Answer:
Debited to Retained Earnings of $500,000.
Explanation:
At the time of declaration of the dividend, the journal entry is recorded which is shown below:
Retained earning A/c Dr $500,000
To Dividend payable A/c $500,000
(Being cash dividend declared)
On the declaration date, the dividend amount is recorded. So while recording we debited the retained earning account and credited the dividend payable account
All other information which is given is not relevant. Hence, ignored it
Answer:
Dr Cash $6,790
Dr Sales discount $210
Cr Accounts Receivable $7,000
Explanation:
Cost of goods sold by Landon Jewelers is $7,000
The cost is subject to 3/15, n/30 meaning that 3% will discount will be applicable if payment is made in 15 days. Where the balance is not paid within 15 days, it must however be paid within 30 days.
Since payment was made to Landon Jewelers within the 15 days grace, 3% deduction will be applicable to the payment.
Therefore Sales discount would be ;
= $7,000 × 3%
=$210
Balance paid in cash would be;
=$7,000 - $210
=$6,790
Journal entry for cost of goods sold would be;
Dr Cash $6,790
Dr Sales discount $210
Cr Accounts Receivable $7,000
Sales discount is an expense hence debited while the whole amount is credited to accounts receivable.
Answer:
Explanation:
In order to calculate the operating income for one year we would have to make the following calculation:
operating income=revenue-variable costs-fixed costs
revenue=300*$50*365=$5,475,000
variable costs=300*$10*365=$1,095,000
fixed costs=$2,000,000
Therefore, operating income=$5,475,000-$1,095,000-$2,000,000
operating income=$2,380,000
The operating income for one year is $2,380,000
Tariffs. monopolies allow companys to set the price at whatever they want and they are illegal in the U.S exept in certain cases, patents cause one person or group to have compleate rights over their invention and keeping anyone from using it without having to pay them money. i have no idea what it means by protectives but finally tariffs are a tax on foreign good making it cheaper to by goods from in this case america
Answer:
here is ur answer
Explanation:
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