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In: Accounting

A corporation issued 20,000 shares of $5 par value 6% preferred stock, and 10,000 shares of...

  1. A corporation issued 20,000 shares of $5 par value 6% preferred stock, and 10,000 shares of $10 par value common stock, when the corporation was formed two years ago. No dividend was declared or paid last year. This year the corporation has $50,000 available for dividends. How much should each share of common stock receive?

$3.80

$2.80

$4.40

zero

  1. The statement of cash flows helps address questions such as

How is the increase in investments financed?

How much cash is generated from or used by operations?

What is the source of cash for new plant assets?

All the other choices given

  1. Closing underapplied overhead to cost of goods sold would cause net income to:

increase

remain the same

cannot be determined based on the information given

decrease

  1. The appropriate section in the Statement of Cash Flows for reporting the sale of equipment at book value for cash is

Investing activities

None of the other choices. This is not reported in the Statement of Cash Flows.

Financing activities

Operating activities

  1. A manufacturing company has a beginning finished goods inventory of $14,600, beginning work in process inventory of $18,700, cost of goods manufactured of $32,500, ending work in process inventory of $15,200, and an ending finished goods inventory of $17,800. Cost of goods sold for this company is:

$48,100

$29,300

$12,300

$30,300

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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