Out of Texas had a very successful year and the board of directors declared and paid a cash dividend of $50,000.  The prior year, Out of Texas did not pay dividends on 400 shares of cumulative, 8%, $100 par, preferred stock.  How much of the cash dividends were paid to preferred shareholders?

Irish Corporation issued (sold) 5,000 shares of its no par common stock for $35 per share. The bylaws established a stated value of $5 per share. The transaction would increase common stock by

McGee Company gathered the following data to prepare its 2024 statement of cash flows:   Net income $70,000 Depreciation expense 10,000 Accounts receivable decrease 5,000 Wages payable increase 6,000 Amortization of patent 2,000 Dividends paid 1,000 Income tax payable decrease 4,000 Based only on the above data, the net cash inflow from operating activities during 2024 was

The balance sheet of Werther Company showed the following data about its common stock, par $2: authorized shares, 20,000,000; outstanding shares, 8,600,000; and issued shares 9,400,000. Therefore, the number of treasury stock shares was

In order to calculate the cost of a long-term asset that is financed with long-term debt, present values concepts would be used.

Which of the following would not be classified as property, plant and equipment on a balance sheet?

Lanier Company recently purchased a truck. The price negotiated with the dealer was $40,000. Lanier also paid sales tax of $2,000 on the purchase, shipping and preparation costs of $3,000, and insurance for the first year of operation of $4,000. At what amount should the truck be recorded on the balance sheet?

Accounts payable and accrued liabilities are interchangeable account titles.

Which of the following is not a reason for the Jones Hardware Store to accept credit cards from customers?

Flyer Company has provided the following information prior to any year-end bad debt adjustment: • Cash sales, $150,000• Credit sales, $450,000• Selling and administrative expenses, $110,000• Sales returns and allowances, $30,000• Gross profit, $290,000• Accounts receivable, $110,000• Sales discounts, $14,000• Allowance for doubtful accounts credit balance, $1,200Flyer estimates bad debt expense assuming that 1.5% of credit sales have historically been uncollectible. How much is Flyer’s bad debt expense?