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andreyandreev [35.5K]
3 years ago
15

On May 20, the board of directors for Auction declared a cash dividend of 50 cents per share payable to stockholders of record o

n June 14. The dividends are paid on July 14. The company has 502,000 shares of stock outstanding. Closing entries are recorded on July 31. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)A) May 20th, Record the entry on the date of declaration for a cash dividend of 50 cents per share payable on the 513,000 shares of stock outstanding.B) June 14th, Record the entry on the date of record for a cash dividend of 50 cents per share payable on the 513,000 shares of stock outstanding.C) July 14th, Record the entry on the date of payment for the cash dividend.D) July 31st, Record the entry to close the dividend account to retained earnings.
Business
1 answer:
Naddika [18.5K]3 years ago
7 0

Answer:

Explanation:

The journal entries are shown below:

We assume the shares outstanding is 513,000 shares

On May 20

Dividend A/c Dr  $256,500        (513,000 shares × $0.50)  

      To Dividend payable A/c  $256,500  

(Being cash dividend declared)  

On June 14

No entry

On July 14

Dividend payable A/c Dr  $256,500  

          To Cash A/c   $256,500  

(Being the payment of cash dividend is recorded)

On July 31

Retained earning A/c Dr   $256,500  

           To Dividend A/c           $256,500  

(Being cash dividend declared)  

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Vinvika [58]

Answer:

Realized loss = $5000

Explanation:

The adjusted basis is the net cost of an asset after it has had depreciation deductions and/or capital expenditure increments. In other words, its actual worth at that particular point in time.

The amount realized is the fair market value and the sum of any money received at the sale of an asset.

A realized gain or loss is the difference between the amount realized from the sale of the asset and the asset's adjusted basis on the time of its sale. A positive figure proves to be a gain and a negative figure proves to be a loss. In other words, when an asset is sold for a price higher than what it is actually worth at the time of sale, it is a realized gain whilst if it is sold for a price lower than what its net cost is, it is a realized loss.

In this case,

$50,000 - $55,000 = $(5000)

There is a realized loss for Andrea of $5000 on the sale of this machinery.

8 0
3 years ago
ccording to the U.S. Bureau of Labor Statistics, there were chefs/head cooks employed in the United States in and food service m
Rufina [12.5K]

Answer:

  • Food service managers are facing a larger percent decrease at 3.31%

Explanation:

The percentage decrease in chefs/head cooks is:

= (100,600 - 99,800) / 100,600

= 0.795%

= 0.8%

Percentage decrease for food service managers is:

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Company C&A sells 600 bottles of a dietary supplement per week at $100 per bottle. The supplement is ordered from a supplier
Katen [24]

Answer:

A. 300

Explanation:

The computation of the economic order quantity is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

where,

Annual demand = 600 bottles × 50 weeks = 30,000 bottles

Carrying cost per bottle = $50 × 40% = $20

And, the ordering cost per order is $30

Now put these values to the above formula  

So, the value would equal to

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Hence, option A is correct

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3 years ago
The USDA maintains ethanol has an impact on food prices. "Higher ethanol production definitely and directly raises the price of
aleksklad [387]

Answer:

new corn farmers will enter the market and decrease the market price.

Explanation:

In regards to the information provided, it can be said that in a long term perspective if the production of ethanol keeps increasing then new corn farmers will enter the market and decrease the market price. This is because as ethanol production increases, so does the price of corn. This will continue up to a certain point were profitability for farmers is high and many new farmers will enter the market hoping to profit from the corn as well. All these new farmers will drastically increase the production of corn and as the supply of corn rises the prices will begin to fall.

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3 years ago
China produces many products at the lowest cost possible, even though Chinese consumers do not desire many of these products (e.
Setler79 [48]

Answer:

Production efficiency.

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It's production is efficient because produces products at a lower cost that the competition.

It's not allocative efficiency, because when this happens, production represents costumers preferences.

3 0
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