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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

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7 0
1 year ago
All of the following statements regarding Government National Mortgage Association (GNMA) pass-through securities are true EXCEP
trasher [3.6K]

Answer:

B) GNMAs are considered to be the riskiest of the agency issues

Explanation:

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3 0
3 years ago
When buyers use ___________________ to draw inferences about the quality of products, then markets may have trouble reaching ___
bagirrra123 [75]

Answer:

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3 years ago
Deltan corp. allocates overhead to production on the basis of direct labor costs. deltan's total estimated overhead is $450,000
svetlana [45]
Hi there
First find Predetermined oH rate
Predetermined oH rate is
total estimated overhead divided by
estimated direct labor

Predetermined oH rate=
450,000÷180,000
=2.5

the amount of overhead to be allocated to finished goods inventory if there is $20,000 of total direct labor cost in the jobs in the finished goods inventory is
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Good luck!
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