Phillips rock and mud is trying to determine the maximum amount of cash dividends it can pay this year. assume its balance sheet is as follows:
assets cash $ 372,000
accounts receivable 852,000
fixed assets 1,080,000
total assets $ 2,304,000
liabilities and stockholders' equity
accounts payable $ 499,000
long term payable 335,000
common stock (345,000 shares at $2 par) 690,000
retained earnings 780,000
total liabilities and stockholders' equity $ 2,304,000
from a legal perspective, what is the maximum amount of dividends per share the firm could pay?

Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold.mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)