1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nata0808 [166]
3 years ago
11

Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of GE common stock that Adams

had purchased in February for $39,600 as an investment. GE’s shares had a market value of $31 per share on the declaration date.
Prepare the journal entries to record the property dividend on the declaration and payment dates.

1. Record adjustment of stock to fair value

2. Record the journal entry on the declaration date

3. Record the journal entry on the payment date
Business
1 answer:
KATRIN_1 [288]3 years ago
4 0

Answer:

Explanation:

The journal entries are shown below:

1. Loss on Investment A/c Dr $1,800        (1,200 shares × $31 - $39,600)

            To GE shares investment A/c $1,800

(Being the adjustment is recorded)

2. Retained earnings A/c Dr $37,200         (1,200 shares × $31)

           To Property Dividends Payable $37,200

(Being the entry is made on declaration date)

3. Property Dividends Payable A/c $37,200

             To GE shares investment A/c $37,200

(Being the entry is made on payment date)

You might be interested in
What is a characteristic of the leader substitutes model?
sladkih [1.3K]

It says that managers don't have to play a leading role under certain conditions.

<u>Explanation: </u>

Leadership Substitute:

A characteristic of a delegate or a circumstance or condition in which leadership works in place of a leader, inappropriate in leadership. All Leaders of an organization can sometimes work very well without a director controlling the management.

The most important aspects of a company are effective leadership, many experts agree. But sometimes it's not necessary to have leadership.  

For example, Raj is a father and that he wants his daughter to do her work. Raj knows he can usually make his daughter do things if he gives her an exchange piece of candy.

However, it's the day after Halloween in this scenario but she already has chocolates. In this respect, Raj's power of leadership has been eliminated, since the normally used award is not effective.

3 0
2 years ago
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances
denis23 [38]

Answer:

Explanation:

The adjusting entries are shown below:

1.  Supplies Expense A/c Dr $3,000 ($2,000 + $4,500 - $3,500)

         To Supplies A/c                           $3,000

(Being supplies purchased)

2. Insurance Expense A/c Dr $2,000

       To Prepaid Insurance A/c              $2,000

(Being prepaid insurance adjusted)

3. Salary expense A/c Dr $16,000

      To salary payable A/c               $16,000

(Being salary adjusted)

4. Unearned revenue A/c Dr   $1,500

       To Service revenue A/c                  $1,500

(Being unearned revenue adjusted)

7 0
3 years ago
The ABC Auto Supply Company of Burlington, Vermont, uses an e-commerce software program on its Web site to allow customers such
elixir [45]

Answer:

The correct answer is letter "A": B2B.

Explanation:

In a B2B business model goods or services are traded between two or more businesses. Most parts of these transactions are dedicated to the exchange of raw materials. Customers are part of the process only when the final product is offered in the open market but not during the B2B business process.

8 0
3 years ago
The difference between money coming into a country from exports and money leaving a country due to imports, plus money flows fro
Sophie [7]

Answer:

Balance of payments (BOP)

Explanation:

The balance of payments is referred to details of the transaction that held between two entities either in the same country or outside the country of a particular time period.

when the transaction was done for another country, there is a deduction of credit from the balance of payment and when transaction was done for the same country then credit is added to the BOP

8 0
3 years ago
Omega Inc. expects its net income to be $525,000 this year. The firm's dividend payout ratio is 60 percent. The firm is financed
REY [17]

Answer: $700,000

Explanation: Retained earnings is the amount of earnings left with the company after paying for dividends of common stockholders.

Retained earnings break even can be computed as follows :-

Break\:even=\frac{retained\:earnings}{equity\:ratio}

where,

retained earnings = net income (1- payout ratio)

                              = $525,000 (1 - 60%)

                              =  $210,000

therefore,

Break\:even=\frac{210,000}{0.3}

=$700,000

3 0
3 years ago
Other questions:
  • Managers are a critical part of any successful organization because​ ________.
    7·1 answer
  • You are responsible for staffing a decision-making team that must be able to share information openly and honestly to perform we
    12·1 answer
  • An integrity-based ethics program is one in which: a. Employees act on what is best for themselves as individuals. b. Ethics are
    9·1 answer
  • Yankee Tours provide seven-day guided tours along the New England coast. The company pays its guides a total of $100,000 per yea
    8·1 answer
  • In 2013, the market price for a 3,000 square foot home in south tampa, florida was $350,000 and 358 new homes were built. in 201
    14·1 answer
  • Consider the following scenario. Two friends, Rachel and Joey, enjoy baking bread and making apple pies. Rachel takes two hours
    8·1 answer
  • What needs would you strive to satisfy on the job? Why? What role would your manager play in helping you satisfy these needs?
    15·1 answer
  • The pharmaceutical industry is extremely dynamic. A company that releases a product to the general public with the intention of
    6·1 answer
  • On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $40,000 in cash and giving a short-term n
    12·1 answer
  • Decision Point: International Market Analysis You've done a considerable amount of research and have determined the follöwing Ap
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!