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insens350 [35]
3 years ago
5

During 2020, Bayside Inc. has 9% cumulative non-participating preferred stocks with a total par value of $300,000 and common sto

cks with a total par value of $100,000. On December 14, 2020, the company declared cash dividends of $16,000. Dividends were distributed on January 16, 2021. On December 12, 2021, the company declared cash dividends of $62,000. Dividends were distributed on January 15, 2022. Required: Prepare all necessary journal entries related to the dividend activity above (both preferred and common).
Business
1 answer:
Lapatulllka [165]3 years ago
7 0

Answer:

Date - December 14, 2020

Debit  : Dividend $16,000

Credit : Shareholders for dividends $16,000

Date - January 16, 2021

Debit : Shareholders for dividends $16,000

Credit : Cash $16,000

Date - December 12, 2021

Debit  : Dividend $62,000

Credit : Shareholders for dividends $62,000

January 15, 2022

Debit : Shareholders for dividends $62,000

Credit : Cash $62,000

Explanation:

Dividends are initially declared before they are paid to the respective shareholders. So it is important to first record the journal at the <em>declaration date</em> of the dividend, then the <em>payment date</em> of the dividend as shown above.

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Miami Mutual Bank purchases a two-year interest rate cap for a fee of 3 percent of notional principal valued at $20 million, wit
vagabundo [1.1K]

Answer:

Interest Rate Collar

Explanation:

This strategy called the Interest Rate Collar.

The Interest rate collar is an option that is used to hedge the interest rate exposure. It protects the borrower from the risk of increasing the interest rate and also decided a floor declining rate by purchasing an interest rate cap.

In the given scenario the Miami Bank will receive when the interest rate crosses the cap of 11% and pay when there is a decrease below the floor rate of 8% on the principal value.

3 0
4 years ago
__________ entails job posting, which means placing information about job vacancies and qualifications in places where employees
romanna [79]

Answer: Internal recruiting

Explanation:

Internal Recruitmentis the process of identifying and attracting the employees in an organization to another position in the same organization. Rather than opening the position to the general public and attracting candidates who are working in other organizations or currently unemployed, the organization may choose to advertise the job vacancy internally and allow only its employees to apply for it.

Internal recruiting can be in the form of promotions or transfers to another department in the organization.

7 0
3 years ago
Read 2 more answers
The following data apply to Garber Industries, Inc. (GII): Value of operations $1,000 Short-term investments $100 Debt $300 Numb
kari74 [83]

Answer:

The correct option is $7,option C

Explanation:

The approach here is that we calculate the value of the firm after the cash dividend distribution ,which is simply the value of operations of $1000 since the short-term investments of $100 has been used in paying dividends.

Thereafter,the value of equity is the value of operations of $1000 minus the value of debt at $300,that is $700 ($1000-$300).

Finally intrinsic share price=value of equity/number of shares

number of shares is 100

intrinsic value per share=$700/100=$7 per share

5 0
4 years ago
Checking accounts are not the most popular way to manage the money you need to use on a daily and weekly basis. True False
Tanzania [10]
True.......................
4 0
3 years ago
The supply function for good X is given by Qxs = 1,000 + PX - 5PY - 2PW, where PX is the price of X, PY is the price of good Y,
marin [14]

Answer:

will decrease by 40 units.

Explanation:

In supply function for good X the Price of W is Doubled. So any changein the price will increase the PW by double amount. The two times of price of good Y is subtracting from the supply function and price of the W will ultimately decrease the quantity demanded by double effect of each one dollar increase in it. So the supply of good X  will decrease by 40 units.

5 0
3 years ago
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