The records of hoffman company reflected the following, Ask an Expert

Accounting

The records of Hoffman Company reflected the following balances in the stockholders' equity accounts at December 31, 2009:

Common stock, par $12 per share, 40,000 shares outstanding.
Preferred stock, 8 percent, par $10 per share, 6,000 shares outstanding.
Retained earnings, $220,000.

On January 1, 2010, the board of directors was considering the distribution of a $62,000 cash dividend. No dividends were paid during 2008 and 2009.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976465

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