Novak Corporation's December 31, 2020 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative,
35000 shares authorized; 23000 shares issued $460000
Common stock, $10 par value, 3,000,000 shares authorized;
1,950,000 shares issued, 1,920,000 shares outstanding 19800000
Paid-in capital in excess of par value - preferred stock 69000
Paid-in capital in excess of par value - common stock 27800000
Retained earnings 9250000
Treasury stock (30,000 shares) 589000

Tamarisk declared and paid a $80200 cash dividend on December 15, 2020. If the company’s dividends in arrears prior to that date were $29100, Tamarisk's common stockholders received :

a. $50200.
b. $21100.
c. $32100.
d. no dividend.

Larissa has also provided the following information. during the year, the company raised $36 million in new long-term debt and retired $20.52 million in long-term debt. the company also sold $22 million in new stock and repurchased $32.4 million. the company purchased $54 million in fixed assets, and sold $6,107,400 in fixed assets. larissa has asked dan to prepare the financial statement of cash flows and the accounting statement of cash flows. she has also asked you to answer the following questions: 1. how would you describe east coast yachts' cash flows? 2. which cash flows statement more accurately describes the cash flows at the company? 3. in light of your previous answers, comment on larissa's expansion plans.

Record the journal entry for the provision for uncollectible accounts under each of the following independent assumptions: a. the allowance for doubtful accounts before adjustment has a credit balance of $500. b. the allowance for doubtful accounts before adjustment has a debit balance of $250. c. assume that octoberʼs credit sales were $70,000. uncollectible accounts expense is estimated at 2% of sales. smith, gaylord n.. excel applications for accounting principles (p. 51). cengage textbook. kindle edition.

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