Entries for cash dividend
Q: Jim Overstreet, inventory control manager for Itex, receives wheel bearings from Wheel-Rite, a small…
A: Economic Order Quantity- The EOQ model is used when demand for goods and services remains constant…
Q: John has an income of 160000 , What would be his total tax liability based on the tax structure ?…
A: Given income of John is 160000 In case of slab rate of tax, tax liability has to be calculated based…
Q: 2. A credit sale of P750 is made on June 13, term 2/10, net/30. A return of P50 is granted on June…
A: The credit sale is the selling of goods & services without receiving the consideration of…
Q: Use the following information: Net sales Cost of goods sold 180,000 124,000
A: Formula used: Gross profit ratio = ( Gross profit / Net sales ) x 100 Division of net sales with…
Q: Accounting Richard Tandy Company reported the following balances at December 31, 2019: common stock…
A: The ratio analysis helps to analyse the financial statements of the business on regular basis.…
Q: The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue…
A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…
Q: The Trial Balance of WTF Company as follows. UNADJUSTED ADJUSTED Account Receivable 2,200 3,200…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Calculating the Return on Sales The income statement, statement of retained earnings, and balance…
A: Return on sales is one of the financial ratio of the business which is used for analysis of…
Q: Accounts Payable Dr. i 8000 12000 Mi Supplies Dr. i 160 120 i Inventory Cr. 245 1200 Cash Cr. 7840…
A: Here asked for multi sub part question we will solve first sub part question for you. If you need…
Q: Bad Bookkeepers Inc. originally planned to issue $100,000 of 11% par bonds on January 1, 2027 with…
A: Bonds are the highly secured debt instruments for which interest are paid to the bondholders in…
Q: FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month #1 of 10…
A: The FIFO method stands for first in first out. COGS= Total cost of goods available for sale -…
Q: A plant operating at 100% capacity (1000 kg product per year) has an annual net profit of $40,000…
A: Break even point(BEP)= Fixed cost/Contribution per unit Variable cost ratio + Contribution Ratio=…
Q: (a) Direct material cost=90,000 (b) Direct labour is =50,000 (c) Factory overhead=85,000 (d)…
A: Cost of goods sold: =Cost of the production + opening stock - closing stock
Q: The University of Cincinnati Center for Business Analytics is an outreach center that collaborates…
A: Profit earned is the difference between the revenue earned and the cost incurred by the members and…
Q: Stitch Ships Inc. has the following inventory purchases during the fiscal year ended December 31,…
A: Perpetual inventory system is that system, under which all purchases and sales related to inventory…
Q: At the beginning of the year, Addison Company's assets are $256,000 and its equity is $192,000.…
A: calculation of amount of equity are as follows
Q: ABC’s property originally cost £300,000. After 10 years use it was revalued by £200,000. This…
A: Original Cost = 300000 Depreciation @ 2% 10 Years Depreciation = 300000*2%*10 = 60000
Q: T Strikethrough Calculator Scratch Pad Close AR P Delit Co has in issue 8% redeemable loan notes…
A: 8% Redeemable loan note indicates an investment with coupon or interest rate of 8% per annum on…
Q: Exercise 8. Lola Company's accounting year ends on December 31, 2016. On December 1, Lola signs a…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Norr and Caylor established a partnership on January 1, 2019. Norr invested cash of $100,000 and…
A: Partnership: Partnership is an entity where minimum of two individuals agrees to carryover the…
Q: Lusaka Rock buster has recently purchased an item of earth moving plant at a total cost of K24…
A: The above scenario related to IAS 16 - Property Plant And Equipment The principal issues in…
Q: should the units completed be 50,000 or 51,000?
A: In the context of the given question, we are required to compute the equivalent production units.…
Q: What mathematical relationship is used among proprietary account balances?
A: Answer:- Mathematical relationship meaning:- A mathematical relationship in the general term can be…
Q: Which of the following is not one of the things that manager can do to reduce the capital ratio…
A: Paying out higher dividends to stockholders.
