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hoa [83]
3 years ago
15

Prepare journal entries to record the declaration and payment of these stock and cash dividends. 2. Prepare the December 31, 202

1, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the fourth quarter was $2,250,000.) 3. Prepare a statement of shareholders' equity for Nicklaus Corporation for 2021.
Business
1 answer:
erma4kov [3.2K]3 years ago
5 0

Answer:

Retained Earning (Dr.) $295,000

Stock Dividend Payable (Cr.) $295,000

To record stock dividend

Retained Earnings (Dr.) $157,800

Cash (Dr.) $157,800

To record cash dividend

Explanation:

Statement of Shareholder's Equity

Retained Earnings Beginning Jan 21 $1,275,000

Net Income $2,250,000

Cash Dividend $157,800

Stock Dividend $295,000

Retained Earning Ending $3,072,200

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7 0
3 years ago
Your parents will retire in 29 years. They currently have $200,000 saved, and they think they will need $2,400,000 at retirement
zhannawk [14.2K]

Answer:

8.95%

Explanation:

Data provided in the question:

Time, n = 29 years

Principle amount = $200,000

Future value = $2,400,000

Now,

Using the compounding formula

Future value = Principle × [ 1 + r ]ⁿ

here,

r is the interest rate

Thus,

$2,400,000 = $200,000 × [ 1 + r ]²⁹

or

[ 1 + r ]²⁹ = 12

taking the natural log both the sides, we have

29 × ln(1 + r) = ln(12)

or

ln(1 + r) = 0.08569

or

1 + r = e^{0.08569}

or

1 + r = 1.0895

or

r = 0.0895

or

r = 0.0895 × 100% = 8.95%

3 0
3 years ago
Assume mark-up percentage equals desired profit divided by total costs. What is the correct calculation to determine the dollar
UkoKoshka [18]

Answer:

C. Total cost per unit times mark-up percentage per unit

Explanation:

The mark-up percentage is assumed to be computed by dividing the desired profit by the total cost.

The dollar amount of the mark-up per unit shall be computed by multiplying the total cost per unit with the markup percentage per unit.

The selling price of the product can be computed by adding the mark-up per unit to the cost price of each unit.

8 0
3 years ago
Functions of money and barter
blagie [28]

Solution :

When the people of this economy trades three of their goods, the price of the good must list 1 price and then the economy requires 3 prices for the people to carry transactions.

Suppose the number of the goods that people trade increases to 15 number, then the price of the goods must list one price and the number of the price that the economy requires increases to 15.

Money has an intrinsic value and it is the unit of account, while that of the currency is the measure of the value and have a purchasing power that government is bestowed on it being a legal tender.

The store of the value characteristics is negatively impacted. But because the ongoing increase in the cost of the standard implies inflation that means that the value of the assets as accounted by the store has a value function as the money decreases.

Even when the cost of the living increases, the money serves as the best medium of exchange and a unit of the account.

Double coincidence of the wants is the barter system that is required.

7 0
2 years ago
In time of rising prices, ending inventory determined using the LIFO inventory assumption will be ________ than ending inventory
Yuliya22 [10]

Answer:

LOWER

Explanation:

In time of rising prices, the inventory valuation made according to <em>LIFO</em> ( LAST IN FIRST OUT )  will be <u>LOWER</u> than the one valued according to <em>FIFO</em> ( FIRST IN FIRST OUT ) method.

The reason is that in <em>LIFO</em>, the newer stock is sold first, therefore, the remaining inventory is valued according to older purchases, that in inflationary context have lower prices.

6 0
3 years ago
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