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Rzqust [24]
3 years ago
6

The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $220,0

00 in the current year. It also declared and paid dividends on common stock in the amount of $1.80 per share. During the current year, Sneer had 1 million common shares authorized; 420,000 shares had been issued; and 208,000 shares were in treasury stock. The opening balance in Retained Earnings was $780,000 and Net Income for the current year was $280,000.
Required:
a. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock.
Business
1 answer:
zmey [24]3 years ago
5 0

Answer:

1) Journal entry

No. Account and explanation                 debit            credit

a Cash dividend                                  220000  

     Preferred Dividend payable                                   220000

(To record dividend declared)  

b Preferred dividend payable                220000  

       Cash                                                                   220000

(To record dividend paid)  

C Cash dividend (420000-208000)*1.8 381600  

       Common Dividend payable                                    381600

(To record dividend declared)  

d Common Dividend payable                  381600  

         Cash                                                                     381600

(To record dividend paid)  

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goblinko [34]

Answer:

$6,450

Explanation:

Calculation to determine the balance in Cash for this design service business

Using this formula

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Let plug in the formula

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Therefore the balance in Cash for this design service business is $6,450

8 0
3 years ago
Whenever there is a shortage at a particular price, the quantity sold at that price will equal:_____.
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Whenever there is a shortage at a particular price, the quantity sold at that price will equal <u>more than the quantity supplied at that particular price.</u>

<u />

Magnitude (how a lot) and multitude (what number of), the two primary types of portions, are similarly divided as mathematical and bodily. In formal terms, quantities—their ratios, proportions, order, and formal relationships of equality and inequality—are studied by using arithmetic.

Quantity, similar to variety, can be used for singular or plural nouns that you may depend on or degree. the principle distinction is that it is satisfactory to apply an amount whilst you're speakme approximately an inanimate object. but, there are instances wherein you may use quantity and wide variety interchangeably, especially whilst the noun is plural.

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7 0
1 year ago
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The answer to this question is bonds. Bonds are an investment type where in investors’ gains a fixed-income over their investments. Bonds are less risky because the return of investment is in a fixed rate and this is less vulnerable to price swings in the stock market. 

5 0
3 years ago
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Ivahew [28]

Answer:

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This ultimately implies that, a back-loaded contract allows lower wage adjustment in the first year with a consequent higher increase towards the end of a contract.

In this scenario, a 10 percent three-year wage increase is provided as a 2 percent increase in the first year, 3 percent in the second year, and 5 percent in the third year. This is an example of a back-loaded contract.

8 0
3 years ago
How does a business's corporate culture affect employee satisfaction? How does a business's corporate culture affect customer sa
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Having a negative corporate culture will generate the reverse output. Employee satisfaction is nonexistent. Employee turnover is high. Customer satisfaction is down and company reputation is negative. </span>
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