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Paha777 [63]
3 years ago
14

On March 1, Year 1, Gilmore Incorporated declared a cash dividend on its 1,500 outstanding shares of $50 par value, 6% preferred

stock. The dividend will be paid on May 1, Year 1 to the stockholders of record as of April 1, Year 1. How will the entry to record the declaration of the dividend on March 1 affect the elements of the financial statements?
Business
1 answer:
Aleksandr-060686 [28]3 years ago
8 0

Answer:

Dividend Declared (SCE) $4,500 (credit)

Shareholders for Dividends (SFP) $4,500 (credit)

Explanation:

When Dividends are declared, we recognize an Equity Element - Dividend Declared and a liability (Present Obligation that arises with declaration) to the Shareholders of the dividend.

<u>Entry :</u>

Dividend Declared (SCE) $4,500 (credit)

Shareholders for Dividends (SFP) $4,500 (credit)

Dividend Calculation = 1,500 × $50 × 6%

                                   = $4,500

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Select one country and consider the export of that country what is the reason for the export
emmasim [6.3K]

Answer:

nepal

Explanation:

reason for export: to sell the product in different places

7 0
3 years ago
The gross earnings of the factory workers for Larkin Company during the month of January are $91,000. The employer's payroll tax
cestrela7 [59]

Answer:

Explanation:

The journal entry is shown below:

(a) Factory Labor/Expenses A/c Dr $103,800

        To Factory wages payable               $91,000

         To Employer payroll taxes payable $7,700

         To Fringe benefits payable              $5,100

(Being labor expenses are recorded)

(b) Direct labor A/c Dr   $87192 ($103,800 × 84%)

    Indirect labor A/c Dr $16,608 ($103,800 × 16%)

          To Factory Labor                     $103,800

(Being factor labor is assigned)

7 0
3 years ago
The cost for a carton of milk is $3, and it is sold for $5. When the milk expires, it is thrown out. You also know that the mean
svetlana [45]

Answer:

a) $3

b) $2

c) 1449

Explanation:

Given:

The cost for a carton of milk = $3

Selling price for a carton of milk = $5

Salvage value = $0        [since When the milk expires, it is thrown out ]3

Mean of historical monthly demand = 1,500

Standard deviation = 200

Now,

a) cost of overstocking = Cost  for a carton of milk - Salvage value

= $3 - $0

= $3

cost of under-stocking = Selling price - cost for a carton of milk

= $5 - $3

= $2

b)  critical ratio = \frac{\textup{cost of under-stocking }}{\textup{cost of overstocking + cost of under-stocking }}

or

critical ratio = \frac{\textup{2}}{\textup{3 + 2}}

or

critical ratio = 0.4

c) optimal quantity of milk cartons = Mean + ( z × standard deviation )

here, z is the z-score for the critical ration of 0.4

we know

z-score(0.4) = -0.253

thus,

optimal quantity of milk cartons = 1,500 + ( -0.253 × 200 )

= 1500 - 50.6

= 1449.4 ≈ 1449 units

4 0
3 years ago
Benchmarking involves:
creativ13 [48]

Answer:

1. comparing how different companies perform various value chain activities and then making cross-company comparisons of the costs and effectiveness of these activities.

Explanation:

Benchmarking -

It is the method of comparing the business performance and the process like the cost , time and quality .

Benchmarking is also known as process benchmarking , or , best practice benchmarking .

It is the comparison among various companies , that how the company performs various value chain activities .

Hence , from the question , the correct statement for the given term is ( 1. ) .

5 0
3 years ago
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manu
ivolga24 [154]

Answer:

c.$188,150

Explanation:

                                          April               May              June

Manufacturing costs* $157,700         $198,300      $201,000

Payment April Costs    $118.275      $39,425

<u>Payment May Costs                         </u><u> 148,725</u><u>           49,575</u>

Cash Payments                                 $ 188,150

None other costs will be paid in the month Of May.

*Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $870 a month; however, the insurance is paid four times yearly in the first month of the quarter, (i.e., January, April, July, and October). ***Property tax is paid once a year in November.

5 0
3 years ago
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