Answer:
B) Debit Retained Earnings $36,000; credit Common Stock Dividend Distributable $30,000; credit Paid-In Capital in Excess of Par Value, Common Stock $6,000.
Explanation:
The journal entry is as follows:
Account Debit Credit
Retained Earnings $36,000
Common Stock Dividend Distributable $30,000
Paid in Capital in Excess of Par Value $6,000
Answer:
The correct answer is A. Life insurance company
Explanation:
deposit institutions are those that obtain funds mainly by accepting the deposits from the public. all commercial and mutual savings banks, credit union and savings and loan associations are types of deposit institutions while insurance corporations are not primarily deposit institutions.
Answer:
When prepaid insurance (or any other prepaid expense) is adjusted at year end in order to record accrued expenses, financial statements are affected in the following way:
- income statement: costs increase, decreasing profits
- balance sheet: assets and equity decrease
- cash flow statement: cash from operating activities increases
- owners' equity: decreases
Answer:
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As a person consumes additional units of a good, eventually the utility from each additional unit of the good decreases. Disneyland can’t charge as high a price when utility is low as when it is high.