The following excerpts are taken from the annual report of J. Crew Group, Inc. At January 29, 2005 and January 28, 2006, 92,800 shares of Series A preferred stock and 32,500 shares of Series B preferred stock were issued and outstanding. Dividends compound to the extent not paid in cash. . . . On October 17, 2009, Group is required to redeem the Series B preferred stock and to pay all accumulated but unpaid dividends on the Series A preferred stock.
[Under current GAAP
, the company is required to classify as] long-term debt the liquidation value of Group Series B preferred stock and the related accumulated and unpaid dividends and the accumulated and unpaid dividends related to the Series A preferred stock since these amounts are required to be redeemed in October 2009. The preferred dividends related to . . . the Series B preferred stock and to the accumulated and unpaid dividends of the Series A and Series B preferred stock . . . are included in interest expense. The Series A preferred stock is only redeemable in certain circumstances (including a change in control at Group) and does not qualify for classification under SFAS No. 150. Accordingly, the dividends related to the Series A preferred stock are deducted from stockholders’ deficit.
Required:
1. Explain why it makes sense that J. Crew Group is required to include its Series B preferred stock among long-term debt on the balance sheet.
2. Where on J. Crew’s balance sheet
was this debt shown before the current GAAP guidance on mandatorily redeemable preferred stock were issued?
3. Explain why it makes sense to include the dividends paid on Series B preferred stock as part of interest expense.
4. Where is the Series A preferred stock shown on the company’s balance sheet?
5. Why does J. Crew use a different accounting treatment for Series A preferred stock and
Series B preferred?
6. What impact (if any) has current GAAP guidance had on the popularity of mandatorily redeemable preferred stock as a corporate financing device?

The county collector of suncoast county is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. to reimburse the county for estimated administrative expenses of operating the tax agency fund, the agency fund deducts 1.5 percent from the collections for the town, the school district, and the other towns. the total amount deducted is added to the collections for the county and remitted to the suncoast county general fund.the following events occurred in 2017: 1. current-year tax levies to be collected by the agency were: county general fund $ 10,333,000 town of bayshore general fund 4,840,000 suncoast county consolidated school district 6,550,000 other towns 3,120,000 total $ 24,843,000 2. $13,700,000 of current taxes was collected during the first half of 2017.3. liabilities to all funds and governments as a result of the first half-year collections were recorded. (a schedule of amounts collected for each participant, showing the amount withheld for the county general fund and net amounts due the participants, is recommended for determining amounts to be recorded for this transaction.)4. all cash in the tax agency fund was distributed.requireda. prepare journal entries for each of the foregoing transactions that affected the tax agency fund. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. do not round intermediate calculations. round your answers to the nearest whole dollar amount.)1. record the current-year tax levies to be collected by the agency.2.record the current taxes collected during the first half of 2017.3.record the liabilities due to all funds and governments at the end of first half-year.4. record the distribution of all cash in the tax agency fundb. prepare journal entries for each of the foregoing entries that affected the town of bayshore general fund. begin with the tax levy entry, assuming 2 percent of the gross levy will be uncollectible. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. do not round intermediate calculations. round your answers to the nearest whole dollar amount.)1.record the revenues receivable and uncollectible.2. record the taxes collected

Abakery wants to determine how many trays of doughnuts it should prepare each day. demand is normal with a mean of 5 trays and standard deviation of 1 tray. if the owner wants a service level of at least 95%, how many trays should he prepare (rounded to the nearest whole tray)? assume doughnuts have no salvage value after the day is complete.

Greater concern for innovation and quality has shifted the job trend to using more broadly defined jobs. t/f