Answer:
The Interest should be posted as an Income as Other Income in the Income Statement.
Explanation:
Interest income is the amount received by an entity from another usually a Bank for the use of its funds.
The recognition of Interest Income will be determined by the type of business of the entity. For income to be identified as under Business Operation income, it means it must be a huge source of revenue or part of its daily operations. A healthcare business is not in the business of loaning funds neither does it earns it major revenue from Bank deposits.
I don’t know if this is what you’re asking but!
Answer:
d. $50,000.
Explanation:
the preferred stock are non-cumulative so their unpaid dividends of previous year are not accumulated and carry over the following years.
10,000 shares x $100 x 7% = $70,000 dividends to preferred shares
120,000declared dividends
- 70,000 preferred dividends
50,000 available for common stock
You never have to wonder if you are forgetting something
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