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puteri [66]
3 years ago
12

Blue Enterprises reported cost of goods sold for 2020 of $1,307,500 and retained earnings of $5,383,000 at December 31, 2020. Bl

ue later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $118,630 and $36,930, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.
Business
1 answer:
Sphinxa [80]3 years ago
4 0

Answer: See explanation

Explanation:

Based on the information given in the question, the corrected amounts for 2020 cost of goods sold would be:

= $1307500 + $36930 - $118630

= $1225800

The corrected Retained earnings would be:

= $5,383,000 - $36,930

= $5,346,070

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Hammerstein Corporation offers a variety of share-based compensation plans to employees. Under its restricted stock award plan,
LekaFEV [45]

Answer and Explanation:

As per the data given in the question,

1)

Fair value per share = $20.4

Number of Share = 2 million

Fair value of award = Fair value per share ×Number of Share

= $20.4 × 2 million

= $40.8 million

2) No Entry

3)

Compensation expense($40.8 million÷4 years) $10.2 million

          To Paid in capital - restricted stock($20.4-$10.2) $10.2  million

(Being the compensation expense is recorded)

4)

Fair value per share = $20.4

Share granted = 2 million

(100%-10%) forfeiture rate = 90%

fair value of award = $20.4×2×90%

= $36.72 million

5 0
4 years ago
Jazz Corporation owns 50% of the Williams Corp. Stock. Williams distributed a $10,000 dividend to Jazz Corporation. Jazz Corp.'s
Elden [556K]

Answer:

$6,500

Explanation:

Calculation for the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp

Based on the information given we were told that the Jazz's Corporation owns part of Williams Corp. stock which is 50% in which Williams Corp. stock distributed the amount of $10,000 dividend to Jazz Corporation which means that Jazz Corporation share in Williams stock is higher than 20% and as well lower than 80% based on this Jazz Corp.'s will be entitled to dividend received deduction of 65% calculated as:

Dividends received deduction =$10,000 × 65%

Dividends received deduction=$6,500

Therefore the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp will be $6,500

7 0
3 years ago
One implication of the bird-in-the-hand theory of dividends is that a given reduction in dividend yield must be offset by a more
Bezzdna [24]

Answer:

False ANSWER: True o One implication of the bird-in-the-hand theory of dividends is that a given reduction in dividend yield must be ...

Explanation:

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7 0
3 years ago
What is the risk you are taking when investing in bonds? How can you minimize this risk?
viva [34]

Answer:

Risk: The bonds you own will decline if interest rates rise, interest rate risk.

Minimalize:

- Don't buy bonds when interest rates are low or rising. Buy when stable.

- Stick to short term issues (3 - 5 years)

- Buy bond with different maturity dates

Explanation:

Good luck <3

3 0
3 years ago
Once a civilization had a surplus of food, it could support which of the following?
erica [24]
What are the options?
5 0
3 years ago
Read 2 more answers
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