Question
The following information pertains to Powers Corp. as of December 31, 20X1: Cumulative Preferred stock Dividends in arrears $165,000 20X1 Dividends $75,000 Common Stock 20X1
The following information pertains to Powers Corp. as of December 31, 20X1:
Cumulative Preferred stock
Dividends in arrears $165,000
20X1 Dividends $75,000
Common Stock
20X1 dividends to be declared in 20X2 $50,000
In addition, Jeff Kurtz, the CFO of Powers Corp. will be paid his 20X1, $120,000 bonus on January 8, 20X2.
What amount should Powers Corp. report as current liabilities on its balance sheet at December 31, 20X1?
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Financial statements
Authors: Stephen Barrad
5th Edition
978-007802531, 9780324186383, 032418638X
