Blue Heron Company has 40,000 shares of 1% cumulative preferred stock of $200 par and 200,000 shares of $40 par common stock. The following amounts were distributed as dividends: Year 1: $60,000 Year 2: $300,000 What is the amount of dividends paid to common stock in Year 2?
a. $200,000
b. $150,000
c. $120,000
d. $100,000
a
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ABC assigns cost to cost objects based on their use of activities
Indicate whether the statement is true or false
Notes to the financial statements provide additional information about income tax expense and deferred tax assets and deferred tax liabilities. Firms report which of the following?
a. components of income before income taxes b. components of income tax expense c. reconciliation from statutory to effective tax rate d. components of deferred tax assets and liabilities e. all of the above
A chart of accounts is
A) the same as a balance sheet B) usually a listing of accounts in alphabetical order C) usually a listing of accounts in financial statement order D) used in place of a ledger
Gayner Corporation is an oil well service company that measures its output by the number of wells serviced. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for November. Fixed Element per MonthVariable Element per Well ServicedActual Total for NovemberRevenue $4,300$148,400Employee salaries and wages$48,900 $1,000$84,000Servicing materials $600$20,200Other expenses$30,300 $29,600?When the company prepared its planning budget at the beginning of November, it assumed that 30 wells would have been serviced. However, 34 wells were actually serviced during November.?The spending variance for "Servicing materials" for November would have been closest to:
A. $2,200 F B. $2,200 U C. $200 F D. $200 U