Art, Inc., has 2,500 shares of 5%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock outstanding from December 31, 2015 through December 31, 2017. There were no dividends declared in 2015.
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On its current year income statement, Vegas Parties, Inc. reported sales revenue of $945,000. Changes occurred in several balance sheet accounts, including the following: Accounts receivable: $90,000 decrease Unearned revenue: 75,000 increase What
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