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oksano4ka [1.4K]
3 years ago
12

On May 20, the board of directors for Auction declared a cash dividend of 50 cents per share payable to stockholders of record o

n June 14. The dividends are paid on July 14. The company has 510,000 shares of stock outstanding. Closing entries are recorded on July 31. Prepare any necessary journal entries for each date.
Business
1 answer:
AleksandrR [38]3 years ago
8 0

Answer:

May 20

No Entry

June 14

Dr. Dividends               $255,000

Cr. Dividend Payable  $255,000

July 14

Dr. Dividend Payable  $255,000

Cr. Cash                       $255,000

July 31

Dr. Retained Earnings $255,000

Cr. Dividend                 $255,000

Explanation:

Dividend = $0.5 x 510,000 = $255,000

May 20

Dividend is declared, No entry is required

June 14

Dividend to be recorded on this date. As  dividend is not paid yet so it will be recorded as payable and on the other hand dividend account is debited to make a contra capital account of dividend.

July 14

Dividend is paid as cash is paid so, it will be credited and the liability is reduced so, it will be debited.

July 31

At the end of the period we have to adjust the Dividend Contra capital account in retained earning to make the dividend account zero.

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When a company has both common and preferred stock, its ROE must be adjusted by ______. (Select all that apply.)
beks73 [17]

When a company has both the common and preferred stock, then, its ROE must be adjusted by subtracting the preferred stock balance from the total stockholders' equity  and subtracting preferred stock dividends from net income.

The ROE means Return on equity.

Return on equity is used to measure the profitability of a business in relation to its equity.

If the company have common and preferred stock, then, its ROE must be adjusted by subtracting the preferred stock balance from the total stockholders' equity  and subtracting preferred stock dividends from net income.

Therefore, the Option A and C is correct.

Missing options includes <em>"A) subtracting the preferred stock balance from the total stockholders' equity, B) adding the preferred stock dividends to net income, C) subtracting preferred stock dividends from net income , D) adding the preferred stock balance to total stockholders' equity"</em>

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3 0
3 years ago
Select all that apply On November 1, 2019, Movers, Inc., paid $24,000 for 2 years' rent beginning on November 1 (assume rent is
Mariana [72]

Answer:

Rent expense of $2,000

Prepaid rent of $22,000

Explanation:

Since we were told that On November 1,2019 Movers Inc., paid the amount of $24,000 for a 2 years' rent which will start or begin on November 1 which means Movers' year-end financial statements as of December 31,2019 will show:

Rent expense of $2,000

Prepaid rent of $22,000

The rent expense of $2,000 is calculated as

(1÷12*$24,000)=$2,000

The prepaid rent of $22,000 is calculated as

$24,000-$2,000

$22,000

8 0
3 years ago
SHORT-ANSWER QUESTION
aivan3 [116]

An advantage for making socially responsible business decisions is that it improves public image.

  • Corporate social responsibility is the concept whereby organizations integrate environmental and social concerns into their operations. An example of corporate social responsibility is an organization that gives scholarships to students.

  • Corporate social responsibility helps in the improvement of the public image of the company. It also makes an organization more sustainable. Also, it can help in the attraction and the retention of employees.

In conclusion, corporate social responsibility also gives an organization a competitive advantage over its competitors and enhances its reputation.

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2 years ago
An appraiser has assigned the following weights to three adjusted sale prices: Comparable 1: $329,500 45% weight Comparable 2: $
n200080 [17]

Answer:

$322,990

Explanation:

The reconciled estimated market value of the subject property will be calculated as follows:

($329,500 X 0.45) + ($320,900 X 0.35) + ($312,000 X 0.2) = $322,990

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3 years ago
Is it possible to be admitted to Minnesota Bar Association without taking the test over? Have practiced law in Colorado for 0ne
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Rules for Admission to the Bar

The Rules for Admission to the Bar have been updated as of July 1, 2017. A complete listing of rules can be downloaded in PDF format. Or, browse Rules by section using the links below.

1. Purpose
2. Definitions and Due Date Provisions
3. State Board of Law Examiners
4. General Requirements for Admission
5. Standards for Admission
6. Admission by Examination
7. Admission Without Examination
8. Admission by Temporary License for Legal Services Programs
9. Admission by Temporary House Counsel License
10. Admission by House Counsel License
11. License for Foreign Legal Consultants
12. Fees
13. Immunity
14. Confidentiality and Release of Information
15. Adverse Determinations and Hearings
16. Conditional Admission
17. Appeal to the Supreme Court
18. Reapplication
19. Bar Admissions Advisory Council

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