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hichkok12 [17]
3 years ago
7

On November 1, 2015, Elli Company declared a dividend of $3.00 per share. Elli Company has 20,000 shares of common stock outstan

ding and no preferred stock. The date of record is November 15, and the payment date is November 30, 2015. On November 30, Elli made the following journal entry:
A) Debit Retained Earnings $60,000 and credit Dividends Payable—Common $60,000.
B) Debit Dividends Payable—Common $60,000 and credit Cash $60,000.
C) Debit Cash $60,000 and credit Dividends Payable—Common $60,000.
D) Debit Retained Earnings $60,000 and credit Cash $60,000.
Business
1 answer:
Artemon [7]3 years ago
3 0

Answer:

Option (b) is correct.

Explanation:

The Journal entries are as follows:

(i) On November 1, 2015

Retained Earnings [$3 × 20,000] A/c    Dr. $60,000

To Dividend Payable                                                   $60,000

(To record the declaration of dividend)

(ii) On November 30, 2015

Dividend Payable  A/c     Dr. $60,000

To cash A/c                                             $60,000

(To record the payment of dividend)

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The correct answer is option A.

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In such a situation the change in the equilibrium quantity cannot be predicted. It depends on the magnitude of change in demand and supply.  

If the proportionate decrease in demand is more than the increase in the supply of the product, the equilibrium quantity will decrease.

If the increase in supply is more than the decrease in demand, the equilibrium quantity will increase.

If the proportionate increase in supply is equal to a proportionate decrease in demand, the equilibrium quantity will remain the same.

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Allie works for a large manufacturing firm and enjoys the feeling of being a "cog" in the machine and being able to leave work b
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Paradox of Power

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A paradox is a self-contradicting statement or act that seems contrary to what it actually is.

Democracy represents the freedom or liberty to choose, so while the democracy program may seem by intuition, one which gives the workers freedom to choose whether to attend it or not, it is actually coercing the members to attend instead which represents a paradox of power since the paradox in this case is coercion or power.

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Read 2 more answers
If the margin of safety for canace company was 20%, fixed costs were $1,875,000, and variable costs were 80% of sales, what was
Paraphin [41]

Calculation of amount of actual sales (dollars):

Step-1: Calculation of break-even in sales dollars:

Break-even in sales dollars = Fixed costs / (100%- Variable Cost %)

Break-even in sales dollars = 1875000 /(100%-80%)

Break-even in sales dollars = 1875000 /20%

Break-even in sales dollars = $9,375,000

Step-2: Calculation of actual sales:

Actual Sales = Break-even in sales dollars / (100% -Margin of safety %)

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3 years ago
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