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rodikova [14]
3 years ago
9

On January 1, Skysong, Inc. had 90,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $5

per share. During the year, the following occurred.
Apr1. Issued 21,000 additional shares of common stock for $19 per share.
June15. Declared a cash dividend of $1 per share to stockholders of record on June 30.
July10. Paid the $1 cash dividend. Dec.1Issued 2,500 additional shares of common stock for $18 per share.
December15. Declared a cash dividend on outstanding shares of $4.30 per share to stockholders of record on December 31.
Prepare the entries, on each of the three dividend dates. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.
Date Account Titles and Explanation Debit Credit
June15
July10
Dec15
Business
1 answer:
timama [110]3 years ago
6 0

Answer:

No. of shares outstanding = A

Par Value (at $5)  = B

Additional Paid in capital in excess of Par = C

Dividend  = D

                                          A             B(A*$5)            C               D

Jan 1 balance               90,500       $452,500          $0

                                    shares

Add: Issued Apr 1         21,000         $105,000   $294000

                                    shares

June 30 Balance         111,500      $557,500   $294,000   $111,500

                                    shares                                     [111,500 shares x $1]

Add: Dec 1 Issued       2,500 shares $12,500      $32,500

Dec 31 Balance            114,000         $570,000  $326,500  $490,200

                                                                                  [114,000 shares x $4.3]

Journal Entries based on above

Date         Accounts Titles          Debit            Credit

15-Jun     Dividends                 $111,500

                    Dividends payable                     $111,500

10-Jun      Cash                         $111,500

                     Dividends                                 $111,500

15-Dec      Dividends                   $490,200

                     Dividends payable                   $490,200

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Exercise 11-6 Net present value LO P3 A new operating system for an existing machine is expected to cost $520,000 and have a use
Citrus2011 [14]

Answer:

NPV of investment 1: $509,131

NPV of investment 2: $269,513

Explanation:

initial investment -$520,000

6 year useful life, depreciation per year = ($520,000 - $10,000) / 6 = $85,000

free cash flow per year = $150,000 + $85,000 = $235,000

free cash flow last year = $235,00 + $10,000 = $245,000

NPV = -$520,000 + $235,000/1.1 + $235,000/1.1² + $235,000/1.1³ + $235,000/1.1⁴ + $235,000/1.1⁵ + $245,000/1.1⁶ = -$520,000 + $213,636 + $194,215 + $176,559 + $160,508 + $145,917 + $138,296 = $509,131

initial investment -$380,000

8 year useful life, depreciation per year = ($380,000 - $20,000) / 6 = $60,000

free cash flow per year = $60,000 + $60,000 = $120,000

free cash flow last year = $120,00 + $20,000 = $140,000

NPV = -$380,000 + $120,000/1.1 + $120,000/1.1² + $120,000/1.1³ + $120,000/1.1⁴ + $120,000/1.1⁵ + $120,000/1.1⁶ + $120,000/1.1⁷ + $140,000/1.1⁸= -$380,000 + $109,091 + $99,174 + $90,158 + $81,962 + $74,501 + $67,737 + $61,579 + $65,311 = $269,513

5 0
3 years ago
An employee earns $28 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 h
Gemiola [76]

Answer: Gross pay- $1750.00

Net pay - $1,215.75

Explanation: Gross pay = Nomal time =$28*40= $1,120. Overtime = $28*1.5*15= $630 Total= $1,750

Net pay = $1,750 less Security tax, Medicare tax, federal income tax withheld.

$1750* 6.0%= $105

$1750* 1.5% = $26.25

Tax withheld= $403

Net pay= $1,750-$105-$26.25-$403

= $1,215.75

8 0
3 years ago
Cash flows: Hillman Corporation reported current assets of $3,495,055 on December 31, 2017 and current assets of $3,103,839 on D
Nuetrik [128]

Answer:

$284,115

Explanation:

Computation for the cash flow invested in net working capital at Hillman Corporation during 2017.

First step is to calculate the Net working capital for 2017

Net Working Capital 2017 = $3,495,055 - $2,867,225

Net Working Capital 2017 =$627,830

Second step is to calculate the Net Working Capital for 2016

Net Working Capital 2016 = $3,103,839 - $2,760,124

Net Working Capital 2016= $343,715

Now let calculate the cash flow invested in net working capital

2017 Cash flow invested in net working capital=$627,830-$343,715

2017 Cash flow invested in net working capital=$284,115

Therefore the cash flow invested in net working capital at Hillman Corporation during 2017 will be $284,115

4 0
3 years ago
Your boss wants you to blog primarily about your company news, its services, and various corporate events. What is your response
vazorg [7]

Answer:

2. "That’s not a good idea. We’re trying to attract new visitors with our posts. These people haven’t yet heard of our company. If we write about ourselves, they won’t find us organically."

Explanation:

As in the question, it is mentioned that the company want the people to know about the company, its services, news, etc

The company want to do the promotion by advertisements, social media so that more and more people could be connected with the company

By writing an interesting posting, the new visitors could be attracted which reflects a good sign for the company.  

If we write about ourselves so there would be no use as our primary purpose is to promote our company so that more and more person get to know about it

6 0
3 years ago
Economists distinguish among the immediate market period, the short run, and the long run by noting that
Greeley [361]

Based on the principle of economics, the correct answer goes thus:

Economists distinguish among the immediate market period, the short run, and the long run by noting that:

  • Elasticity of supply will increase when the number of producers selling a product decreases.

<h3>Immediate market run</h3>

Economists distinguish among the immediate market period, the short run, and the long run by noting that there will be increase in elasticity of supply.

In conclusion, we can conclude that the correct answer is the increase in elasticity of supply.

Learn more about elasticity of supply here: brainly.com/question/4467460

6 0
2 years ago
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