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Stels [109]
3 years ago
9

On October 1, 2018, Chief Corporation declared and issued a 10% stock dividend. Before this date, Chief had 80,000 shares of $5

par common stock outstanding. The market value of Chief Corporation on the date of declaration was $10 per share. As a result of this dividend, Chief's retained earnings will:__________.
MULTIPLE CHOICE
a. decrease by $80,000
b. not change
c. decrease by $40,000
d. increase by $80,000
Business
1 answer:
iris [78.8K]3 years ago
4 0

Answer:

correct option is a. decrease by $80,000

Explanation:

given data

stock dividend = 10%

common stock = $5

Chief = 80,000 shares

market value = $10

to find out

Chief's retained earnings will

solution

here retaining earning will be decrease by the maount of stock dividend that is

retaining earning = $80,000 × 10 % × $10

retaining earning = $80,000 × 0.10 × $10

retaining earning = $80000

so here correct option is a. decrease by $80,000

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4 0
2 years ago
Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 2% of sales. Assume that sales w
motikmotik

Answer: Please see answer in explanation column

Explanation:

a)Account titles and explanation                  Debit                         Credit

Warranty Expense                                       $30,000

Warranty Payable                                                                           $30,000    

Calculation :

2 % x $1,500,000 =$30,000

b) Account titles and explanation                  Debit                         Credit

Warranty Provision                                           $445

Materials                                                                                             $325

Salaries Payable                                                                                  $120

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2 years ago
Which of the following statements about the W-2 form is TRUE?
ohaa [14]

Answer:

I believe it it the second option.

Explanation:

8 0
3 years ago
Tenants in common vs joint tenants with rights of survivorship
kakasveta [241]

Answer:

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Explanation:

SIMILARITY

When two or more people own community property like a home, either as joint tenants or tenants in common, each individual owns a share (or interest) of the entire property. This means that specific areas of the property are not owned by one individual, but rather shared as a whole.

DIFFERENCE

1. Ownership Interest  : Tenants in common may be created at different times; so an individual may <u>obtain an interest in the property years after the other individuals</u> have entered into a tenancy in common ownership BUT Joint tenants, on the other hand, must obtain<u> equal shares of the property with the same deed at the same time.</u>

2. Right of Survivorship  : <u>One of the main differences between the two types of shared ownership is that Joint tenants have right of survivorship and tenants in common do not</u>.

One of the main differences between the two types of shared ownership is what happens to the property when one of the owners dies.

In Joint Tenants the interest of a deceased owner automatically gets transferred to the remaining surviving owners but not the case in tenants in common.

<u> </u>

<u />

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