Cutter Enterprises purchased equipment for $66,000 on January 1, Year 1. The equipment is expected to have a five-year life and a residual value of $8,700. Using the double-declining balance method, the book value at December 31, Year 2, would be: O $13,200. $24,960. $23,760. $22,860. O None of the above. Curtain Co. paid dividends of $7000, $12,000, and $12,000 during Year 1, Year 2, and Year 3, respectively. The company had 2000 shares of 5.0%, $100 par value preferred stock outstanding that paid a cumulative dividend. What is the total amount of dividends paid to common shareholders during Year 37 O $5000 O $10,000 O $3000 O $1000 None of the above. Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to Issue 375,000 shares of $12 par value common stock. As of December 31, Year 3, Gilligan's stockholders' equity accounts report the following balances: Common stock, $12 par, 375,000 shares authorized, 37,500 shares issued and outstanding Paid-in capital in excess of par-Common Retained eamings Total stockholders' Equity $ 450,000 75,000 $ 525,000 470,000 $ 995,000 At the end of Year 3, Gilligan decides to issue a 6% stock dividend. At the time of Issue, the market price of the stock was $22 per share. What is the amount of retained earnings that will be transferred to paid-in capital as a result of the stock dividend issued by Gilligan Corporation? O $49,500 O $5,400,000 $27,000 $22,500 O None of the above. Excerpts from Huckabee Company's December 31, Year 2 and Year 1, financial statements are presented below: Accounts receivable Year 2 $ 96,000 Year 1 $ 88,000 Merchandise inventory 74,000 88,000 Net sales 416,000 388,000 Cost of goods sold 256,000 236,000 Huckabee's Year 2 receivables turnover (rounded to 2 decimal places) is: O 3.16. 4.52. O 4.33. O 2.78. O None of the above. Calistoga Produce estimates bad debt expense at 0.20% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $483,000 and $1,650, respectively, at December 31, Year 1. During Year 2, Calistoga's credit sales and collections were $326,000 and $309,000, respectively, and $1,860 In accounts receivable were written off. Calistoga's accounts receivable at December 31, Year 2, are: O $498,140. O $481,140. O $464,140. O $500,000. None of the above