1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
professor190 [17]
3 years ago
7

Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At the meeting of the board of directors on Dec

ember 1, the board voted to declare a cash dividend of $5 per share to be paid on December 31, to shareholders of record as of December 16.
Required:
Write the necessary journal entry on the date of declaration by selecting the account names.
Business
1 answer:
DaniilM [7]3 years ago
4 0

Answer:

See the journal entry below

Explanation:

Retained earnings A/c Dr $500,000

Dividends payable A/c Cr $500,000

Here, cash dividend is being declared by the board on 100,000 shares hence the account of retained earnings is debited and account of dividends payable is credited.

NB.

Amount = Share × Price per share

Given that;

Share = 100,000

Price per share = $5

Amount

= 100,000 × $5

= $500,000

You might be interested in
Taking ownership of the job and seeing what needs to be done and doing it are characteristics described as
aev [14]
I'm pretty sure it is d.


Hope this helps!
3 0
4 years ago
A(n) _____ is a form of retirement savings plan in which the employee contributes money each pay period to his or her retirement
stiv31 [10]

Answer:

The correct answer is defined contribution plan.

Explanation:

The defined contribution plan is a pension plan in which the company agrees to make monetary contributions each year for the benefit of the employee.

Generally, in a defined contribution plan the employee has the right over the invested assets and is free to withdraw the accumulated funds if his retirement occurs prematurely. For this reason, the defined contribution plans are said to have portability, that is, if the employee ends his employment relationship with the company, he can transfer his funds to his new company's pension plan or to a private pension plan.

Upon retirement, the employee can access the accumulated funds, but unlike in the defined benefit plans, no amount is guaranteed. The investment risk is assumed entirely by the employee.

For example, the company can contribute 1% of salary to a pension fund every month. The employee can also contribute part of his salary to this plan.

6 0
3 years ago
The most recent financial statements for Crosby, Inc., follow. Sales for 2018 are projected to grow by 30 percent. Interest expe
natali 33 [55]

Answer:

Explanation:

Step 1

The pro forma income statement of Crosby Inc is as follows, in attachment

Step 2

The excel workings for pro forma income statement of Crosby Inc. is shown below,

Step 3

The pro forma balance sheet of Crosby Inc is as follow...

3 0
4 years ago
Dave klein is a produce farmer in northern california. his major customers are grocery stores in the midwest. dave's product is
ss7ja [257]
Given that <span>Dave Klein is a produce farmer in Northern California. His major customers are grocery stores in the midwest. Dave's product is a perishable item and will only last for about 2 weeks after it has been picked, so Dave is concerned with getting his product to his customers quickly. he ships almost daily when his produce is in season. However, he also needs to be aware of the cost of shipping.

The form of shipping Dave will most likely use is truck.</span>
4 0
3 years ago
The advertising committee for a politician is going door to door and asking people to put a big, ugly election sign on their law
Dahasolnce [82]

Answer:

B. the door-in-the-face strategy

Explanation:

The door-in-the-face strategy is a largely used method in social psychology, marketing and sales. It starts with the seller/advertiser/persuader having a big request for the other person, knowing it will probably be turned down. Afterward, the seller/advertiser/persuader proposes a smaller request.

Many studies and researches have shown that people would more often <em>say yes</em> to the smaller request when it is made following the large request, rather than the small request being proposed alone.

In this example, the advertising committee is hoping that people would surely accept the smaller lawn sign after they initially propose the big sign, due to this strategy.

4 0
4 years ago
Other questions:
  • Expansion of foreign debt leads to an obligation for future interest payments that are ___________ the american economy
    15·1 answer
  • Executives from several departments at ford motor company were brought together recently to discuss the advantages and disadvant
    5·2 answers
  • Glen is the managing director of a property management firm. He is considering two of his best employees, Jeremy and Samara, for
    9·1 answer
  • QUESTION 11 Given the following information, calculate the equity dividend rate for this investment: first-year NOI: $18,750; be
    12·1 answer
  • Opera Corp. uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Dec
    5·1 answer
  • An automotive​ manufacturer, Aminus−2 ​Auto, provides maintenance services to Mako. In​ exchange, Aminus−2 Auto received 500500
    5·1 answer
  • The income statement for Elite Manufacturing Company for the current year is as follows: ​ Sales (15,000 units) $180,000 Variabl
    12·1 answer
  • People who are part of the project team need to understand project management because they Multiple Choice Need to understand th
    7·1 answer
  • Consider the following independent situations:
    10·1 answer
  • To make sure it has enough employees on hand during the busy holiday season, Target plans to hire thousands of temporary, season
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!