Sales is NOT one of the five basic functions of an accounting department
<h3>What is accounting department?</h3>
The accounting department is responsible for recording and reporting the cash flows, both in and out, of a company. It is part of the corporate overhead group of an organization.
An accounting department provides accounting services and manages the finances of a company.
There are five basic roles or functions within the accounting department:
Therefore, sales is not one of the basic functions of an accounting department.
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Answer:
November 27, 202x, dividends are declared $0.60 per stock and payable on December 24.
Dr Retained earnings (25,500 x $0.60) 15,300
Cr Dividends payable 15,300
December 24, 202x, dividends are distributed based on the December 7 record.
Dr Dividends payable 15,300
Cr Cash 15,300
Answer:
$22,20,000
Explanation:
Given information:
Common Stock = $1800000
Paid-In Capital in Excess of Par = $140000
Retained Earnings = $360000
Treasury Stock = $80000
The formula for total stockholders' equity is
Total stockholders' equity = Total assets - Total liability
Total stockholders' equity = Common Stock + Paid-In Capital in Excess of Par+Retained Earnings-Treasury Stock
Substitute the given values in the above formula
Total stockholders' equity = $1800000 + $140000
+$360000
-$80000
Total stockholders' equity = $22,20,000
Therefore, the value of total stockholders' equity is $22,20,000.
Answer:
$7,326
Explanation:
Double Decline Balance = 2 x SLDP x SLDBV
where,
SLDP = Straight Line Depreciation Percentage
= 100 ÷ useful life
= 100 ÷ 20
= 5 %
and
SLDBV = Straight Line Percentage Book Value
Year 1
Double Decline Balance = 2 x 5% x $81,400
= $8,140
Year 2
Double Decline Balance = 2 x 5% x ($81,400 - $8,140)
= $7,326
Therefore
The machine's second-year depreciation using the double-declining balance method is $7,326.
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