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Tema [17]
3 years ago
7

The records of Hollywood Company reflected the following balances in the stockholders' equity accounts at the end of the current

year: Common stock, $12 par value, 50,000 shares outstanding Preferred stock, 10 percent, $10 par value, 5,000 shares outstanding Retained earnings, $216,000 On September 1 of the current year, the board of directors was considering the distribution of an $85,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions (show computations): The preferred stock is noncumulative. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. (Round your "per share" amounts to 2 decimal places.)

Business
1 answer:
Marysya12 [62]3 years ago
3 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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Question 9 The Sunland, Inc. sold 9,120 season tickets at $2,100 each. By December 31, 2017, 16 of the 40 home games had been pl
MissTica

Answer:

The current liability at December 31st 2017 is $ 11,491,200.00

Explanation:

The total amount realized from the sale of tickets is  $19,152,000.00  

($2100*9120) which is a revenue received in advance , a current liability,however only 16 out of 40 games have been played at 31st December 2017, which implies that Sunland Inc is now entitled to recognize revenue for 16 games.

The revenue for 16 games is computed below:

$19,152,000.00  *16/40=$ 7,660,800.00  

The necessary entries for this is shown below:

Dr Deferred revenue         $7,660,800.00  

Cr Sales revenue                                           $7,660,800.00

This leaves a balance of $ 11,491,200.00  ($19,152,000.00  -$7,660,800.00) in the deferred revenue account, by implication the current liability at December 31st 2017 is $ 11,491,200.00

 

6 0
3 years ago
Last year Almazan Software reported $10.500 million of sales, $6.250 million of operating costs other than depreciation, and $1.
castortr0y [4]

Answer:  -($0.5025) million

Explanation:

As depreciation is expected to increase this year by $0.670 million.

Therefore,

Expenses will increase and will result in decrease in income before tax by $0.670 million.

Additional tax saving on increase in depreciation = $0.67 × 25%

                                                                                   = $0.1675 million

Hence,

Total change in net income = -($0.67) + $0.1675

                                              = -($0.5025) million

8 0
3 years ago
Bradshaw Company provided the following data: Standard fixed overhead rate (SFOR) $5 per direct labor hour Actual fixed overhead
bezimeni [28]

Answer:

1. 60,000 hours

2. $300,000

3. $1,680 Unfavorable

Explanation:

1. The computation of the standard hours allowed for actual production is shown below:

= Actual production × Standard hours allowed per unit

= 15,000 units × 4 hours

= 60,000 hours

2. The computation of the applied fixed overhead is shown below:

= Standard hours allowed for actual production × Standard fixed overhead rate

= 6,000 hours × $5

= $300,000

3. The computation of the total fixed overhead variance is shown below:

= Actual fixed overhead costs - Applied fixed overhead

= $301,680 - $300,000

= $1,680 Unfavorable

8 0
3 years ago
Morgan signs a contract with Shane agreeing to work with him for a movie. Halfway through the production of the movie, Shane dec
Mice21 [21]

Answer:

(b) Shane has to pay $20,000 to Morgan for breach of contract

Explanation:

In the situation, it is given that Shane decides to quit as he gets another job so he breaks the contract instead of finishing his work on time.  

Due to breach of contract, Shane has to pay $20,000 to Morgan because it is written in the party that if any party breaks the contract than he has to pay the amount. But due to some unnatural causes, no one has to pay.  

In the given case, Shane has deliberately broken the contract so it is compulsory to pay the $20,000 to Morgan.  

Hence, option b is correct

5 0
3 years ago
_____ is a process that helps organizations identify, select, organize, disseminate, transfer, and apply expertise that are part
Drupady [299]
The right answer for the question that is being asked and shown above is that: "E. Online analytical processing" It is a process that helps organizations identify, select, organize, disseminate, transfer, and apply expertise that are part of the organization’s memory and typically reside inside the organization in an unstructured manner. This is called the o<span>nline analytical processing</span>
3 0
3 years ago
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