The year-end financial statements of Fighting Illini Financial Services are provided below. FIGHTING ILLINI
Income Statement
Service revenue $ 89,200
Expenses:
Salaries $ 49,900
Supplies 10,000
Rent 8,400
Delivery 4,600 72,900
Net income $ 16,300
FIGHTING ILLINI
Statement of Stockholders' Equity
Common Retained Total Stockholders' Stock Earnings Equity
Beginning balance,
Jan. 1 $ 69,000 $ 33,200 102,200
Issue stock 19,500 19,500
Net income 16,300 16,300
Dividends (6,900 ) (6,900 )
Ending balance,
Dec. 31 $ 88,500 $ 42,600 $ 131,100
FIGHTING ILLINI
Balance Sheet
Assets Liabilities
Cash $ 7,500 Accounts payable $ 5,500
Accounts receivable 10,100 Stockholders' Equity:
Land 119,000 Common stock $ 88,500
Retained earnings 42,600 131,100
Total assets $ 136,600 Total liabilities and equities $ 136,600
Required:
1. Record year end closing entries.
2. Prepare a post closing trial balance.

Maker-bot corporation has 10,000 shares of 10%, $90 par value, cumulative preferred stock outstanding since its inception. no dividends were declared in the first two years. if the company pays $400,000 of dividends in the third year, how much will common stockholders receive?

Intronix uses copy editors, computer graphics specialists, and java programmers to produce ads for magazines and the internet. the average new ad for magazines typically requires 180 hours of a copy editor's time and 135 hours of a computer graphics specialist's time, whereas ads produced for the internet require 35 hours of copy editor time, 195 hours of computer graphics time, and 60 hours of a java programmer's time. lassie food, a dog food manufacturer, has hired intronix to produce ads in the next four week. although currently it considers magazine ads 3 times more valuable than internet ads, it still wishes to have at least 2 of each produced within the next four weeks. intronix has assigned up to 3 copy editors, 4 computer graphics specialists, and 1 java programmer, each committed to work up to 70 hours per week on the project. how many of each type of ad should be produced to maximize the overall value to lassie foods

You are evaluating two different silicon wafer milling machines. the techron i costs $285,000, has a three-year life, and has pretax operating costs of $78,000 per year. the techron ii costs $495,000, has a five-year life, and has pretax operating costs of $45,000 per year. for both milling machines, use straight-line depreciation to zero over the project’s life and assume a salvage value of $55,000. if your tax rate is 24 percent and your discount rate is 11 percent, compute the eac for both machines.