At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $439,000. During the year, liabilities decreased by $75,000, assets increased by $153,000, and paid-in capital increased by $15,000 to $382,000. Dividends declared and paid during the year were $121,000. At the end of the year, stockholders' equity totaled $754,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign. At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $515,000. During the year, liabilities increased by $27,000 to $239,000, paid-in capital increased by $36,000 to $176,000, and assets increased by $261,000. Dividends declared and paid during the year were $46,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign. Calculate the cash dividends required to be paid for each of the following preferred stock issues: Required: The semiannual dividend on 7% cumulative preferred, $55 par value, 10,400 shares authorized, issued, and outstanding. The annual dividend on $1.75 cumulative preferred, 80,000 shares authorized, 48,000 shares issued, 42,400 shares outstanding. Last year's dividend has not been paid. The quarterly dividend on 13.0% cumulative preferred, $90 stated value, $107 liquidating value, 60,000 shares authorized, 52,000 shares issued and outstanding. No dividends are in arrears. Assume that an investor owns 154 shares of $14 par value common stock of a company and the company has a 2-for-1 stock split when the market price per share is $54. Required: How many shares of common stock will the investor own after the stock split? What will probably happen to the market price per share of the stock? What will probably happen to the par value per share of the stock? The following information is available from the accounting records of Spenser Company for the year ended December 31, 2022: Selling, general, and administrative expenses $ 66,300 Accounts payable 110,500 Research and development expenses 48,100 Loss from discontinued operations, net of tax savings of $6,500 20,800 Provision for income taxes 96,200 Net sales 752,700 Interest expense 83,200 Net cash provided by operations 192,400 Cost of goods sold 353,600 Required: Calculate the operating income for Spenser Company for the year ended December 31, 2022. Calculate the company's net income for 2022.The following information is available from the accounting records of Spenser Company for the year ended December 31, 2022: Selling, general, and administrative expenses $ 66,300 Accounts payable 110,500 Research and development expenses 48,100 Loss from discontinued operations, net of tax savings of $6,500 20,800 Provision for income taxes 96,200 Net sales 752,700 Interest expense 83,200 Net cash provided by operations 192,400 Cost of goods sold 353,600 Required: Calculate the operating income for Spenser Company for the year ended December 31, 2022. Calculate the company's net income for 2022. The following information is available from the accounting records of Manahan Company for the year ended December 31, 2022: Net cash provided by financing activities $ 105,000 Dividends paid 19,800 Loss from discontinued operations, net of tax savings of $39,433 118,300 Income tax expense 26,907 Other selling expenses 12,100 Net sales 643,200 Advertising expense 45,200 Accounts receivable 60,000 Cost of goods sold 366,624 General and administrative expenses 142,400 Required: Calculate the operating income for Manahan Company for the year ended December 31, 2022. Calculate the company's net income for 2022. Net income was $185,600 for the year. Throughout the year the company had outstanding 11,000 shares of $2.50, $50 par value preferred stock and 102,000 shares of common stock. Required: Calculate basic earnings per share of common stock for the year. Note: Round "Earnings per share-basic" to 2 decimal places. On April 8, 2022, a flood destroyed the warehouse of Marmaron Distributing Company From the waterlogged records of the company, management was able to determine that the firm's gross profit ratio had averaged 33% for the past several years and that the inventory at the beginning of the year was $61,700. It also was determined that during the year until the date of the flood, sales had totaled $106,800 and purchases totaled $60,890. Required: Calculate the amount of inventory loss from the flood. Net sales for the year were $1,350,000 and cost of goods sold was $1,026,000 for the companys existing products. A new product is presently under development and has an expected selling price of not more than $74 per unit in order to remain competitive with similar products in the marketplace. Required: Calculate gross profit and the gross profit ratio for the year. What is the maximum cost per unit that can be incurred to manufacture the new product so that the product can be priced competitively and will not result in a reduction to the companys gross profit ratio