The adjusted trial balance of One Incorporated showed the following at year end: DebitCredit Accounts Payable 1,960,000 Accounts Receivable 1,280,000 Accrued Interest - Note A 30,000 Accrued Interest - Note X 200,000 Accrued Interest - Note Y 50,000 Accrued Interest- Note B 24,000 Accumulated Depreciation - Factory Building 325,000 Accumulated Depreciation- Admin. Building 200,000 Accumulated Depreciation of Machinery and Equipment 270,000 Administrative Building 1,000,000 Advances to Customers 148,000 Advances to Suppliers 149,000 Allowance for Doubtful Accounts 58,000 Bonds Payable 2,000,000 Cash 540,000 Cash fund for acquisition of Building 1,500,000 Deferred Tax Liability 115,000 Disposal Group held for sale net of liabilities of 400,000 3,700,000 Equipment Held for Sale 1,120,000 Factory Building 1,500,000 Factory Supplies 270,000 Finished Goods Inventory 350,000 Franchise 580,000 Income Taxes Payable 220,000 Land held as future plant site 1,200,000 Machinery and Equipment 900,000 Notes Payable – Note X 1,250,000 Notes Payable – Note Y 2,500,000 Notes Receivable – Note A 600,000 Notes Receivable – Note B 700,000 Ordinary Share Capital, 5 par 3,500,000 Preference share capital, 10%, 1,000 par 1,800,000 Prepaid expenses 85,000 Raw Materials Inventory 440,000 Retained Earnings-Appropriated 640,000 Retained Earnings-Unappropriated 999,000 Share Premium 1,650,000 Sinking Fund for Bond Retirement 500,000 Trading securities 450,000 Treasury Shares 482,000 Unearned Rent Income 186,000 Work in process Inventory 375,000 Total 17,923,000 17,923,000 Additional Information:- The note payable to X is due next year while the note payable to Y is payable after three years- The note from A is due in three months while the note from B is due after 15 more months- The bonds payable will mature after 5 more years- The treasury shares represents ordinary shares acquired at 20 per share Dividends paid to preference shares amounts to

Preferred dividend : The dividend paid to the preference shareholders is known as the…

Answered: Dividends paid to preference shares…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The adjusted trial balance of One Incorporated showed the following at year end:

	Debit	Credit
Accounts Payable		1,960,000
Accounts Receivable	1,280,000
Accrued Interest - Note A	30,000
Accrued Interest - Note X		200,000
Accrued Interest - Note Y		50,000
Accrued Interest- Note B	24,000
Accumulated Depreciation - Factory Building		325,000
Accumulated Depreciation- Admin. Building		200,000
Accumulated Depreciation of Machinery and Equipment		270,000
Administrative Building	1,000,000
Advances to Customers	148,000
Advances to Suppliers	149,000
Allowance for Doubtful Accounts		58,000
Bonds Payable		2,000,000
Cash	540,000
Cash fund for acquisition of Building	1,500,000
Deferred Tax Liability		115,000
Disposal Group held for sale net of liabilities of 400,000	3,700,000
Equipment Held for Sale	1,120,000
Factory Building	1,500,000
Factory Supplies	270,000
Finished Goods Inventory	350,000
Franchise	580,000
Income Taxes Payable		220,000
Land held as future plant site	1,200,000
Machinery and Equipment	900,000
Notes Payable – Note X		1,250,000
Notes Payable – Note Y		2,500,000
Notes Receivable – Note A	600,000
Notes Receivable – Note B	700,000
Ordinary Share Capital, 5 par		3,500,000
Preference share capital, 10%, 1,000 par		1,800,000
Prepaid expenses	85,000
Raw Materials Inventory	440,000
Retained Earnings-Appropriated		640,000
Retained Earnings-Unappropriated		999,000
Share Premium		1,650,000
Sinking Fund for Bond Retirement	500,000
Trading securities	450,000
Treasury Shares	482,000
Unearned Rent Income		186,000
Work in process Inventory	375,000
Total	17,923,000	17,923,000

Additional Information:

- The note payable to X is due next year while the note payable to Y is payable after three years

- The note from A is due in three months while the note from B is due after 15 more months

- The bonds payable will mature after 5 more years

- The treasury shares represents ordinary shares acquired at 20 per share

Dividends paid to preference shares amounts to

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