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SSSSS [86.1K]
3 years ago
5

Castillo Services paid K. Castillo, the sole shareholder of Castillo Services, $5,700 in dividends during the current year. The

entry to close the dividends account at the end of the year is _______.
Business
1 answer:
SVEN [57.7K]3 years ago
6 0

Answer:

The entry to record Dividend Paid will be;

Retained Earnings (Dr.) $5,700

Cash   (Cr.) $5,700

Explanation:

When the Castillo Services declares dividend it should record journal entry as  

Retained Earnings (Dr.) $5,700

Dividend Payable (Cr.) $5,700  

And when the Dividend is paid to its sole shareholder K. Castillo, the journal entry will be  

Dividend Payable (Dr.) $5,700

Cash   (Cr.) $5,700  

To now close the Dividend account at the end of the year it should record the adjusting entry as,

Retained Earnings (Dr.) $5,700

Cash   (Cr.) $5,700

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why is currency held by the u.s. treasury, the federal reserve banks, commercial banks, and thrift institutions excluded from m1
Andrew [12]

The u.s. treasury, the federal reserve banks, commercial banks, and thrift institutions excluded According to the question, the "federal reserve system" is the organisation in charge of controlling the nation's money supply.

The central banking system of the United States of America is said to have a variety of duties to carry out. The main duties include keeping an eye on financial institutions, controlling the amount of money in the economy, acting as the government of the United States' fiscal agent, etc. As a result, its main goal is to ensure the financial and monetary systems are secure, flexible, and stable.A commercial bank purchases a Treasury bond from the Federal Reserve for $100,000. the amount of money available could rise by $100,000.The Federal Reserve buys and sells government assets to control interest rates and the availability of money. This activity is classified as open market activities.

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8 0
2 years ago
A __________ strategy can be best defined as a plan, used by international companies, that involves customizing products, promot
erastovalidia [21]

Answer:

Multinational strategy

Explanation:

According to my research on different business strategies, I can say that based on the information provided within the question the strategy being described is called a Multinational strategy. This strategy (like mentioned in the question) focuses on advertising and selling products and services to customers in different parts of the world by customizing them and offering competitive pricing in each location.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

3 0
3 years ago
Evie must pay an additional tax on the early distribution from her 401(k) of: a. 0% b. 5% c. 10% d. 15%
almond37 [142]

Answer:

c. 10%

Explanation:

Law Imposes additional 10% tax on early distribution of 401 (k) retirement plan. This law is to discourage the use of retirement fund for other purposes than the retirement plan. Evie want early distribution of her funds so she must pay 10% additional tax on these funds. So option c. 10% is correct for 401(k) retirement plan.

6 0
4 years ago
A process with no beginning work in process, completed and transferred out 28,000 units during a period and had 14,000 units in
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Answer:

35,000 equivalent units

Explanation:

The equivalent untis will consider both, the competed units and the portion of work done in the ending Work in Process.

So we will add the complete and transferred with the ending invenory times completion percnet

complete and transferred 28,000

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28,000 + 7,000 = 35,000

6 0
3 years ago
Charlize is monitoring market indicators in a particular area for her client who wants to buy an oceanfront home. Which market i
Dmitrij [34]

Answer:

Price levels

Explanation:

Price level is an indicator that is obtained by getting the average price of goods that are produced within an economy or an industry.

When prices rise it indicates that demand for a good is on the rise and eventually an inflation may result. When price falls demand has reduced and deflation may result.

In the given scenario price level is the best indicator to show how prices of properties in the area have fluctuated.

It will also give insight into how good a property purchase will be.

4 0
3 years ago
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