Morton company began operations on january 1, 2019. the company has the following items included in its stockholders’ equity section of the balance sheet on december 31, 2020: 6% preferred stock, $100 par, 100,000 shares authorized, 25,000 shares issued and outstanding $2,500,000 common stock, $3 par, 500,000 share authorized; 150,000 shares issued and outstanding 450,000 additional paid-in capital 2,250,000 total dividends for 2019 & 2020 were: during 2019, dividends not paid during 2020, dividends declared and paid $160,000 if morton company’s preferred stock was noncumulative, how much of the 2020 dividends would have been distributed to preferred and common stockholders?

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

Suppose that jim plans to borrow money for an education at texas a& m university. jim will need to borrow $25,000 at the end of each year for the next five years (total=$125,000). jim wishes his parents could pay for his education but they can’t. at least, he qualifies for government loans with a reduced interest rate while he is in school. he has a special arrangement with aggiebank to lend him the money at a subsidized rate of 1% over five years without having to make a payment until the end of the fifth year. however, at the end of the fifth year, jim agrees to pay off the loan by borrowing from longhorn bank. longhorn bank will lend him the money he needs at an annual interest rate of 6%. jim agrees to pay back the longhorn bank with 20 annual payments and the payments will be uniform (equal annual payments including principal and interest). (i) calculate how much money jim has to borrow at the end of 5 years to pay off the loan with aggiebank. a. $121,336 b. $127,525 c. $125,000 d. $102,020 e. none of the above

Compute the cost of not taking the following cash discounts. (use a 360-day year. do not round intermediate calculations. input your final answers as a percent rounded to 2 decimal places.)