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zaharov [31]
3 years ago
14

When Crossett Corporation was organized in January Year 1, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative

preferred stock and 50,000 shares of $20 par common stock. Its earnings history is as follows: Year 1, net loss of $35,000; Year 2, net income of $125,000; Year 3, net income of $215,000. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2?
Business
1 answer:
hichkok12 [17]3 years ago
3 0

Answer:

The correct answer is $12,000.

Explanation:

According to the scenario, the given data are as follows:

Shares issues On Jan.1 Year 1 = 4,000 shares

Par value of shares = $50 par

Cumulative preferred stock = 6%

So, we can calculate the dividend arrearage as of January 1, Year 2 by using following formula:

Dividend as of Jan.1, year 2 = Shares issues On Jan.1 Year 1 × Par value of shares × Cumulative preferred stock

= 4,000 × $50 × 6%

= $12,000

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On december 2017 coolwear had a balance in its prepaid insurance acount of 68,400. During 2018, 106,000 was paid for insurance.
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$132,400

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3 years ago
At December 31, 2021, Moonlight Bay Resorts had the following deferred income tax items: Deferred tax asset of $102 million rela
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Answer:

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Explanation:

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Total Deferred tax asset (102 million + 60 million)              (162 million)

The net deferred tax liability                                               126 million

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