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Tpy6a [65]
3 years ago
9

Company has 10,000 shares of $100 par value 8% preferred stock and 50,000 shares of $10 par value common stock outstanding at De

c 31st 2019.
(a) If the preferred stock is CUMULATIVE and dividends were last paid Dec 31st 2016. If Glenny declares a $425,000 dividend, record the entry for the declaration of the dividend on Dec 31, 2019 for both the Preferred and shared stock.
Business
1 answer:
mamaluj [8]3 years ago
4 0

Answer:

31st Dec 2019

Dr Retained Earnings                                                             425,000

Cr Dividend Payable- cumulative preferred stock              240,000

Cr Dividend Payable - common stock                                  185,000

( to record dividend declaration paid in 31st Dec 2019)

Explanation:

Cumulative preferred stock is stock that has specific dividend payment promised by firm and has the right to receive dividend ( once it is paid out) before common stock.

As the last time the firm paid dividend is 31st Dec 2016, the dividend in-arrears for cumulative stock accounting to 3 years or $240,000, that is, to be calculated as 3 x dividend paid out per year = 3 x 100 x 10,000 x 8% = $240,000.

Thus, as firm declares $425,000 dividend payment, $240,000 must go to cumulative stock holders before the remaining $185,000 (425,000-240,000) goes to common stock holders.  

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Cups of coffee of milk tea are substitutes. assume both have in elastic demand. Suppose exceptionally good weather increases the
nata0808 [166]

Answer:

In that situation, the demand of the Milk tea will fall.

Explanation:

In businesses subtitles are the type of products that serve a similar purpose but generally less favorable. You use substitutes as a second product when you somehow cannot use the first/main product.

In the example above,

Let's say that Coffee is people's favorite beverages. They like it better than milk tea. But, if they don't have enough money to buy their favorite coffee, they sometimes have to exchange it and settle with milk tea.

When weather increases the harvest of the coffee bean crop, the price of coffee will most likely fall down due to the abundance in resource.

When this happen, there will be lesser people who use the substitute product. in the end, the demand for the milk tea will fall.

8 0
3 years ago
You own a shoe store with a merchandise book value of $178,000. You conduct a physical inventory and find the value to be $169,0
lozanna [386]

Answer:

1.89%

Explanation:

The book value of the merchandise is  $178,000

Physical inventory reveals stock is worth $169,000

The shrinkage = $178,000 - $169,000

=$9000

As a percentage of sales, the shrinkage will be

=$9000/$476,000 x 100

=0.0189076 x 100

=1.89%

6 0
3 years ago
Henry bakes loaves of bread, which he sells for $4 each. He is considering purchasing additional mixers (capital) for his bakery
babunello [35]

Answer: The complete table is as follows:

Explanation:

The following are the formulas for calculating marginal product , total revenue and marginal revenue product:

Marginal product = \frac{Change\ in\ Total\ Product}{Change\ in\ Capital}

Total revenue = Price × Quantity

Marginal revenue Product = Marginal product × Price

By using these formulas, I have completed the following table:

6 0
3 years ago
Marion, the new supervisor, has requested the management to install survaillance cameras and voice recorders to monitor the prod
Kaylis [27]

Answer:

Explanation:

Marion, the new supervisor, has requested the management to install survaillance cameras and voice recorders to monitor the productive hours of the employees and supervise their work closely. This shows that marion has a managerial skills

7 0
3 years ago
Each unit requires 2 pounds of direct materials, which cost $6 per pound. The company’s policy is to maintain direct materials i
ycow [4]

Answer: Budgeted Raw Material to be consumed in July.

Quantity         Price per pound             Total

10,200                 $6                             $61,200

Explanation:

As for the information provided, the material at month end in hand shall be:

20% of upcoming month's sale.

If in June at month end, the inventory in hand = 2,040 pounds of raw material.

Then, this represents 20% of total requirement of July.

Therefore, total requirement in July = \frac{2,040}{0.20} = 10,200\ pounds

This basically means:

Total inventory required =

Quantity         Price per pound             Total

10,200                 $6                             $61,200

5 0
3 years ago
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