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
olganol [36]
3 years ago
15

ABC Corporation was organized on Jan 1, 2020. The firm was authorized to issue 100,000 shares of $1 par common stock. During 202

0, ABC Corporation has the following transactions relating to shareholder’s equity:a.Issued 10,000 shares of common stock at $3 per share. b. The board of directors declared dividends of $30,000c.Paid dividends to common shareholders of $30,000. d. Purchased 500 shares of treasury stock at $12 per share
Business
1 answer:
zhannawk [14.2K]3 years ago
3 0

Answer:

The journal entries are required with corresponding effect on retained earnings;

Explanation:

a. Cash  10,000*3    Dr.$30,000

   Common Stocks 10,000*1   Cr.$10,000

  Paid in Capital-Common Stocks 10,000*(3-1) Cr.$20,000

b. Dividend Expense   Dr.$30,000

    Dividend Payable    Cr.$30,000

c. Dividend Payable  Dr.$30,000

   Cash                       Cr.$30,000

d. Treasury stock    500*12 Dr.$6,000

    Cash                                 Cr.$6,000

The retained earnings  will reduce by the dividend amount of $30,000 declared and paid.

You might be interested in
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2021 totaled $565,000. The e
beks73 [17]

Answer:

$90,400

Explanation:

Mondale Winery depreciates it's equipment by making use of the group method.

The cost of equipment that was purchased in 2021 totaled $565,000

The residual value of the equipment was $54,000

The group depreciation rate is 16%

= 16/100

= 0.16

Therefore, the annual depreciation can be calculated as follows

Annual depreciation= Cost of equipment × Group depreciation rate

= $565,000×0.16

= $90,400

Hence the annual depreciation for the group is $90,400

4 0
3 years ago
This problem has been solved!
liubo4ka [24]

Answer:

A Overhead:          180,634

B Production Cost: 214,410

C Period Cost:           71,091

Explanation:

<u>Manufacturing overhead</u>

Factory utilities                                   16,942

Depreciation on factory equipment  13,387

Property taxes on factory building      3,252

Indirect factory labor                          49,656

Repairs to office equipment                 2,179

Indirect materials                               84,468

Factory repairs                                     2,465

Factory manager's salary                    8,285

Total:                                                180.634

<u>Product Cost</u>

Direct labor                         71, 743

Direct materials used        142,667

Total:                                  214,410‬

<u>Period Cost </u>

Sales salaries                                 47, 310

Depreciation on delivery trucks     4,546

Advertising                                     15, 712

Office supplies used                       3,523

Total:                                               71,091

5 0
3 years ago
Which of the following is not something your group might do while selecting the best solution?
kipiarov [429]

Answer:

The group would not use brainstorming to select the best solution. It would use any of the other answers.

<em>I did that question</em>

<em>Hope I Helped</em>

3 0
3 years ago
In "Do Not Go Gentle into That Good Night”, the speaker emphasizes that older men should fight fiercely against death. The setti
Advocard [28]

The theme of the poem is about the Bravery of the military unit .hence choice 1 is correct.

<h3>What is the summary of  The Charge of the Light Brigade?</h3>

An emotional poem, The Charge of the Light Brigade, both honors and mourns the battle's action. The concept of the valiant and gallant British soldier—one whose moral obligation was to fight for justice—emerged during the Crimean War.

Tennyson honors a military unit's bravery for charging the enemy despite insurmountable odds: they are "six hundred" against an "army."

Hence the appropriate answer is Bravery.

Learn more about The Charge of the Light Brigade:

brainly.com/question/1343588

#SPJ1

3 0
2 years ago
Sioux Corporation is estimating the following sales for the first four months of next year:January$210,000February$280,000March$
Serjik [45]

Answer:

$358,000

Explanation:

Calculation to determine how much cash should Sioux expect to collect during the month of April

April sales collected in April ($370,000 × 60%) $222,000

March sales collected in April ($340,000 × 40%) $136,000

Total cash collections in April $358,000

($222,000+$136,000)

Therefore the amount of cash that Sioux should expect to collect during the month of April is $358,000

6 0
3 years ago
Other questions:
  • Karen’s monthly cell phone bill is $75. What type of budget item would her cell phone bill be?
    11·2 answers
  • In a small, closed economy, national income (GDP) is $350.00 million for the current month. Individuals have spent $100.00 milli
    15·1 answer
  • Canada is currently the second largest producer of nickel in the world. The recent reopening of the world famous Voisey's Bay mi
    8·1 answer
  • Assume the Macro Islands can produce 25 fishing boats or 150 jars of guava jelly in one hour. The Micro Islands can produce 30 f
    6·1 answer
  • What determines the number and prices of goods and services that will be
    10·2 answers
  • The Commissioner is empowered to examine the records of any person transacting insurance in the State as an agency, an agent or
    15·1 answer
  • The World Trade Organization (WTO): __________
    14·1 answer
  • Normally dividend or /and capital gain is reason of investment. Why do you think stockholders of a firm that is performing very
    6·1 answer
  • Discuss this statement: "Business competition encourages improved product quality and increased customer satisfaction
    13·1 answer
  • When considering marginal revenue versus marginal costs, marketers must ensure that.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!