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
Bill has always taken his dry cleaning to Tom's Dry Cleaning, Inc. One morning while Bill is in a hurry, he walks in the door of
blondinia [14]

Answer: C. an implied contract.

Explanation:

An Implied Contract is one that arises as a result of the way one or both of the parties involved in the contract acts towards the other.

Unlike an Express Contract, it need not be written down but it does have the same legal weight and strength of a written contract.

The basic principle of this contract is that people should always be treated fairly in business transactions so the need to always pen it down is not necessary.

By walking in and leaving his clothes at the laundry, Bill got into an Implied Contract as it would be unfair for Tom to just clean his clothes with no payment.

3 0
2 years ago
Presented here are liability items for Skysong, Inc. at December 31, 2017. Accounts payable $298,300 FICA taxes payable $14,820
lord [1]

Answer:

Explanation:

The preparation of the liabilities section of Skysong's balance sheet is shown  below:

                                          Skysong, Inc.

                                    Partial Balance Sheet

                                       December 31, 2017

Liabilities

Current Liabilities

Accounts payable                         $298,300

FICA taxes payable                      $14,820

Notes payable (due May 1, 2018) $38,000

Interest payable                             $76,000

Unearned rent revenue                 $456,000

Income taxes payable                    $6,650

Sales taxes payable                       $3,230

Total Current Liabilities                                          $893,000

Non - Current Liabilities

Bonds payable (due 2021)             $1,710,000

Notes payable (due 2019)              $152,000

Discount on bonds payable           $77,900

Total Non -Current Liabilities                                 $1,939,900

Total liabilities                                                          $2832,900

7 0
3 years ago
Klean Fiber Company is the creator of Y-Go, a technology that weaves silver into its fabrics to kill bacteria and odor on clothi
natulia [17]

Answer:

Klean Fiber Company

Incremental Analysis for the Special order of 250,500 units of Y-Go undergarments:

Direct materials                                  $2.04         $511,020

Direct labor                                           0.40          100,200

Variable manufacturing overhead       1.04         260,520

Fixed manufacturing overhead            1.02         255,510

Total costs                                         $4.50      $1,127,250

Fixed manufacturing overhead           1.02          255,510

Incremental costs                             $3.48         $871,740

Explanation:

a) Data:

Full Capacity = 1,031,000

The per unit and the total costs at full capacity for Y-Go:

                                                 Per Undergarment       Total

Direct materials                                  $2.04         $2,103,240

Direct labor                                           0.40              412,400

Variable manufacturing overhead       1.04           1,072,240

Fixed manufacturing overhead            1.44           1,484,640

Variable selling expenses                    0.34            350,540

Totals                                                  $5.26       $5,423,060

b: In her decision to accept or reject the special order for 250,500 units of Y-Go undergarments by the U.S. Army, the Klean Fiber Company will only consider the relevant incremental unit cost of $3.48 and not the whole unit cost of $5.26.  The $3.48 cost excludes the fixed overheads or the selling and administrative expenses.

8 0
3 years ago
Managers are constantly seeking out new tools to meet new challenges. Indicate whether today’s manager’s are more or less aware
Galina-37 [17]

Answer:

Customer relationship management system​ (CRM)

Explanation:

A <em>CRM </em>system is what keeps the customer coming back. Instead of targeting each customer with a default bundle of products that are trending, the customer relationship management system tracks down the customer's habits and preferences, creating a tailor-made approach. Every customer is different in things he/she wants to buy. This way, marketing gets more customized and customer statistics generates better reports (more insight for the long-term).

7 0
2 years ago
British explicitly inhibited the development of what industry
liq [111]
British explicitly inhibited the development the coal industry.

England sparked the industrial revolution which changed the way things are made such as machinery(Engines) which was powered by coal.
5 0
3 years ago
Other questions:
  • ammi purchases stock in Vivaldi Corporation. Vivaldi Corporation later encounters legal issues and faces significant legal claim
    12·2 answers
  • This is an online live debate first 2 people to comment are the debaters the rest are the jury and they reply to chat the debate
    10·2 answers
  • If a egg need 5 mins to cook how many mins 7 eggs need to cook
    9·1 answer
  • When channel members are linked by legal agreements that specify each member's rights and responsibilities, ____ exists.
    12·1 answer
  • If the inverse demand curve P = 180 – Q and the marginal cost is constant at ​$20​, how does charging the monopoly a specific ta
    6·1 answer
  • The Pioneer Company has provided the following account balances: Cash $38,000; Short-term investments $4,000; Accounts receivabl
    10·1 answer
  • If you cause damage to your apartment, your landlord can
    13·2 answers
  • Beyer Company is considering the purchase of an asset for $185,000. It is expected to produce the following net cash flows. The
    5·1 answer
  • Assume that a profit-maximizing firm which competes in a purely competitive product industry has only two factor inputs, labor a
    10·1 answer
  • Poulter corporation will pay a dividend of $4.75 per share next year. The company pledges to increase its dividend by 7.5 percen
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!