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Soloha48 [4]
3 years ago
14

A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimate

d amount of the current year’s vacation pay is $55,200.
a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay.
b. How is the vacation pay reported on the company's balance sheet?
c. When is this amount removed from the company's balance sheet?
Business
1 answer:
natta225 [31]3 years ago
4 0

Answer:

1. Vacation pay expense Dr. 3500

Vacation pay payable 3500

2. It is recorded at the company's balance sheet as the accrued liabililty at the liabilities portion.

3. The amount will be removed once the vacation pay is paid and is debited to income account.

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The name preferred stock is in reference to the fact that:_____.
Sliva [168]

Answer: d. preferred dividends must be paid in full before any common stock dividends can be paid.

Explanation:

Preferred stocks will see their dividends paid before those of common shares. Indeed if the company was to liquidated, preferred shareholders get preference over common shareholders.

Preferred dividends have preference over common dividends and so their name reflects this by being called ''preferred'' shares. Some classes of preferred shares such as cumulative shares have an even greater amount of preference as their dividends will always be paid even if it takes years to do so.

8 0
2 years ago
Dave Matthew Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump su
Sedaia [141]

Answer:

$78,199

Explanation:

If the market price of common stock is $165 per stock, then selling 500 common stocks should = $82,500

If the market price of preferred stock is $230 per preferred stock, then selling 100 preferred stocks should = $23,000

If we add both we would get $105,500. If we want to allocate the proceeds proportionally according to their market prices:

common stocks = ($82,500 / $105,500) x $100,000 = $78,199

preferred stocks = ($23,000 / $105,500) x $100,000 = $21,801

the journal entries should be:

  • Dr Cash account 78,199
  • Cr Common Stock account 5,000
  • Cr Capital Paid-in Excess of Par Value (Common Stock) account 73,199

  • Dr Cash account 21,801
  • Cr Common Stock account 10,000
  • Cr Capital Paid-in Excess of Par Value (Preferred Stock) account 11,801

3 0
3 years ago
After the introductory period, all consumers who have this Platinum Card will...
Anna007 [38]

Answer:

Qualify for an A.P.R. based on their creditworthiness

Explanation:

After the introductory period is over you will be set a new APR

5 0
3 years ago
Owner made no investments in the business, and no dividends were paid during the year. Owner made no investments in the business
oksian1 [2.3K]

Answer:

scenario 1

owner made no investment in the business and no dividend were paid during the year,<em> there may be no income or net loss incurred by the business. there is no decrease or increase in equity.</em>

scenario 2

owner made no investments in the business but dividend were $700 cash per month, <em>the net income earned during the year equal $700*12 = $8,400.</em>  <em>There is no changes in equity</em>

scenario 3

No dividend were paid during the year but owner invested an additional $45,000 cash in exchange for common stock.  <em>There will be increase in equity by $45,000 but net income or net loss cannot be determined</em>

scenario 4

Dividend were $700 cash per month and the owner invested additional $35,000 cash in exchange for common stock.  <em>The net Income earned will $8,400 while $35,000 will added to equity as additional capital.</em>

Explanation:

5 0
2 years ago
Federal and state legislatures have enacted statutes to protect the __________ of the general population from the effects of pol
m_a_m_a [10]

The correct answer is - health.

The statues against health hazards are required to be made by the legislatures in order to control the factors of pollution that led to a major impact on the health of the general population.

Pollution and Legislation

  • Sometimes industrial bodies harm the surrounding environment by dumping harmful gases or chemicals in the air or any water body which ultimately leads to impact on the health of the people.
  • In such cases, legislations are made in order to restrict the companies and made them responsible for their surroundings and the people.
  • Various laws are made by the legislatures in all the countries with respect to the pollution to protect the health of the population as it's their basic right to live in a healthy environment.

To learn more about the legislation, visit - brainly.com/question/15522014

#SPJ4

8 0
2 years ago
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