Acct: problem 2: preferred stock dividends

California Adventures issues 5.000 shares of 8%, $100 par value preferred stock at the beginning of 2013. All remaining shares are common stock. The company did the following as it relates to the payment of dividends. Preferred dividends are non cumulative California Adventures issues 7,000 shares of 8%, $100 par value preferred stock at the beginning of 2013. All shares common stock. The company did the following as it relates to the payment dividends Now assume the Preferred dividends are cumulative How much (if any) is dividends in arrears after 2016? Harris Computers reports net income of $74 million for2008. Included in that number are the following: depreciation expense of $7 million a loss on the sale of land of $2 million. gain on the sale of equipment $1million decreases in Accounts Receivable, Inventory, and Accounts Payable of $4 million, $3 million, and $2 million, respectively. Increases in notes payable (due in 24 months) $3million Increase in income tax payable $ 2 million Increase in wages payable $ 5 million Exchange of Land for a note payable (due in 9 months) $500,000