Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following account balances at December 31, 2020, relate to Harmony Music Inc.: Accounts receivable $79.000 Accounts payable 83.000 Common shares 390,000 Inventory 99,000

image text in transcribed

The following account balances at December 31, 2020, relate to Harmony Music Inc.: Accounts receivable $79.000 Accounts payable 83.000 Common shares 390,000 Inventory 99,000 Bonds payable 240,000 Preferred shares, $2,30,000 non-cumulative shares issued 300.000 Accumulated other comprehensive income 50,000 Notes receivable 220,000 Retained earnings 65,000 Property and equipment 640,000 90,000 Cash Required: 1) What is the total share capital for Harmony Music Inc. at December 31, 2020? 2) What is the total shareholders' equity for Harmony Music Inc. at December 31, 2020? 3) What amount does Harmony Music Inc. owe to its suppliers at December 31, 2020? S 4) If Harmony Music Inc's board of directors decided to declare a dividend on December 31, 2020 what is the largest dividend it could declare? 5) If Harmony Music Inc.'s board of directors decided to declare a dividend of $62,000 on December 31, how much of this total would the common shareholders receive? No other dividends have been declared during the year.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial and Managerial Accounting

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

5th edition

9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292

More Books

Students also viewed these Accounting questions

Question

What are the principal types of epidemiologic studies?

Answered: 1 week ago