What is the primary goal of the As-Is process model? Group of answer choices

On March 15, Summit Hawk declares a quarterly cash dividend of $0.085 per share payable on April 13 to all stockholders of recor

Sedaia [141]

The journal entries to Summit Hawk's declaration and payment of cash dividends is: Debit Dividend $18,530,000; Credit Dividend payable $18,530,000

<h3>Journal entries</h3>

March 15

Debit Dividend $18,530,000

(218,000,000 shares × $0.085)

Credit Dividend payable $18,530,000

(To record cash dividend declaration)

March 30

No entry

April 13

Debit Dividend payable $18,530,000

(218,000,000 shares × $0.085)

Credit Cash $18,530,000

(To record payment of cash dividend)

Therefore the journal entries to Summit Hawk's declaration and payment of cash dividends is: Debit Dividend $18,530,000; Credit Dividend payable $18,530,000.

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6 0

2 years ago

The credit portion of the adjustment for the depletion of a coal mine was credited to the Coal Mine account. This error would ca

alex41 [277]

its not b. the periods net income to be understated

7 0

3 years ago

According to the enotes, what do you call inventory that is readily available on the retail shelf?

Tems11 [23]

Market Inventory is the inventory that is readily available on the retail shelf. Both the products that are on hand for sale and the raw materials required to make those products are considered inventory. On the balance sheet of an organization, it is categorized as a current asset. A business should generally avoid keeping a large volume of inventory on hand for an extended period of time.

The three different categories of inventory are raw materials, finished commodities, and work-in-progress. The first-in, first-out method, the last-in, first-out method, and the weighted average method are the three methods used to value inventory. As items are produced or acquired as needed, inventory management enables organizations to reduce inventory expenditures.

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8 0

2 years ago

Wetherald Products, Inc., has a Pump Division that manufactures and sells a number of products, including a standard pump that c

Ad libitum [116K]

Answer:

$120 per unit

Explanation:

The computation of minimum acceptable transfer price is shown below:-

If the division of the transferor does not have spare capacity, the minimum transfer price is equal to variable cost per unit and the contribution margin per unit

Minimum transfer price = Variable cost per unit + (Selling price to outside customers - Variable cost per unit)

= $72 + ($120 - $72)

= $72 + $48

= $120 per unit

Therefore for computing the minimum transfer price we simply applied the above formula.

5 0

3 years ago

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credi

seropon [69]

Answer:

Explanation:

The journal entry is shown below:

(A) Sales return and allowance A/c Dr $450,000

To Accounts receivable $450,000

(being returned goods recorded)

Merchandise inventory A/c Dr $292,500 ($450,000 × 65%)

To Cost of goods sold $292,500

(Being cost of goods sold recorded)

The computation of the estimated return is shown below:

= Sale value of merchandise × return percentage - actual return

= $11,500,000 × 4% - $450,000

= $460,000 - $450,000

= $10,000

(B) Sales return and allowance A/c Dr $10,000

To Accounts receivable $10,000

(being returned goods recorded)

Merchandise inventory A/c Dr $6,500 ($10,000 × 65%)

To Cost of goods sold $6,500

(Being cost of goods sold recorded)

The computation of the year-end allowance for sales returns is shown below:

The amount is same $6,500

4 0

3 years ago