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Question 19
Mirr, Inc. was incorporated on January 1, 2005, with proceeds
from the issuance of $750,000 in stock and borrowed funds of
$110,000. During the first year of operations, revenues from sales
and consulting amounted to $82,000, and operating costs and
expenses totaled $64,000. On December 15, Mirr declared a
$3,000 cash dividend, payable to stockholders on January 15,
2006. No additional activities affected owners' equity in 2005.
Mirr's liabilities increased to $120,000 by December 31, 2005. On
Mirr's December 31, 2005 balance sheet, total assets should be
reported at
Question 20
The following information pertains to Meg Corp.: Dividends on
its 1,000 shares of 6%, $10 par value cumulative preferred stock
have not been declared or paid for 3 years. Treasury stock that
cost $15,000 was reissued for $8,000. What amount of retained
earnings should be appropriated as a result of these items?
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ACC 577 Week 5 Quiz (100 % Correct Answers)
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Week 5 Quiz
All Questions Details given below (Please Check)
Question 1