Why might a business person purchase a fidelity bond?

The ledger of Rios Company contains the following balances after adjustments: Retained Earnings $30,000; Dividends $2,000; Servi

ch4aika [34]

Answer:

Service Revenue 50,000 debit

Income summary 50,000 credit

--to close revenues accounts--

Income summary 34,000 debit

Salaries and Wages Expense 27,000 credit

Supplies Expense 7,000 credit

--to close expenses accounts--

Income summary 2,000 debit

Dividends 2,000 credit

--to close dividends account--

Income summary 14,000 debit

Retained Earnings 14,000 credit

Explanation:

To close the temporary accounts which are, revenues, expenses and dividends we will use an auxiliary account called Income Summary

Then, once all are closed we transfer their balance into retained earnings:

Income summary

DEBIT CREDIT

50,000

34,000

Balance 14,000

7 0

3 years ago

Colliers, Incorporated, has 100,000 shares of cumulative preferred stock outstanding. The preferred stock pays dividends in the

VladimirAG [237]

a. The amount that will go to the preferred stockholders is $400,000.

b. The amount of the declared dividend that will be available for common stock dividends is $200,000 ($600,000 - $400,000).

Data and Calculations:

Cumulative Preferred Stock Outstanding = 100,000 shares

Dividends per share = $2

Cumulative Preferred Dividend last year = $200,000 (100,000 x $2)

Preferred Dividend this year = $200,000 (100,000 x $2)

Total preferred dividend to be paid this year = $400,000

Thus, the Preferred Stockholders will be paid $400,000 ($200,000 for last year and $200,000 for this year).

Learn more: brainly.com/question/24297088

6 0

2 years ago

Ceres corporation acquired a mineral mine for $6,000,000 of which $600,000 was ascribed to land value after the mineral has been

myrzilka [38]

Answer:

$11,880,000

Explanation:

Depletion is an estimated cost of a natural resource that is extracted. This resource is expensed as the extraction is made.

As per given data

Value of Rights = $60,000,000

Land Value = $600,000

As we know land does not depreciate or depleted.

Depletion Value = $60,000,000 - $600,000 = 59,400,000

Estimated resources = 9 million units

Resources extracted in the period = 1.8 million units

Depletion expense is based on ratio of the amount of extraction in period to the total expected resource.

Depletion Expenses = $59,400,000 x 1.8 million units / 9 million units = $11,880,000

8 0

4 years ago

Read 2 more answers

_____________ architecture utilizes processes of designing, construction, operation, maintenance, and removal that have been car

nikitadnepr [17]

Answer:

_______ architecture utilizes processes of designing, construction, operation, maintenance, and removal that have been carefully planned to have the smallest footprint.

Green

Explanation:

The green architecture is also known as the green design which is such an architecture method in which we build such designs and projects that will have a minimum impact on the environment and health of the people.
In this approach, we use such building materials and techniques that are eco-friendly and produce less harmful wastage. We take steps to keep the air and water clean by not contaminating these resources.
We also take some steps to recycle the resources and as well as to keep the footprint on the environment minimum.

8 0

3 years ago

Liquidity refers to Group of answer choices the ease with which an asset is converted to the medium of exchange. the measurement

Pani-rosa [81]

Answer:

The correct answer is letter "A": the ease with which an asset is converted to the medium of exchange.

Explanation:

The liquidity of an asset reflects the ease with which it can be transformed from investment to cash. Liquid assets are those that can be transformed easily to cash and see little or no difference in the value of the assets when transformed. Illiquid assets are more difficult to convert and can result in a major decrease in value once converted.

6 0

3 years ago