B. that promoted social, labor, and economic issues
Answer:
Date - December 14, 2020
Debit : Dividend $16,000
Credit : Shareholders for dividends $16,000
Date - January 16, 2021
Debit : Shareholders for dividends $16,000
Credit : Cash $16,000
Date - December 12, 2021
Debit : Dividend $62,000
Credit : Shareholders for dividends $62,000
January 15, 2022
Debit : Shareholders for dividends $62,000
Credit : Cash $62,000
Explanation:
Dividends are initially declared before they are paid to the respective shareholders. So it is important to first record the journal at the <em>declaration date</em> of the dividend, then the <em>payment date</em> of the dividend as shown above.
Answer:
Concord BEP: 400,000 units
Explanation:
Break Even Point (Units) = Fixed Cost / (Selling Price - Variable Cost) or
Break Even Point (Units) = Fixed Cost / Contribution Margin
Concord Break Even Point:
Contribution Margin Per Unit: (($980,000 - ($490,000 + $49,000)) / 49,000 = $9
Concord BEP: $360,000 / $9 = 400,000 units
integrity, ability to analyze tax forms, and good math skills.
Answer:
b) Debit Sales Returns and Allowances $2,300 and credit Accounts Receivable $2,300 in the general journal.
Explanation:
When goods were sold on account, Accounts receivables is debited, and Sales is credited. When goods are returned, Sales Return & Allowances is debited, and Accounts receivables is credited.
Thus, the entry will include Debit in Sales Returns and Allowances $2,300 and Credit in Accounts Receivable $2,300
