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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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Cannon Co. has a unit selling price of $500, variable cost per unit $300, and fixed costs of $240,000. Compute the break-even po
Furkat [3]

Answer:

Break-even point= 1,200 units

Break-even point (dollars)= $600,000

Explanation:

Giving the following information:

Cannon Co. has a unit selling price of $500, variable cost per unit $300, and fixed costs of $240,000.

To calculate the break-even point in units, we need to use the following formula:

Break-even point= fixed costs/ contribution margin

Break-even point= 240,000/ (500 - 300)

Break-even point= 1,200 units

To calculate the break-even point in dollars, we need to use the following formula:

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)=  240,000/ (200/500)

Break-even point (dollars)= $600,000

8 0
3 years ago
A cbs news/new york times poll found that 329 out of 763 randomly selected adults said they would travel to outer space in their
iren [92.7K]

Answer:

0.339 < p < 0.461

Explanation:

Given data:

confidence interval is 92%

Randomly selected adults = 329

Total number of adults is 763

\alpha = 1 - 0.92 = 0.08

\frac{\alpha}{2} = \frac{0.08}{2} = 0.04

for alpha = 0.04

z value is = 1.75

p = \frac{329}{763} = 0.43

= p \pm z \times \sqrt{\frac{p \times (1-p)}{N}

= 0.43 \pm 1.75 \tiimes \sqrt{\frac{0.43  \times0.57)}{763}

=0.43 \pm 0.031

0.339 < p < 0.461

4 0
3 years ago
You purchased 5,400 shares in the New Pacific Growth Fund on January 2, 2016, at an offering price of $63.90 per share. The fron
Alexxandr [17]

Answer:

The total return from this investment is -2.35%

Explanation:

According to the give data You invested = 5,400 x $63.90 = $345,060

Because of the front-load, your effective investment = $345,060 x (1 - 5%) = $327,807

Value of assets increases by 6% in 2016, hence, your investment value = $327,807 x (1 + 6%) = $347,475

Fund expense of 1.87% must be deducted from this value, Investment value = $347,475 x (1 - 1.05%) = $343,826

Now, because you withdrew within a year, back-end load of 2% is applicable as well.

Hence, your net withdrawal =$343,826 x (1 - 2%) = $336,949

Hence, total return = $336,949 / $345,060 - 1 = -2.35%

The total return from this investment is -2.35%

4 0
3 years ago
The following hypothetical production possibilities tables are for China and the United States. Assume that before specializatio
Degger [83]

The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and trade the optimal product mix for China is alternative B and for the United States is alternative U. China Production Possibilities Product: A - B - C - D - E - F Apparel: 120,000 - 96,000 - 72,000 - 48,000 - 24,0000 Chemicals(tons): 0 - 24 - 48 - 72 - 96 - 120 U.S. Production Possibilities Product: R - S - T - U - V - W Apparel: 40,000 - 32,000 - 24,000 - 16,0000 - 8,0000 Chemicals(tons): 0 - 16 - 32 - 48 - 64 - 80a. Are comparative-cost conditions such that the two countries should specialize?

5 0
3 years ago
During the ____________step in activity-based costing, overhead costs in each activity cost pool are assigned to products.
KonstantinChe [14]

Answer:

d. fourth

Explanation:

Activity-based costing involves the following steps:

-First step: establish the activities that use resources and assign the costs to them.

-Second step: identify what causes the costs in each activity and this would be the allocation base.

-Third step: find an activity rate.

-Fourth step: assign costs to the products according to the activity usage by the product.

According to this, the answer is that during the fourth step in activity-based costing, overhead costs in each activity cost pool are assigned to products.

5 0
3 years ago
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