Q: The income statement, statement of retained earnings, and balance sheet for Somerville Company are…
A: Formula: Return on sales = ( Net income / Net sales ) x 100
Q: Osborne Shipbuilding Company, located in Baton Rouge, receives large remittances from its customers…
A: Introduction: The net benefit is determined by summing all benefits and subtracting all project…
Q: In 2010 Casey made a taxable gift of $6.0 million to both Stephanie and Linda (a total of $12.0…
A: Gift - A gift is a property, cash, or goods that someone gives to others in exchange for nothing…
Q: A company reports the following: Total Assets $390,000 Total Liabilities 140,000 Total Stockholders'…
A: The debt ratio is a solvency metric that compares a company's total liabilities to its total assets…
Q: Compare the Solvency, Liquidity and Profitability for the two companies
A: Solvency of any company is the ability of the company to run its day to day operation. The solvency…
Q: A company reports the following income statement and balance sheet information fo current year: Net…
A: Return on Assets measures the percentage of return earned on average total assets. Formula: Return…
Q: Analytical Reports are reports that provide data or findings, analysis, and conclusion. Select one:…
A: The analytical report is the report that contains information along with necessary analysis,…
Q: True or False
A: Correcting entry: The entries which are debited or credited wrongly in the books of accounts then…
Q: C irst thing you writ along with the ab: elect one:
A: The overall purpose of Dissertation introduction is to explain the reader about what has been…
Q: A active lease involves obligations that are not evenly distributed over the lease period. That the…
A: Given, Payment in first year $14000 total payments over the five-year lease term $120000…
Q: What is the importance of studying gender diversity for companies?
A: A company is a group of persons that operates the business with the view of earning profit. The…
Q: On Jan 1 Glamazon issues 10,000 common shares for $75 and 3,000 preferred shares for $85 with…
A: Contribution surplus refers to the amount of capital that is above the par value of shares,…
Q: What company is better in short-term and why
A: Accounting Ratios- Accounting Ratios are the ratios that are used to compare financial statements of…
Q: Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO…
A:
Q: P2,500,000 4. A VAT registered business has the following transactions: Sale of goods to private…
A: VAT- At each stage of an item's manufacturing-distribution-sales cycle, a VAT is levied on the gross…
Q: Sales Cost of goods sold Gross margin Operating expenses Operating income Interest expense Income…
A: Formula used : Times interest earned = Earnings before Interest expense / Interest expenses Division…
Q: How else would you try comparing the income taxation of estates and accepts
A: Generally, trust property generates income. Income can be taxed differently depending on who…
Q: Riviera Interior Design had the following transactions for the year ended 30 June 2020: This…
A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…
Q: 7. The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales…
A: Terms 2/10 means if the Buyer made the payment within 10 days from the date of invoice then 2%…
Q: Accounting Act §5-3.2. paragraph regulates depreciation of property, plant and equipment. What…
A: Depreciation refers to writing off the cost of a asset over its useful life in the ratio of economic…
Q: Whether or not an item has been physically delivered to the buyer is the main criteria to determine…
A: Revenue recognition is one of the important accounting principle that is being used in business.…
Q: Robin states that 'voluntary disclosure of information in financial reports can help resolve the…
A: Voluntary disclosure of information means there is no compulsion for disclosure of information. In…
Q: Net Sales Revenue Cost of Goods Sold Average Inventory 2017 $ 5,430 4,100 765 2018 $ 6,080 4,580 880
A: Formula: Inventory turnover ratio = Cost of goods sold / Average inventory Division of Average…
Q: Explain Intangible assets.
A: An asset refers to the property which is owned by the company. An asset can be classified into…
Q: Calculate the debt-to-equity ratio. Ernst Company's balance sheet shows total liabilities of…
A: Introduction: Debt to equity ratio: Division of Total stockholders equity with Total Liabilities…
Q: Last September 6, 2014, Brown Co, issued 2,000 shares of its PIO par value ordinary share capital in…
A: When shares in the company are being issued at a price more than par value of shares, it is known as…
Step by step
Solved in 2 steps
- Search Textbook Solutio x y M A201 Final Exam Fall 20 x C O ezto.mheducation.co hm.tpx IThe following information applies to the questions displayed below. Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $17 per share, 13,400 shares authorized. During e year, the following selected transactions were completed: Sold and Issued 6,800 shares of common stock for cash at $34 per share. b. Sold and Issued 1700 shares of common stock for cash at $39 per share 12. Required information Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry ls required for a transaction/event, select "No Journal entry required In the first account field.) view transaction list view general journal Journal Entry Worksheet 0 2 sold 6,800 shares of common stock for cash at $34 per share Debit Credit Transaction General Jouma1UWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1Unit # 7 WorksheetCorporationsQuestion 1M & C Corporation charter authorizes 1,000,000 shares of common stock and 100,000shares of preferred stock and the company had the following transactions in 2014, itsfirst year of operations.• Issued 2,000 shares of common stock. Stock has par value of $1.00 pershare and was issued for cash at $50.00 per share.• Issued 100 shares of $100 par value preferred stock. Shares were issuedfor cash at par.• Earned net income of $95,000.• Dividends of $5,000 declared and paid in cash.Required:1. Journalize the above transactions in the books of M&C Corporation.2. Prepare the stockholders' equity section of the balance sheet at December 31,2014.Question 2Bagman Corporation was organized early in 2014. The articles of incorporationauthorize 30,000 shares of $100 par value, 10% cumulative preferred stock and600,000 shares of $5 par value common stock. The following transactions…15pointsItemSkipped PrintReferencesItem 5Mainland Resources Inc. began operations on June 5, 2023. 2023 June5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84,700.15 Received 521 cash per share for the issuance of 77,000 common shares. 16 Issued 10,000 preferred shares for cash of $41 per share. 178,000 common shares were issued to a creditor who was owed $132,000. 18 The board of directors declared a cash dividend of $19, 700 on the preferred shares and $5, 200 on the common shares to shareholders of record on June 20, payable July 1. 30 152,000 common shares were issued in exchange for machinery with a fair market value of $2, 480, 000. The shares were actively trading on this date at $15.00 per share. July 1 The dividends declared on June 18 were paid. Required: Joumalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.
