Answer:
Amount in $
Dr. Cr.
Salaries Expense 1,300
Salaries Payable 1,300
Salaries to be paid in august
Bank 20,000
Long term loan 20,000
Loan received from bank on a 10 year note
Interest Expense 200
Interest payable 200
Expense on loan for 10 years ( 20,000 *.12*1/12)
Revenue 2,400
Receivable 2,400
Unrecorded revenue
Explanation:
1. Salaries are payable in august so a payable will be recorded for the amount. and an expense will be booked for the month.
2. Since this loan is for a period of more than 12 months so it will be treated as long term and interest on it will be calculated as mentioned above.
3. Unrecorded revenue will be recorded at mentioned above.
Answer:
An increase in y which is per capital income will cause demand curve to shift left.
Explanation:
In theory of demand, the following are two categories that can happen to the demand curve:
1. Change in quantity demanded: This is a movement along the demand curve which is caused only by the change in the price of the commodity. When the price falls, there will be a movement to the right along the demand curve indicating an increase in quantity demanded. But when the price increases, there will be a movement to the left along the demand curve indicating a decrease in quantity demanded.
2. Change in demand: This is a bodily shift of demand curve caused by others factors affecting the demand of a commodity except price. The demand curve will shift to the right when there is an increase in any of the factors that has positive effect on the demand for the commodity to indicate an increase in demand for the commodity. However, the demand curve will shift to the left when there is an increase in any of the factors that has negative effect on the demand for the commodity to indicate a decrease in demand for the commodity.
From the question, y falls into the second category which is Chang in Demand. Since the sign before 2y in the demand curve for Widgets is negative, that implies that y as a factor affecting the demand for Widgets has a negative effect on the demand for Widgets. Therefore, an increase in y which is per capital income will cause demand curve to shift left.
4 inches high, with not more than ¼-inch
clearance above the floor
Answer:
$12,600
Explanation:
Annual Dividend to preferred stock = $1,140,000 × 7%
= $79,800
A schedule of preferred stock dividend in Arrears is as follows :
Dividend Paid Arrears
2016 $79,800 $54,000 $25,800
2017 $79,800 $54,000 $51,600
2018 $79,800 $131,400 0
Dividends of $131,400 has to be paid in 2018 to cover all the arrears.
Principle : Preference dividends (and their arrears if cumulative) are paid first before dividends distribution to common stock holders.
Common Stock Holders receive the remaining amount of dividends of $12,600 ($144,000 - $131,400)