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dolphi86 [110]
3 years ago
8

Otis Thorpe Corporation has 10,000 shares of $100 par value, 8%, preferred stock and 50,000 shares of $10 par value common stock

outstanding at December 31, 2020.Answer the questions in each of the following independent situations.(a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2017, what are the dividends in arrears on December 31, 2020, balance sheet?The amount of dividends in arrears on the December 31, 2020
Business
1 answer:
Y_Kistochka [10]3 years ago
4 0

Answer:

Explanation:

Dividend in arrears for 3 years from Dec 2017 to Dec 2020

= 10,000 X $100 X 8% X 3

= $240,000

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The answer is

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J.d. power and associates and other market research firms recruit groups of consumers for __________, each of whom are paid to r
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5 0
3 years ago
Zapper has beginning equity of $293,000, net income of $69,000, dividends of $58,000 and stockholder investments of $24,000. Its
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Answer:

$328,000

Explanation:

As we all know that:

Ending Equity = Opening Equity + Share Issues + Net Income – Net Loss – Dividends Paid

Here,

Opening Equity is $293,000

Money raised through Shares Issuance was $24,000

Net Income would be $69,000

Dividends paid were $58,000

There were no losses as their is Profit for the year (Net Income).

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8 0
2 years ago
Oriole Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $65
labwork [276]

Answer:

Explanation:

The journal entries are shown below:

Using net method:

1. Notes receivable A/c Dr $650,000        ($659,900 - $9,900)

      To Sales revenue A/c $650,000

(Being the sale is recorded)

2. Cost of goods sold A/c Dr  $460,000

        To Inventory A/c $460,000

(Being cost of goods sold is recorded)

3. Cash A/c Dr $659,900

       To Notes receivable  $650,000

       To Discount forfeited $9,900

(Being received payment is recorded)

Using gross method:

1. Notes receivable A/c Dr $650,000        ($659,900 - $9,900)

      To Sales revenue A/c $650,000

(Being the sale is recorded)

2. Cost of goods sold A/c Dr  $460,000

        To Inventory A/c $460,000

(Being cost of goods sold is recorded)

3. Cash A/c Dr $659,900

       To Notes receivable  $659,900

(Being received payment is recorded)

6 0
2 years ago
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