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jenyasd209 [6]
3 years ago
15

Concord Corporation has 8,800 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stoc

kholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend
Business
1 answer:
sasho [114]3 years ago
6 0

Answer:

Declaration date:

Dr retained earnings $26400

Cr dividends payable          $26400

Payment date:

Dr dividends payable $26400

Cr Cash                                                  $26400

Explanation:

Total dividend declared is the number of shares multiplied by cash dividend per share

total dividend=$3*8,800=$26400

On the record date no entries are required since record date, is just about verifying the bonafide shareholders.

On declaration date,dividends payable would be credited with $26,400 while retained earnings is debited.

On payment date,dividends payable is debited and cash credited

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In September, Year 1, West Corp. made a dividend distribution of one right for each of its 120,000 shares ofoutstanding common s
Sphinxa [80]

Answer:

The correct answer is option C.

Explanation:

Dividend distribution in the first year = 120,000 shares of outstanding common stock

Each right was exercisable.

Though none of the rights have been exercised.

The shares have been redeemed by paying each stockholder=$0.10/right

Reduction in the West's stockholder's equity

=Number of shares*amount paid for redemption

=120,000*$.10

=$12,000

So, option C is the right answer.

8 0
3 years ago
Holliman Corp. has current liabilities of $407,000, a quick ratio of 1.90, inventory turnover of 4.50, and a current ratio of 3.
Sati [7]

Answer:

Cost of goods will be $4670325

Explanation:

We have given current liabilities = $407000

A quick ratio = 1.90

Current ratio is 3.40 and inventory turnover = 4.50

We know that current ratio is the ratio of current assets and current liabilities

So 3.4=\frac{current\ assets}{current\ liabilities}

So current assets = $1383800

Now quick ratio is equal to = \frac{current\ assets-inventory}{curtrent\ liabilities}

So 0.85=\frac{1383800-inventory}{407000}\\

Inventory = $1037850

Inventory turnover is given 4.5

So 4.5=\frac{cost\ of\ goods\ sold}{average\ inventory}

4.5=\frac{cost\ of\ goods\ sold}{1037850}

So cost of goods sold = 4.5×$1037850 = $4670325

5 0
3 years ago
ART has come out with a new and improved product. As a result, the firm projects an ROE of 27%, and it will maintain a plowback
emmasim [6.3K]

Answer:

$41.14

Explanation:

Dividend per share=$4

Divided=1-retained profits=1-.2=.8

Cost of equity=15%

Growth rate=27%*.2=5.4%

The formula is;

Current Stock price=Dividend/(cost of equity-growth rate)

Current stock price=4(1-.2)/(.15-.27*.2)=$33.33

Share price after 4 year will be=$33.33(1+.27*.2)^4=$41.14

4 0
3 years ago
Crane Company reports: Cash provided by operating activities $ 310000 Cash used by investing activities 120000 Cash provided by
KengaRu [80]

Answer:

$437,000

Explanation:

We first, find the net cash flow for the current period, and then, add the cash balance for the period immediately before.

Net cash flow for current period:

Cash provided by operating activities $310,000

Cash used by investing activities ($120,000) - we substract this because the cash was "used", that is to say, it was spent.

Cash provided by financing activities $149,000

Net cash flow: $339,000

Ending cash balance = Net cash flow + beginning cash balance

                                   = $339,000 + 98,000

                                   = $437,000

8 0
3 years ago
when discussing leadership in the context of what is now termed transformational leadership, burns (1978) . a.tried to link the
pshichka [43]

According to Burn 1978, when we discuss leadership in the context of what is now termed transformational leadership, we tried to link the roles of leadership and followership. So the answer is A.

What is leadership?

Leadership is the act of leading a group of people or an organization when a leader takes risks and challenges the status quo. Leadership also means the ability of a person or a group of individuals to guide and influence an organization's followers. The leader's job is to motivate others to achieve something new and better. The leadership styles and methods are varied because of personal challenges and outside influences.

Learn more about the definition of leadership brainly.com/question/1232764

#SPJ4

5 0
1 year ago
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