- E16.4 Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 300 shares of Wade common stock for $4,300. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Instructions: a. Journalize the transactions. b. Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.I need all solutions to check answers. 12-7i Comprehensive Problem 4 Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Issued 15,000 shares of $20 par common stock at $30, receiving cash. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Paid the cash dividends declared in (d). Purchased 8,000 shares of treasury common stock at $33 per share. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Paid the cash dividends to the preferred…Started business by issuing 10,000 ordinary shares for OR20,000. Journal entry will be: 20,000 Dr. cash Capital 20,000 Select one: 1.True 2. False
- Please do provide solution thank you@ 3. Following are selected data taken from the records of Jemson Company:Income before tax = P200,000Income tax rate = 40%Dividend payout ratio = 0.80Number of common shares outstanding = 10,000 shares How much dividends per share did the company pay during the year?a. P9.60b. P6.40c. P16d. P15FINE AN VERSES DE THE WESTINENS My coulses oucklink Question 16 Not yet answered Marked out of 1.00 P Bag question In 2021 the first year of business, Banton Company had the following transactions: Time left 0:36:26 Issued 30,000 shares of common stock. Stock had par value of $1.00 per share and was issued at $14.00 per share. Issued 1,000 shares of $100 par value preferred stock. Shares were issued at par. Earned net income of $35,000. Paid no dividends. At the end of 2021, what is the total amount of Paid in capital? • а. $380,000 b. $520,000 • с. $420,000 • d. $415,000 Clear my choice Quiz FinislY3 Astro Corporation was started with the issue of 4,100 shares of $10 par stock for cash on January 1, Year 1. The stock was issued at a market price of $17 per share. During Year 1, the company earned $69,700 in cash revenues and paid $46,699 for cash expenses. Also, a $3,600 cash dividend was paid to the stockholders. Required Prepare an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Astro Corporation’s Year 1 fiscal year.
- Moon Corporation JULY 31, 2011Balance sheet July 31, 2011 AssetsLiabilities & Owners’ Equity Cash . . . . . . . . . . . . . . . . $ 18,000Liabilities: Accounts Receivable . . . 26,000Notes Payable Land . . . . . . . . . . . . . . . . 37,200(due in 60 days). . . . . . . . . . . . . $ 12,400 Building. . . . . . . . . . . . . . 38,000Accounts Payable . . . . . . . . . . . . . 9,600 Office Equipment . . . . . . 1,200Total liabilities . . . . . . . . . . . . . . $ 22,000 Stockholders’ equity: Capital Stock . . . . . . . . . $60,000 Retained Earnings. . . . . 38,400 98,400 Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400 STAR CORPORATIONBALANCE SHEET Star Corporation JULY 31, 20112011Balance sheet July 31, 2011 Assets Liabilities & Owners’ Equity Cash . . . . . . . . . . . . . . . . $ 4,800Liabilities: Accounts Receivable . . . 9,600Notes Payable Land . . . . . . . . . . . . . . . . 96,000(due in 60 days). . . . . . . .…Question Content Area Nutritious Pet Food Company’s board of directors declares a cash dividend of $5,500 on June 30. At that time, there are 3,000 shares of $6 par value 4% preferred stock outstanding and 7,100 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend? If an amount box does not require an entry, leave it blank. June 30 - Select - - Select -2. The records of Alamo Corporation showed the following data: (see attached image for the given. Please answer it. Thank you so much!) Direction. From the following independent cases, journalize the dividend declaration and the dividend payment: a) The Board of Directors declared a 10% cash dividend.b) The Board of Directors declared a P5 cash dividend. c) The Board of Directors declared a merchandise dividend of P15 per share.d) The Board declared a property dividend of 2 SMB shares for one Alamo share. SMB shares are selling at P15 but were acquired by Alamo Corporation @ P10. Use PAS 39. SMC shares are considered available for sale securities. e) The Board declared a 22% stock dividend. Stocks are selling at P105 per share. f) The Board declared a 12% stock dividend. Market value of stock is P120.