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In 2010, Dale Company purchased a tract of land as a possible future plant site. In January, 2018, valuable sulphur deposits were discovered on adjoining property and Dale Company immediately began explorations on its property. In December, 2018, after incurring $480,000 in exploration costs, which were accumulated in an expense account, Dale discovered sulphur deposits […]
Alpha Corp. was organized on January 2, 2018. During the first year of operation, Alpha issued 100,000 shares of $1 par value of common stock @ a price of $50 per share. On December 31st, Alpha reported Net Income $250,000 and paid $50,000 cash dividends. Use this information to to determine the dollar amounts of […]
Alpha Corp. had $15,000 of dividends in arrears, for cumulative, non-participating preferred stock as of January 1, 2018.This value of dividends in arrears was for the fiscal years of 2016 & 2017. During the fiscal year of 2018, common shareholders received a cash dividend distribution.No additional shares were issued in the fiscal year 2017 & […]
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