On September 1, Year 1, Orville Corporation has unappropriated retained earnings of $600,000, appropriated retained earnings of $400,000, cash of $850,000, and accounts payable of $50,000. What is the maximum amount that can be used for cash dividends?

Emerald Company was established in January, Year 1. During Year 1 the company experienced the following events.Collected $125,000 cash from the issue of common stockBorrowed $60,000 cash from the state bankEarned $135,000 of cash revenuePaid $277,500 cash expensesThe company was liquidated at the end of Year 1. Based on this information:

On January 1, Year 1, the Accounts Receivable balance was $32,900 and the balance in the Allowance for Doubtful Accounts was $4,100. On January 15, Year 1, an $1,210 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off?

Gross Company established a $250 petty cash fund on January 1. On March 1, the fund contained $160 in receipts for miscellaneous expenses and $85 in cash. If the company records both the disbursements and replenishments to the fund, what effect will it have on the elements of the financial statements?

The Miller Company earned $107,000 of revenue on account during Year 1. There was no beginning balance in the accounts receivable and allowance accounts. During Year 1, Miller collected $74,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account.What is the amount of uncollectible accounts expense that will be recognized on the Year 1 income statement?

On March 1, Year 1, Gilmore Incorporated declared a cash dividend on its 1,500 outstanding shares of $50 par value, 6% preferred stock. The dividend will be paid on May 1, Year 1 to the stockholders of record as of April 1, Year 1.How will the May 1 payment of the dividend affect the financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net incomeA. =4,500+(4,500) − = (4,500) FAB.(4,500)=(4,500)+ − = (4,500) FAC.(9,000)=(9,000)+ − = (9,000) IAD. = + − =

Domino Company ages its accounts receivable to estimate uncollectible accounts expense. Domino began Year 2 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $42,470 and $3,290, respectively. During Year 2, the company wrote off $2,540 in uncollectible accounts. In preparation for the company’s estimate of uncollectible accounts expense for Year 2, Domino prepared the following aging schedule: Number of Days Past DueReceivables Amount% Likely to be UncollectibleCurrent$ 65,0001%0 to 3025,6005%31 to 606,26010%61 to 903,12025%Over 902,80050%Total$ 102,780 What amount will be reported as uncollectible accounts expense on the Year 2 income statement?

Fixit Corporation issued 26,000 shares of $10 par value common stock at its current market price of $26. How does this event affect total stockholders’ equity?

On June 10, Year 1, Burton Builders, Incorporated, a publicly traded company, announced that it had been awarded a contract to build a football stadium at a contract price of $500 million. This contract would increase its projected revenues by 20% over the next three years. Which of the following statements is correct with regard to this announcement?

How is treasury stock reported on a corporation’s balance sheet?