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Hitman42 [59]
3 years ago
12

The Groom company has 50,000 shares of $10 par value common stock outstanding when it declares a dividend of $1 per share. What

would be the journal entry for the declaration of the cash dividends? Select one:
a. Debit: Dividends Payable - Common Stock 50,000 Credit: Cash 50,000
b. Debit: Cash Dividends 50,000 Credit: Dividends Payable - Common Stock 50,000
c. Debit: Cash 50,000 Credit: Cash Dividends 50,000
d. Debit: Cash Dividends 50,000 Credit: Cash 50,000
Business
1 answer:
laiz [17]3 years ago
3 0

Answer:

B) Debit: Cash Dividends 50,000 Credit: Dividends Payable - Common Stock 50,000

Explanation:

At the time of declaration of dividends the proper journal entry should be:

  • Dr Retained Earnings 50,000
  • Cr Dividends Payable - Common Stock 50,000

You can use the Cash Dividends account, which is a temporary account, although it's not the best option. This account is used only when companies have not been making a profit before (retained earnings = 0), or for new companies.  

Since no payment is done, the cash account is not affected (eliminating options A, C and D).

Dividends Payable is a liability account and since it increases, it should be debited.

Cash Dividends is a temporary equity account that is debited once the company declares the dividend distribution.

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Write before each job situation below the letter corresponding to the type of test described. a. genetic b. skills c. personalit
Sindrei [870]

Answer:

a. genetic 8. You need to take a test so that we can determine if you might get any known illnesses or diseases in the future.

b. skills 4. To get the drywalling job, you will have to hang, tape, and paste 10 sheets while doing a quality job, all in 3 hr.

c. personality and interest 2. A paper-and-pencil test is administered so that we can determine whether you have the right characteristics to succeed on the job.

d. cognitive ability .5. Part of the selection process is to take our intelligence test.

e. honesty or integrity--polygraph 1. As part of the selection process, you will have to answer questions while being monitored by this machine.

f. physical skills 6. Part of the firefighter test is to carry this 50-pound dummy up this ladder in 2 min or less.

g. physical exam 3. You have to undergo an exam by our doctor to determine whether you can handle the job.

h. drug 7. You have to go in the bathroom now and put a sample of your urine in this cup so we can test it.

8 0
3 years ago
Management at Work
Elan Coil [88]

Answer:

A: inputs

B: inequitable

C: outcomes

Explanation:

This passage relates to equity theory, which is a way of thinking about the distribution of resources in <em>just</em> ways. In this theory, inputs are defined as the contributions that each participant makes, which entitle him to rewards or costs.

On the other hand, outcomes are defined as the positive and negative consequences that the individual perceives as a consequence of his relationship to others. This theory states that employees seek to maintain equity between the inputs that they bring to a job and the outcomes that they receive from it.

7 0
3 years ago
As of june 30, 2013, actual tigers company has assets of $100,000 and stockholders' equity of $30,000. what are the liabilities
nignag [31]
'Actual Tigers Company'
Total Assets
$100,000
Stockholder Equity: $30,000

$100,000 - $30,000 = $70,000

$70,000 + $30,000 = $100,000

Total Assets - Equity = $70,000 (total liabilities)
$70,000 + Equity = $100,000 (total assets)

In accounting if we minus the total assets ($100,000) with equity ($30,000) it will always give the "total liabilities" which is (70,000)

Then, adding the "total liabilities" ($70,000) with the equity ($30,000) equals $100,000 equal like as the "total assets"of $100,000

The total assets MUST match the total liabilities. If they don't match then either the calculation of the total assets are inaccurate or the numbers are estimated wrong to recalculate.
8 0
3 years ago
Nakawé, LLC produces and sells greeting cards in a competitive market. The total cost of producing 1000
Nikolay [14]

Answer:

Nakawé, LLC produces and sells greeting cards in a competitive market. The total cost of producing 1000

greeting cards is $4000. The price of a greeting card is $4.

What is this firm's economic profit (or loss)?

Explanation:

or loss

4 0
3 years ago
Over dinner, Ross complained about how prices have increased a great deal over the past year. Brenda disagrees, saying that the
Xelga [282]

Answer:

CPI  

Explanation: CPI measures the average changes in prices overtimes that consumers pay for a basket of goods and services commonly known as inflation. It attempts to qualify the aggregate price level in an economy and thus measure the purchasing power of the country's unit of currency. The weighted average of the prices of goods and services that approximates an individual's consumption pattern is used to calculate the CPI.  

CPI is used as an economic indicator.  

It is more used to measure inflation.

CPI covers professionals, self-employed, poor, unemployed and retired person  

Two care reported each time CPI-W and CPI-U

4 0
2 years ago
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