Answer:
The ending balance in the retained earnings account is $31400.
Explanation:
The ending balance in the retained earnings accounts is equal to the opening balance of the retained earnings account plus the addition to the retained earnings for the year.
The addition to retained earnings will be the Net income less dividends.
The net income for the year was = 75200 - 55000 = $20200
Addition to Retained earnings = 20200 - 12600 = $7600
Closing balance of retained earnings = 23800 + 7600 = $31400
Answer:
The above statement is<u> true</u>.
Explanation:
As said in above statement , A will is the final declaration of how person desires to have her or his property disposed of after death and must follow exactly the requirements of state law to be effective. A will is good , as it express your feelings , that to whom you want to give your property after your death . It is always provided to that person you choose.
It protect your children from become homeless after your death. It also protect your property from being contested. A will is only valid if it is having number of years after the persons death.
A will should not include future plans, gifts and request , life insurance etc.
Answer:
1) Debit sales discounts $14
2) Debit cash $686
3) Credit accounts receivables $700
Explanation:
nov-02 sold 700
terms 2/15 n 30
700
Discount 2%
14
Net payment 686
Db Cash_____________686
Db Sales discount_______14
Cr Account receivable_______700
Explanation:
The journal entries are as follows
a. Retained earnings A/c Dr $300,000 (600,000 shares × $0.50)
To Dividend payable A/c $300,000
(Being the dividend is declared)
b. No journal entry is required
c. Dividend payable A/c $300,000
To Cash A/c $300,000
(Being the dividend is paid for cash is recorded)
