Answer and Explanation:
The journal entries are shown below:
On June 1
Stock dividend (120000 × 15% × $13) $234,000
To Common Stock dividend distributable (120000 × 15% × 5) $90,000
To Paid in capital in excess of par-Common Stock $144,000
(being stock dividend declared is recorded)
On June 30
Common Stock dividend distributable $90,000
To Common Stock $90,000
(Being the payment of stock dividend is recorded)
Answer:
The Journal entries are as follows:
(i) General fund
Property taxes receivable current A/c Dr. $1,878,700
To Allowance for uncollectible current taxes $37,574
To Revenue $1,841,126
(To record general fund)
(ii) Governmental activities
Property taxes receivable current A/c Dr. $1,878,700
To Allowance for uncollectible current taxes $37,574
To Revenue $1,841,126
(To record governmental activities)
Workings:
Allowance for uncollectible current taxes:
= Real property taxes × percent of levy uncollectible
= $1,878,700 × 2%
= $37,574
Answer:
yes he will
Explanation:
with a compund intrest of 9 percent and he didnt put in any money after the 13,500 he will have $22,640.85 in 6 years, so now he can go buy his car and also buy a new exhaust system
Answer:
Option B is correct. Replacement Cost
Explanation:
According to LCM method, the inventory must be recorded at lowest of cost or Market value. The market value of the asset is replacement value and this is the cost at which the inventory must be recorded. This replacement cost is always greater than the net realizable value which is equal to the difference between the Market value and cost to sell.
Answer:
$38.49
Explanation:
The current stock price =Dividend in year 8 / (1 + required rate of return)^8 + [1 / ( 1 + required rate of return)^8 x [Dividend in year 8*(1 + growth rate) / ( required rate of return - growth rate )]
The current stock price = $6 / 1.108 + 1 / 1.108 * ($6*(1 + 0.02)/(0.10 - 0.02)]
The current stock price = $38.49 approximately.