in the amount of $366,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. (a) The preferred stock is cumulative and fully participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.) (b) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) (c) The preferred stock is noncumulative and is participating in distributions in excess of a 10% dividend rate on the common stock. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)
On December 31, of the current year, a company's unadjusted trial balance revealed the following: Accounts receivable of $185,600; Sales Revenue of $1,280,000; (75% were on credit), and Allowance for Doubtful Accounts of $1,600 (credit balance). P..
Calculate the proper fixed-overhead rate per standard direct-labor hour and per unit. Assume that 6,000 standard direct-labor hours are allowed for the output achieved during a given month. Actual variable overhead of $31,000 was incurred; actual ..
Mr. Rosen is the manager of a division of Jokkmok Industries. He is one of several managers being considered for the position of CEO, as the current CEO is retiring in a year.
Allen Distributors has offered to purchase 5,000 saws per month at a reduced price. Burns can manufacture these additional units with no change in its present level of fixed manufacturing costs.
During December 2008, Fashion Vixen Publishing sold 2,500 12-month annual magazine subscriptions at a rate of $30 each. The first issues were mailed in February 2009. Prepare the journal entries on Fashion Vixen's books 1) to record the sale of th..
The salvage for the existing assets after three years of service is anticipated to be zero. The used machines have no salvage value today in the market place due to their current condition. The desired minimum acceptable rate of return on invested ca..
a. Calculate the equivalent units of production for the year.b. Calculate the average cost per equivalent unit (round to the nearest cent).
Evaluate the reasons for the selection of the cost drivers in the discussion above and the potential impact the cost drivers will have on accurately reflecting costs and overall performance of the business.
Compute the cost of goods destroyed. Compute the cost of goods destroyed, assuming that the gross profit is 25% of sales.
A city received supplies that had been previously encumbered. The supplies were encumbered for $5,000 and had an actual cost of $4,900. To recognize this event the county should make which of the following entries?
On January 1, 2012, a foundation made a pledge to pay $ 30,000 per year at the end of each of the next five years to the Cancer Research Center, a non-profit voluntary health and welfare organization as a salary supplement for a well- known resear..
Many people believe that an auditor cannot be truly independent when the client pays the audit fees. Can you think of any possible solutions or approaches that might reduce this apparent lack of independence?
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