The Courtney Corporation has the following accounts in its stockholders' equity section at the beginning of 2007: Preferred Stock, $100 par value,
7% cumulatove and nonparticipating, 5,000 shares
authorized, 4,000 shares issued and outstanding
(one year's dividends in arrears)$400,000
Common stock, $5 par value, 35,000 shares authorized,
15,000 shares issued and outstanding$75,000
Paid-in Capital in Excess of ParCommon$300,000
Retained earnings$1,080,000
During 2007, Courtney Corporation declared and distributed the following dividends in the order shawn:
1. The arrears dividend and the current dividend on preferred and a $3 per share common dividend.
2. A 15% stock dividend on common stock, current market price is $28 per share.
3. A $2 per share dividend on common stock outstanding.
Instructions:
Prepare journal emtries for the declaration and distribution od each dividend. (Assume each dividend id distributed prior to the declaration of the subsequent dividend.)

)murphy was consuming 100 units of x and 50 units of y . the price of x rose from 2 to 3. the price of y remained at 4. (a) how much would murphy’s income have to rise so that he can still exactly afford 100 units of x and 50 units of y ? g

Bayside began 2014 with an inventory t-account debit balance of $155,000. inventory purchases during the year amounted to $75,000. there were no inventory-related write-downs or losses. what is its december 31, 2014, inventory account balance?

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?