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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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KatRina [158]

Answer:

Vertical publication

Explanation:

Vertical publication are those types of publications where the editorial content is majorly focused on one type of industry or business. They are similar to trade magazines. In this case, the publication is concerned and majorly focused on marketing industry, hence why we refer to it as a vertical publication. They are publications usually written to benefit a particular business, industry or profession.

3 0
3 years ago
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In the first month of operations, the total of the debit entries to the cash account amounted to $900 and the total of the credi
Ksju [112]

Answer:

$300 debit balance

Explanation:

In business debit entries mean that the money is being added to the account, while credit entries means that the money is owed and is therefore being deducted from the account. Therefore, in this scenario the cash account has a $300 debit balance. This is because the credit entries are being subtracted from the debit entries (assuming that the account had a $0 initial balance). If we do the math we are left with $300 of debit.

$900 - $600 = $300

8 0
3 years ago
Setrakian Industries needs to raise $87.9 million to fund a new project. The company will sell bonds that have a coupon rate of
Goryan [66]

Answer:

47,884.79  units of bonds

Explanation:

The units to be sold to arise $87.9 million  will be equal to the

$87.9 million / divided by the bond price

The price of a bond is the present value (PV) of the future cash inflows expected from the bond discounted using the yield to maturity. These cash flows include interest payment and redemption value

The price of the bond can be calculated as follows:

Step 1

PV of interest payment

Semi-annual coupon rate = 5.92/2 =  2.96%

Interest payment =2.96%× 2,000= 59.2

Semi annual yield = 6.67%/2  = 3.335

PV of interest payment

= A ×(1- (1+r)^(-n))/r

=  59.2× (1-(1.03335)^(-2×20))/0.03335)

= 1,297.22

Step 2

PV of redemption value

PV = FV× (1+r)^(-n)

= 2,000 × (1+0.03335)^(-2× 20)

= 538.43

Step 3

Price of bond =

= 1297.22 + 538.43

= $1835.65

Step 4

Units to be used

= $87.9 million/ $1,835.65

=  47,884.79  units

4 0
3 years ago
Read 2 more answers
PB8.
kotegsom [21]

Answer:

                     Q1       Q2       Q3       Q4

<u>labor hours  1,900   2,000   2,200   1,800    </u>

variable   5,700   6,000   6,600   5,400

fixed    <u>      31,500  31,500  31,500  31,500    </u>

<em> total          37,200  37,500  38,100    36,900 </em>

Explanation:

materials 1

labor         1.25

maintenance 0.25

utilities       <u>  0.50   </u>

total variable 3

supervisor   17,000

maintenance    5,000

property taxes   6,000

depreciation  <u>    3,500   </u>

total fixed   31,500

<em></em>

<em>We add up the variable cost per labor hour</em>

Then, we add up the fixed cost and solve for the total budget for each quarter

<em></em>

<em>NOTE:</em> missing information attache

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3 years ago
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Answer:

D. customer excellence.

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In this instance, the night clerk anticipated that the Ramona was going to use hero suit the next day and arranged for someone to dryclean it.

Ramona in turn is now a loyal customer in Ritz-Carlton.

4 0
3 years ago
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