Accounting Prepare general journal entries to record the following transactions for the Harris

Pronghorn Corp has 3,200 shares of 8%, $103 par value preferred stock outstanding at December 31, 2017. At December 31, 2017, th

-Dominant- [34]

Answer:

1) The dividend paid to preferred stockholders is $26,368

The dividend paid to Common stockholders is $96,632

2) The dividend paid to preferred stockholders is $26,368

The dividend paid to Common stockholders is $96,632

3) The dividend paid to preferred stockholders is $79,104

The dividend paid to Common stockholders is $43,896

Explanation:

1) The preferred stock is non-cumulative & the company has not missed any dividend in previous years

The dividend paid to preferred stockholders = 3,200 shares × $103 × 8 % = $26,368

The dividend paid to Common stockholders = $123,000 - $26,368 = $96,632

2) The preferred stock is non cumulative & the company did not pay dividend in each of the previous 2 years.

The dividend paid to preferred stockholders = 3,200 shares × $103 × 8 % = $26,368

The dividend paid to Common stockholders = $123,000 - $26,368 = $96,632

3) The preferred stock is cumulative & the company did not pay dividend in each of the previous 2 years.

The dividend paid to preferred stockholders = 3,200 shares × $103 × 8% × 3 years = $79,104

The dividend paid to Common stockholders = $132,000 - $86,400 = $43,896

5 0

3 years ago

Suppose a market is initially perfectly competitive with many firms selling an identical product. Over time, however, suppose th

Alinara [238K]

Answer:

a decrease in market output and an increase in the price of the product.

Explanation:

7 0

3 years ago

Which of the following is true of external recruiting, compared to internal recruiting?

Mkey [24]

Answer:

The answer is E. The process takes longer

Explanation:

External recruitment is the process of announcing vacancies to the people outside ones organization while Internal recruitment is the process of announcing vacancies for the internal staffs only.

The process of external recruitment is usually longer and more expensive than internal recruitment. For example, payment to publish the vacancies in any national newspapers or payment for outsourcing company that specializes in recruitment.

Option A is wrong because external recruitment discourages employee loyalty.

Option B in incorrect because this is so for internal recruitment

8 0

3 years ago

The balance in Unamortized Discount on Bonds Payable

Irina-Kira [14]

Answer:

Correct option is (a)

Explanation:

Any difference in the amount of par value of bond and the cost at which it was acquired. The organization can either choose to expense the discount or held the same as an asset that is amortized over the years till maturity of bond.

Unamortized discount is the amount that is not yet expensed. The same is reported on the balance sheet as a deduction from face value of bond.

4 0

4 years ago

Although a business has had record sales it is having a hard time paying the bills each month. As a manager you are uncertain wh

Svetradugi [14.3K]

Answer:

Income statements and or Cash flow statements.

Explanation:

Income statement and Cash flow statements are required.

Income Statement will give us insight about our costs as we maybe recording sales but if the costs and expenses are too high we are unlikely to be making enough gross profits to be able to pay bills.

Cash flow statements are required as sales may be credit and thus reducing working capital for the company, although they may be making profits but if the debts are uncollected they are unlikely to have cash available to be able to make payments.

Hope that helps.

3 0

3 years ago