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PDtax
PDtax, CPA firm owner, business consultant, author
Category: Single Problem
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Experience:  I have been a business consultant and college instructor for years.
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Accounting question, please help

Customer Question

1.At October 1, Smithson Enterprises reported owner’s equity of $35,000. During October, no additional investments were made and the company posted a net loss of $3,000. If owner’s equity at October 31 totals $32,000, what amount of owner drawings were made during the month? 2.Slack company showed the following balances at the end of its first year. what is the operating income for the year? Cash 5500 Acc Rec 2500 Acc Pay 3000 long-term liabilities 2000 Capital 1000 Revenues 5000 expenses 2000 3.Racer Corporation’s December 31, 2010 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 10,000 shares authorized; 7,500 shares issued $150,000 Common stock, $10 par value, 1,000,000 shares authorized; 975,000 shares issued, 960.000 shares outstanding 9,750,000 Paid-in capital in excess of par value – preferred stock 30,000 Paid-in capital in excess of par value – common stock 13,500,000 Retained earnings 3,750,000 Treasury stock (15,000 shares) 315,000 Venco declared and paid a $38,000 cash dividend on December 15, 2010. If the company’s dividends in arrears prior to that date were $9,000, Triad’s common stockholders received

Submitted: 1 year ago.
Category: Single Problem
Expert:  PDtax replied 1 year ago.
Hi from Just Answer. I'mCustomer and can assist.
1. $0
2. $3,000
3. $17,000. $38,000 total dividends less $9,000 dividends in arrears less $12,000 dividends to preferreds.
Thanks for asking at Just Answer. positive feedback is appreciated. I'mCustomer

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