Question
42. The partnership agreement for Wilson, Pickett & Nelson, a general partnership, provided that profits be shared between the partners in the ratio of their
42. The partnership agreement for Wilson, Pickett & Nelson, a general partnership, provided that profits be shared between the partners in the ratio of their financial contributions to the partnership. Wilson contributed $90,000, Pickett contributed $54,000 and Nelson contributed $18,000. In the partnership's first year of operation, it incurred a loss of $207,000. What amount of the partnership's loss, rounded to the nearest dollar, should be absorbed by Nelson?
46. Halverstein Company's outstanding stock consists of 12,250 shares of cumulative 5% preferred stock with a $10 par value and 5,250 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.
Dividend Declared | ||
Year 1 | $ | 0 |
Year 2 | $ | 10,500 |
Year 3 | $ | 44,000 |
The amount of dividends paid to preferred and common shareholders in Year 2 is:
47. Sweet Companys outstanding stock consists of 1,100 shares of noncumulative 4% preferred stock with a $100 par value and 10,100 shares of common stock with a $10 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.
Dividend Declared | ||
year 1 | $ | 2,100 |
year 2 | $ | 6,200 |
year 3 | $ | 32,500 |
The total amount of dividends paid to preferred and common shareholders over the three-year period is:
50. On January 1, a company issues bonds dated January 1 with a par value of $450,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $432,619. The journal entry to record the first interest payment using straight-line amortization is:
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