The following account balances at December 31, 2020, relate to Harmony Music Inc.: $79,000 83,000 390,000...
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The following account balances at December 31, 2020, relate to Harmony Music Inc.: $79,000 83,000 390,000 99,000 240,000 Preferred shares, $2, 30,000 non-cumulative shares issued 300,000 Accumulated other comprehensive income 50,000 220,000 65,000 640,000 90,000 Accounts receivable Accounts payable Common shares Inventory Bonds payable Notes receivable Retained earnings Property and equipment Cash Required: 1) What is the total share capital for Harmony Music Inc. at December 31, 2020? 2) What is the total shareholders' equity for Harmony Music Inc. at December 31, 2020? 3) What amount does Harmony Music Inc. owe to its suppliers at December 31, 2020? 4) If Harmony Music Inc.'s board of directors decided to declare a dividend on December 31, 2020 what is the largest dividend it could declare? 5) if Harmony Music Inc.'s board of directors decided to declare a dividend of $62,000 on December 31, how much of this total would the common shareholders receive? No other dividends have been declared during the year. The following account balances at December 31, 2020, relate to Harmony Music Inc.: $79,000 83,000 390,000 99,000 240,000 Preferred shares, $2, 30,000 non-cumulative shares issued 300,000 Accumulated other comprehensive income 50,000 220,000 65,000 640,000 90,000 Accounts receivable Accounts payable Common shares Inventory Bonds payable Notes receivable Retained earnings Property and equipment Cash Required: 1) What is the total share capital for Harmony Music Inc. at December 31, 2020? 2) What is the total shareholders' equity for Harmony Music Inc. at December 31, 2020? 3) What amount does Harmony Music Inc. owe to its suppliers at December 31, 2020? 4) If Harmony Music Inc.'s board of directors decided to declare a dividend on December 31, 2020 what is the largest dividend it could declare? 5) if Harmony Music Inc.'s board of directors decided to declare a dividend of $62,000 on December 31, how much of this total would the common shareholders receive? No other dividends have been declared during the year.
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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