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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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At the beginning of its current fiscal year, Willie Corp.’s balance sheet showed assets of $10,100 and liabilities of $6,900. Du
Viefleur [7K]

Answer:

Dividends = 6,000

Explanation:

Ending liabilities = Beginning liabilities - Decrease in liabilities

                           = $6,900 - $1,200

                           = $5,700

Ending net assets = Ending total assets - Ending total liability

 $3,900                = Ending total assets - $5,700

Ending total assets = $3,900 + $5,700

                                = $9,600

Ending RE =  Ending total assets - Ending liabilities

                 = $9,600 - $5,700

                 = $3,900

Dividend = Beginning RE + Net income - Ending RE

               = $6,900 + $3,000 - $3,900

               = $6,000

3 0
3 years ago
Most assets a business has will eventually depreciation. <br> a. True <br> b. False
dybincka [34]
Your answer is going to be true.
8 0
3 years ago
Read 2 more answers
Find the final amount in the following retirement​ account, in which the rate of return on the account and the regular contribut
ICE Princess25 [194]

Answer:

Total value of the investment= $57,320.73

Explanation:

<u>First, we need to calculate the future value of the first part of the investment. We will calculate the future value for the monthly deposit for five years and then the lump sum for another five years.</u>

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

i= 0.04/12= 0.003333

n= 5*12= 60 months

FV= {322*[(1.003333^60) - 1]} / 0.003333

FV= $21,348.05

<u>For the lump sum:</u>

FV= PV*(1+i)^n

n= 12*5= 60

i= 0.05/12= 0.004167

FV= 21,348.05*(1.004167^60)

FV= $27,397.75

<u>Now, the future value of the second part of the investment:</u>

<u></u>

n= 60

i= 0.0041667

A= 440

FV= {440*[(1.004167^60) - 1]} / 0.004167

FV= $29,922.98

Total value of the investment= 27,397.75 + 29,922.98

Total value of the investment= $57,320.73

3 0
3 years ago
Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-
olga55 [171]

Answer:

Compute overhead applied and the under- or overapplication of overhead for the period

Budgeted Rate = $1,600,000/ 400,000 machine hours

                         = $ 4 per Machine Hour

Overheads Applied = 390,000 × $ 4 per Machine Hour

                                       = 1,560,000

Actual Overheads            = 1,575,000

Less Applied Overheads = 1560,000

Under- Applied                =     15,000

Explanation:

<u>Overheads are Applied as follows:</u>

Actual Activity for the period × Budgeted Overhead Rate

<u>Budgeted Rate is determined as follows:</u>

Budgeted Total Overheads/Budgeted Activity

<u>Under- or Overapplication of overhead is determined as follows:</u>

Actual Overheads - Applied Overheads

Under Application is therefore : Actual Overheads > Applied Overheads

Over Application is therefore : Actual Overheads < Applied Overheads

4 0
2 years ago
Anybody wanna zoom ?
Ne4ueva [31]

Answer:

sorry i have school but others day maybe tomorrow

5 0
3 years ago
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