Answer:
$40,000
Explanation:
Calculation to determine the amount of dividends received by the common stockholders in 2017
First step is to calculate the preferred stock
Preferred stock=(5,000 shares*$400)*6%
Preferred stock=$2,000,000*6%
Preferred stock=$120,000
Now let calculate the amount of dividends received by the common stockholders in 2017
Dividend Received=($200,000-$120,000)/2
Dividend Received=$80,000/2
Dividend Received=$40,000
Therefore the amount of dividends received by the common stockholders in 2017 will be$40,000
Answer:
The cost of land to be reported is $174,750
Explanation:
The cost of land reported in the Balance sheet does not only include the price paid to acquire the Land but also include any costs/revenue received in the processes, activities needed to bring the land to the stage in which it may be ready for usage.
Thus, besides the price paid which is $140,000 ( $90,000 cash and $50,000 short-term note), we have to add-up all the relevant costs including Legal fees, delinquent taxes, Removal of old building expenses and deduct the material salvaged gain from demolition of old building. The construction cost of new warehouse is irrelevant here as without this cost, the Land is already in a ready-to-use stage ( i.e: for building new property in the Land)
So, the amount of Cost of Land to be reported is : 140K + 1,75K + 25K + 9K - 1K = $174,750
Answer:
The Journal entries are as follows:
(i) On May 1, 2019
Inventory A/c Dr. $87,000
To Notes payable $87,000
(To record purchase of inventory)
(ii) On Nov 31, 2019
Interest Expense A/c Dr. $5,075
To Interest payable $5,075
(To record the Accrued the interest.)
Workings:
May to Nov = 7 months
Therefore,
Interest Expense = 87,000 × 10% × 7÷12
= $5,075
The income approach adds up the money earned by producers...
Answer:
c) lost-horse forecasting.
Explanation:
According to my research on different types of forecasting methods, I can say that based on the information provided within the question the method being used in this situation is called lost-horse forecasting. This refers to using a value as a base, then analyzing all the factors and how they can affect the base value before making a final forecast. This is what the marketing manager is doing by using the known total in 2018 as a base and adjusting for different factors before making a sales forecast for 2021.
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