Answer:
Date Description DR CR
June 15 Dividend expenses $120,000
Dividend Payable 120,000
July 10 Dividend Payable 120,000
Cash 120,000
Dec 15 Dividend Expenses 146, 400
Dividend payable 146,400
Explanation:
when dividend is declared and cash is yet to be paid, dividend expenses account will debited while dividend payable account will be credited.
when cash is paid for the dividend, dividend payable account will be credited while the cash account will be credited.
As at June 30, total number of shares outstanding = 95,000 + 25,000 = 120,000
As at December 31, the total number of outstanding shares = 95,000 + 25,000 + 2,000 = 122,000
The amount that Cere should report as income tax expense is $84,000.
Income tax expense refers to the amount of taxes owed by a person to the taxing authority.
- The Formula for Income tax expense is Taxable income * Effective tax rate.
<u>Given Information</u>
Taxable income = $280,000
Effective Tax rate = 30%
Income tax expense = $280,000 * 30%
Income tax expense = $84,000
Therefore, the amount that Cere should report as income tax expense is $84,000.
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Answer with its Explanation:
Here, there are two case scenario depending upon the payment related to my services. The credit union will either pay through the debtor's estate or will pay independent of court.
Now, if the credit union is willing to pay me out of debtor's estate then the offer must be declined as the court order is mandatory here for investigating any irregularities. Furthermore, the order will also define my role and responsibilities and duties associated with the investigation task.
Now on the other hand, if the credit union is of the opinion that they will pay independent of court then I will accept their offer and will offer my investigation services on my own terms and conditions.
Answer:
From the strategies provided, the correct debt strategies that will help a corporate borrower eliminate credit risk are strategy 1 and strategy 2, which are; Strategy #1: Borrow $1,000,000 for three years at a fixed rate of interest of 7%. and Strategy #2: Borrow $1,000,000 for three years at a floating rate of LIBOR + 2%, to be reset annually. The current LIBOR rate is 3.50%.
Answer:
$6,250
Explanation:
Cost of machine = $114,800
Salvage value = $14,800
Life of machine = 4 years
Depreciable cost = Cost - Salvage value
= $114,800 - $14,800
= $100,000
Date of purchase = October 1, 2020
Assets used for period in 2020 = 3 months
Annual depreciation:
= Depreciable cost ÷ life of assets
= $100,000 ÷ 4
= $25,000
Depreciation expense for 2020:
= Annual depreciation × (3 ÷ 12)
= 25,000 × (3 ÷ 12)
= $6,250
