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jekas [21]
2 years ago
13

On December 15, 2018, the board of directors of Lomas Corporation declared a cash dividend, payable on January 8, 2019 of $0.80

per share on the 2,000,000 common shares outstanding. The accounting period ends December 31. Because of this action, on December 15, 2018, Lomas Corporation should:
Business
1 answer:
Tom [10]2 years ago
7 0

Answer: decrease retained earnings $1.60 million and increase liabilities by $1.60 million.

Explanation:

The dividend on common shares will be:

=2,000,000 × $0.80

=$1,600,000

Then, the journal entry will be:

Debit: Retained earnings $1.6 million

Credit: Dividend payable $1.6 million

The answer will be to decrease retained earnings $1.60 million and then increase liabilities by $1.60 million.

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Melissa writes checks to pay for her rent, utilities, and groceries, and she keeps a record of all these transactions in her che
Mice21 [21]

Answer: Helps her keep track of where her money is going

Explanation:

One of the best way to keep record of expenditures is by tracking and placing carefully their transaction details and record. This helps in the area of accountability. Melissa does this to keep track of where her money is going so she can save and manage her resource properly.

7 0
2 years ago
Suppose the world supply curve is p equals 20 plus 0.02 Upper Q Subscript font size increased by 1 s​, and the demand curve of o
frutty [35]

Answer:

Residual supply = Quantity supplied - Quantity demanded = (p - 20)/0.02 - (80 - p)/0.02

= (p - 20 - 80 + p)/0.02 = (2p - 100)/0.02 = 100p - 5000

So, Excess or residual supply function is: A) Sr(p) = - 5000 + 100p

At price of $ 60, Excess supply = - 5000 + 100(60) = - 5000 + 6000 = 1000

Explanation:

7 0
3 years ago
Recently the corporate tax law in the U.S. changed so that firms that previously faced a marginal tax rate of close to 40% now p
garri49 [273]

Answer:

a.) increased the after-tax cost of debt

Explanation:

Missing options are:

a.) increased the after-tax cost of debt

b.) did not change the after-tax cost of debt

c.) increased the value of the deduction for interest expense

d.) decreased the after-tax cost of debt

The after tax cost of debt is calculated by multiplying the debt's principal x interest rate x (1 - tax rate). If the tax rate decreases, the after tax cost of debt increases. e.g.

$1,000 owed at 6%, when tax rate was 40% ⇒ after tax cost of debt = $1,000 x 6% x (1 - 40%) = $36 or 3.6%

now, $1,000 owed at 6%, when tax rate is 21% ⇒ after tax cost of debt = $1,000 x 6% x (1 - 21%) = $47.40 or 4.74%

4 0
3 years ago
How did lax security impact target's sales revenue and profit performance?
Salsk061 [2.6K]
Target posted final quarter income of $21.5 billion. This brought income of  about 81 pennies for every share. But the examiner <span>agreement was calling for income of 80 pennies for each share</span>. So, with 81 pennies for every share the examiner agreement was beated.
5 0
3 years ago
McBride’s Dairy has 200 gallons of heavy cream and 600 gallons of skimmed milk and has incurred $1,000 of joint costs at the spl
Katyanochek1 [597]

Answer:

Cream $560

Explanation:

Units Selling price Sales value Percentage of sales value Allocated cost

Cream200 15    3,000    3,000/5,400 = 56%                1,000 x 56% = $560

Skimmed

milk600 4 2,400 2,400/5,400 = 44% 1,000 x 44% = $440

Total                   $5,400 100% $1,000

Therefore the  amount  of joint cost allocated to cream  is  $560

3 0
3 years ago
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