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3 years ago

Concord Company pays cash dividends of $670. The entry for this transaction will include a debit of $670 to

Business

1 answer:

kow [346]3 years ago

4 0

Answer:

c. Dividends

Explanation:

Whenever, dividends are recorded as a liability then that amount is charged against retained earnings, but the final entry for payment of dividend =

Dividend A/c Dr. $670

To Cash A/c. $670

Also at the time of recording as an expense, entry will be

Retained Earnings A/c Dr. $670

To Dividend A/c $670

Since retained earning balance will be reduced and finally cash balance will also be reduced.

Therefore, entry for payment will include debit to

c. Dividends

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Evaluate the extent to which Wal-Mart's previous revenue policy was consistent with the revenue recognition principle.

Kipish [7]

Answer:

Wal-Mart's previous revenue policy was inconsistent with the revenue recognition principle. It used to recognize revenue when performance obligations have not been met.

Explanation:

In response to SAB 101 issued by the Stock Exchange Commission in 1999, Wal-Mart changed its revenue recognition policy for layaway transactions. Layaway transactions are those in which Wal-Mart sets aside merchandise for customers who make partial payment. Before SAB 101, Wal-Mart recognized all revenue on the sale at the-time of the layaway. After the change, Wal-Mart does not recognize revenue until customers satisfy all payment obligations and take possession of the merchandise.

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3 years ago

When Daniel was hired to work for Bush Refrigeration Company, he was told, "The sales training program is 18 weeks, and we'll pa

Alinara [238K]

Answer:

Straight salary compensation plan

Explanation:

The correct answer is Straight salary compensation plan because here Bush company of Refrigeration has placed Daniel on a straight salary compensation plan
As the Straight Pay Compensation Scheme is a form of payment that a company hires at a certain point in time that does not affect employee performance.

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3 years ago

foutz corporation has entered into a 8 year lease for a piece of equipment. the annual payment under the lease will be $3,600, w

Nonamiya [84]

Answer:

Present value of lease payments is $17720.57

Explanation:

The value of lease payments can be treated as an annuity due as the lease payments qualify the criteria of annuity- the payment amount is constant, is paid after a constant interval of time and the time is definite and known.

So, we will use the formula for the present value of annuity due as the payments are being made at the start of the period. The formula for the present value of an annuity due is attached.

PV of lease = 3600 + 3600 * [ {1 - (1 + 0.17)^-(8-1)} / 0.17 ]

PV of lease = $17720.56848 rounded off to $17720.57

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3 years ago

Mentally estimate the total cost of items that have the following prices: $1.85, $.98, $3.49, $9.78, and $6.18. Round off your a

Nonamiya [84]

Answer: Option (c) is correct.

Explanation:

Given that,

Round off the values of items to the nearest half dollar are as follows:

Item 1 = $2.00

Item 2 = $1.00

Item 3 = $3.50

Item 4 = $10.00

Item 5 = $6.00

Estimated total cost of items = Item 1 + Item 2 + Item 3 + Item 4 + Item 5

= $2.00 + $1.00 + $3.50 + $10.00 + $6.00

= $22.50

Hence, nearest value is $22.50.

Therefore, option (c) is correct.

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3 years ago

Consider an imaginary economy that has been growing at a rate of 6% per year. government economists have proposed a number of po

KonstantinChe [14]

to calculate the rule of 70, you take the average growth rate and divide than into 70.

So 70/(growth rate)

Since you did not provide the expected growth rates, you will need to do the calculation yourself.

8 0

3 years ago

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