Answer:
The journal entry for the same is shown below:
Explanation:
Retained earnings A/c.............Dr $500,000
Dividends payableA/c..........Cr $ 500,000
Cash dividend is declared by the board on 100,000 shares, therefore, the account of retained earnings is debited whereas the account of dividend payable is credited.
Working Note:
Amount = Shares × Price per share
where
Shares is 100,000
Price is $5 per share
= 100,000 × $5
= $500,000
Answer:
False
Explanation:
Answer:
False
Explanation:
financing activities are business transactions that are used to fund either company operations or the business expansion expansions.
Some examples of financial activities includes:
1. Borrowing and paying back short-term loans.
2. Borrowing and paying back long-term loans.
receiving cash from issuing debt and receiving cash dividends from investments in other companies' stocks are not financing activities.
Answer: $1,900 less than under absorption costing.
Explanation:
The ending inventory of finished goods under variable costing is the difference in carrying value of ending finished goods inventory.
That is calculated as,
Difference in Carrying Value of Ending Finished Goods Inventory = Unit fixed Manufacturing Overhead * Change in Inventory in Units
The Unit Fixed Manufacturing Overhead as implied is the fixed Manufacturing Overhead per unit
Calculated therefore as,
Unit fixed manufacturing overhead = 129,010 / 6,790
= $19
Now that we have that, we can refer back to thw first formula,
Difference in carrying value of ending finished goods inventory = Unit fixed manufacturing overhead * Change in inventory in units
= 19 × (6,790 - 6,690)
= $1,900
The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be $1,900 less than under absorption costing.
Drivers are keeping their cars longer than ever before. The average age of all cars on the road is over 11 years, up from eight years in 1995. Motorists who buy a brand-new car typically keep it for about six years, up from about four years in 2006.
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Answer:
b. The mayor would be correct if demand were price inelastic; the city manager would be correct if demand were price elastic.
Explanation:
-An elastic demand is when the change in the price generates a high percentage change in the quantity demanded.
-An inelastic demand is when the change in the price generates a low percentage change in the quantity demanded.
According to this, the answer is that the mayor would be correct if demand were price inelastic because the increase in price won't generate an important change in the demand which allows to increase the revenues and the city manager would be correct if demand were price elastic because the decrease in the price would generate a higher change increasing the demand which can allow to raise revenues.