Which of the following is a way to track your money?

Cash dividends of $45,000 were declared during the year. Cash dividends payable were $10,000 at the beginning of the year and $1

gogolik [260]

Answer:

The amount of cash for the payment of dividends during the year is B. $40,000

Explanation:

To Determine the amount of cash for the payment of dividends during the year, we open a Dividends Payable T - Account and find the amount via missing figure approach as follows:

Debits :

Cash (Balancing figure) $40,000

Ending of year Dividends Payable $15,000

Totals $55,000

Credits :

Beginning of year Dividends Payable $10,000

Dividends declared during the year $45,000

Totals $55,000

4 0

3 years ago

Amanda wants to buy a new car. What questions of financial responsibility should she ask herself before she makes the purchase?

defon

Answer:

second answer

fourth answer

first answer

Explanation:

because,if you want to buy a car,you need to budget your money...it is worth for you to buy it or not...

3 0

3 years ago

Read 2 more answers

Joe Keho and Mike McLain share income on a 6:4 basis. They have capital balances of $90,000 and $70,000, respectively, when Lind

lions [1.4K]

Answer:

A.

Joe’s Capital (existing partner) = $90,000

Mike’s Capital (existing partner) = $70,000

Profit-sharing ratio = 6:4

Admission of Linda (new partner) with bonus to existing partners:

$100,000 cash contributed for 25% share

So, implied value of partnership firm after admission = $100,000 / 25% = $400,000

However, actual value of partnership firm after admission will be = $90,000 + $70,000 + $100,000 = $260,000

Linda’s Capital in new partnership = 25% * $260,000 = $65,000

However, Linda is contributing $100,000

So, bonus accruing to existing partners = $100,000 - $65,000 = $35,000

Bonus to be split in profit sharing ratio

Bonus accruing to Joe = $35,000 * 6/10 = $21,000

Bonus accruing to Mike = $35,000 * 4/10 = $14,000

Joe'sCapital

$21,000

Mike'sCapital

$14,000

Lindia's Capital

$65,000

b. Admission of Linda (new partner) with bonus to the new partner:

$36,000 cash contributed for 25% share

So, implied value of partnership firm after admission = $36,000 / 25% = $144,000

However, actual value of partnership firm after admission will be = $90,000 + $70,000 + $36,000 = $196,000

Linda’s Capital in new partnership = $196,000 * 25% = $49,000

However, contribution by Linda= $36,000

So, bonus accruing to Linda = $49,000 - $36,000 = $13,000

Joe’s share in bonus to Linda = $13,000 * 6/10 = $7,800

Mike’s share = $13,000 * 4/10 = $5,200

Joe'sCapital

$7,800

Mike'sCapital

$5,200

Lindia's Capital

$49,000

6 0

3 years ago

Two things that help you begin decomposing work are _____ and _____. Select an answer: reporting period; deliverables the scope

Rashid [163]

Answer:

the scope statement; deliverables

Explanation:

"Decomposing" a project will ensure an efficient way of accomplishing the project's goal. Before doing this, it is important to know what "the scope statement" is and the "deliverables" (multiple tasks in the production).

"The scope statement" allows one to know what should be included in the decomposition. It also tells when you are going to stop breaking down and what tasks are to be included. Once you know this, it becomes easier to decompose a project with one deliverable at a time. The scope will also be further clarified.

So, this explains the answer.

8 0

3 years ago

Grays Company has inventory of 16 units at a cost of $11 each on August 1. On August 3, it purchased 26 units at $10 each. 18 un

Lelechka [254]

Answer:

Cost of goods sold is $196

Explanation:

Using FIFO inventory sold are valued at the price of the most earliest stock in inventory.

The 16 units would be valued at $11 per one while the remaining 2 units would be valued at price of the purchase made on August 3 which cost $10 each

costs of goods sold=($11*16)+($10*2)

=$176+$20=$196

The costs of goods sold would be $196 if FIFO method of inventory valuation is used

6 0

3 years ago