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Ad libitum [116K]
3 years ago
8

Norris Company declared cash dividends of $60,000 during the year. Cash dividends payable were $20,000 at the beginning of the y

ear and $25,000 at the end of the year. The amount of cash Norris Co. used for payment of dividends during the year was
a. $65,000

b. $55,000

c. $105,000

d. $80,000
Business
1 answer:
Studentka2010 [4]3 years ago
4 0

Answer:

b. $55,000

Explanation:

The movement in the dividend payable account which represents the difference between the payable opening an closing balances. This difference is due to dividend paid during the year as well as dividend declared and can be shown by the equation below.

Opening balance + Declared dividend -  dividend paid = closing dividend

$20,000 + $60,000 -dividend paid = $25,000

Dividend paid = $20,000 + $60,000 - $25,000

= $55,000

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Answer:

Decrease Profit and Inventory Asset value as well.

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3 years ago
In 2011 oil production in Libya was interrupted by political unrest. At the same time, the demand for oil by China continued to
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Answer:

Quantity of oil bought & sold would depend upon relative change i.e increase & decrease in demand & supply respectively.

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  • ↑Dd > ↓Sy : Qty ↑
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Explanation:

Libya is an exporter of Oil to China. It implies china's demand for oil is satisfied by Libya's imports.

Usual markets are at equilibrium when market demand = market supply, demand & supply curves intersect.

Political unrest in Libya decreasing oil production, would decrease supply (exported) of oil to China & sift supply curve leftwards. Simultaneously, increase in China demand for oil would shift the demand curve rightwards. These changes in demand, supply would create excess demand. Excess demand would cause competition among buyers & increase the new equilibrium price.

However, <u>Quantity </u>of oil bought & sold would depend upon relative change , shift in demand & supply. If increase in demand is equal to decrease in supply, the quantity would remain<u> same.</u> If increase in demand is more than  decrease in supply, quantity will <u>increase</u>. If increase in demand is less than decrease in supply, the quantity will <u>decrease.</u>

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Celestial Insurance hires college graduates and prepares them for management careers. The human resource professionals who prepa
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Queen, inc., has a total debt ratio of .32.
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Debt/Equity ratio = 0.32/0.68 = 0.47

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Equity multiplier = 1.47 (Rounded to 2 decimals)

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3 years ago
Kaylie assumed the cost of the sales tax on her new (used) vehicle would be around $850. In reality, it was $725. What type of v
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