1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Korolek [52]
3 years ago
10

On March 1, the board of directors declared a cash dividend of $0.75 per common share to shareholders of record on March 10, pay

able March 31. There were 131,000 shares issued and outstanding on March 1 and no additional shares had been issued during the month. Record the entries for March 1, 10, and 31. The cash dividends account is used.
Business
1 answer:
RideAnS [48]3 years ago
5 0

Answer and Explanation:

The Journal Entry is shown below:-

Mar-01

Cash dividends Dr,  $98,250

(131,000 ×  $0.75)

      To Dividends payable Dr, $98,250

(Being declaration of dividends is recorded)

Mar-10

No entry required

Mar-31

Dividends payable Dr, $98,250  

        To Cash $98,250

(To record payment of dividends)

You might be interested in
Some estimates have been presented to Charlene, the Director of Operations (DO) at Holly Farms, which is considering alternative
Marina CMI [18]

Answer:

Answer is explained in the explanation section below.

Explanation:

Solution:

First, we need to sort out the data given properly, so that we can answer to the best.

Data Given:

For Chamber D103:

Installed Cost = -400,000 USD

Annual Operating Cost Per Year = -4000 USD

Salvage Value 10% of P = 40,000 USD

Life = 3 years

Similarly,

For Chamber 490G:

For Chamber D103:

Installed Cost = -250,000 USD

Annual Operating Cost Per Year = -3000 USD

Salvage Value 10% of P = 25,000 USD

Life = 2 years

a.

For Chamber D103

AW Chamber D103 = -400,000 x (A/P, 10%, 3) + 40000 x (A/F,10%, 3) - 4000

So,

(A/P, 10%, 3) = 0.40211    (from the compound interest table )

(A/F,10%, 3) = 0.30211

AW Chamber D103 = -400,000 x 0.40211 + 40000 x 0.30211 - 4000

AW Chamber D103 = -152,760 USD

For Chamber 490G:

AW Chamber 490G = -250,000 x (A/P,10%,2) + 25000 x (A/F,10%, 2) - 3000

So,

(A/P,10%,2) = 0.5762

(A/F,10%, 2) = 0.4762

AW Chamber 490G = -250,000 x 0.5762 + 25000 x 0.4762 - 3000

AW Chamber 490G = -135,143 USD

So, after evaluating both the chambers using the AW method, more economical is the chamber 490G.

b.

Now, we need to change the values to check whether the chamber selection can be changed or not:

so, New values for Chamber D103

P = -300,000 and Salvage value of 30,000

For Chamber D103

AW Chamber D103 = -300,000 x (A/P, 10%, 3) + 30000 x (A/F,10%, 3) - 4000

So,

(A/P, 10%, 3) = 0.40211    (from the compound interest table )

(A/F,10%, 3) = 0.30211

AW Chamber D103 = -300,000 x 0.40211 + 30,000 x 0.30211 - 4000

AW Chamber D103 = -115,570 USD

New Values for Chamber D103

P = -500,000 and the Salvage Value = 50,000

AW Chamber D103 = -300,000 x (A/P, 10%, 3) + 30000 x (A/F,10%, 3) - 4000

So,

(A/P, 10%, 3) = 0.40211    (from the compound interest table )

(A/F,10%, 3) = 0.30211

AW Chamber D103 = -500,000 x 0.40211 + 50,000 x 0.30211 - 4000

AW Chamber D103 = -189,950 USD

Hence,

At P = 300,000 will definitely change the selection to D103 Chamber.

8 0
2 years ago
For the current year, a business has earned (but not recorded or received) $200 of interest from investments. Demonstrate the re
uysha [10]

Answer:

Explanation:

The adjusting journal entry is shown below:

Interest receivable A/c Dr $200

    To Interest revenue A/c         $200

(Being the interest earned is recorded)

Since the interest would not be received but it is earned so we debited the interest receivable account and credited the interest revenue account.

The other accounts which are given in the brackets are wrong.

7 0
3 years ago
Which of the following terms refers to using wooden structures or mechanical or hydraulic systems to support the sides of an exc
MakcuM [25]
The answer is shoring
5 0
3 years ago
Read 2 more answers
Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for De
Dvinal [7]

Answer:

Equivalent units

a) Weighted average =  523,200 units

b)  FIFO =  480,000 units

Explanation:

<em>FIFO Method.</em>

<em>Fully worked units</em><em>: These represent units of inventory that were started in a current period and completed that same period. The fully worked units are calculated in order to separate the opening inventory from  the the newly introduced when accounting for completed units under the FIFO.</em>

For magic company , fully worked units is

= 480,000 - 72,000 = 408,000 units

Equivalent units using Weighted Average

<em>Here, there are no distinction between opening inventory and the newly introduced</em>.

                                                            <em>            Equivalent Units</em>

Completed unit                    (100%× 480,000) = 480,000

Closing inventory                (60% × 72,000) = <u>     43,200</u>

Total equivalent units                                       <u>523,200</u>

Equivalent Units using FIFO

Item                                                               <em>Equivalent Units</em>

Opening inventory              (40% × 72,000) =  28,800

Fully worked                        (100%× 408,00) = 408,000

Closing inventory                (60% × 72,000) = <u> 43,200</u>

Total equivalent units                                     <u>480,000 </u>

<u />

Equivalent units

a) Weighted average =  523,200 units

b)  FIFO =  480,000 units

8 0
3 years ago
Why is sustainable competitive advantage a critical strategy-making consideration?
lesya [120]
A long-term competitive advantage that is not easily to duplicate or surpassable by the competitors.

it allows the firm to earn excess returns for its shareholders.
3 0
3 years ago
Other questions:
  • What factor is NOT included in determining the total cost of a loan?
    14·1 answer
  • The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equi
    12·1 answer
  • Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will report its operations as a par
    11·1 answer
  • The matching principle is best demonstrated by:________.
    6·1 answer
  • Harry has just inherited $300,000. Harry has decided to quit his job and go to school full time for the next five years by livin
    12·1 answer
  • Since lower-income people spend a larger proportion of their incomes on groceries than do higher-income people, if grocery store
    6·1 answer
  • Beyer Company is considering the purchase of an asset for $185,000. It is expected to produce the following net cash flows. The
    5·1 answer
  • 5. In war time conditions, cigarettes have been used as money. What disadvantage do cigarettes have for trading compared with no
    15·1 answer
  • Colil Computer Systems, Inc., manufactures printer circuit cards. All direct materials are added at the inception of the product
    12·1 answer
  • Sales is one occupation where _________ is not determined by wage or salary limits set by an employer
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!