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
iogann1982 [59]
3 years ago
7

Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,000 shares of GE common stock that Adams

had purchased in February for $37,000 as an investment. GE’s shares had a market value of $35 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates.
Business
1 answer:
Nostrana [21]3 years ago
8 0

Answer:

      General Journal                  Debit        Credit

1.     Loss on investment            $2,000

       [$37,000 - (1000 * $35)]    

              Investment in GE stock                $1,600

2.     Retained earnings             $35,000

        (1000 * $35)

             Property dividends payable          $35,000

3.     Property dividends payable $35,000

              Investment in GE stock                 $35,000

You might be interested in
2. Damaged batteries need to be placed in an acld-resistant container or tub Immediately.
katrin2010 [14]
The answer is B. Batteries contain sulphuric acid, of the battery is damaged the acid can be corrosive but it’s not toxic too rich, simply dispose of it.
6 0
3 years ago
Read 2 more answers
When paying your bills, it is most financially beneficial to make larger payments to:___________.
gulaghasi [49]

Answer:

to those outstanding payments which have highest interest rates.

Explanation:

If we pay and settle more outstanding bills now which have high interest rates it will save us from interest which will be charged in future for delayed payment as it will by multiplied by number of days or months for which it has been delayed.

So if we are not paying high interest outstanding bills it will cost us more in future by high interest amount added to the bill amount.

8 0
3 years ago
Partners, LLC members and S Corporation shareholders are not taxed on the amount they withdraw from the entity in a nonliquidati
kati45 [8]

Answer:

Partners: True

LLC: True

S Corporation: False

Explanation:

When dividends are withdrawn from a business tax is only due on a S Corporation because the tax paid for the profits of an organization is not by the stockholder withdrawing the dividends which is why when dividend is withdrawn the tax is to be paid.

When dividends are withdrawn in a partnership or and LLC then no tax is payable as tax is already paid on the profits made by the business that is why dividends are not taxable when withdrawn.

7 0
3 years ago
Easy money policy is _____.
kotykmax [81]
An 'easy money policy is a monetary policy that increases the money supply usually by lowering interest rates. It occurs when a country's central bank decides to allow new cash flows into the banking system.
4 0
3 years ago
Read 2 more answers
On May 1, 2016, Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to pr
saw5 [17]

Answer:

Varga should recognize $4,000 as revenue in 2016.

Explanation:

As the cash received in advance is recorded as unearned revenue which is a liability for the Varga Tech Services because they did not provide the services yet. On  December 31,  Eight months have passed and services for these month has been provided. So the revenue of 8 month months of 2016 will be recognized and recorded at year end.

Serive Contract = $6,000 for 12 months

Revenue Recognized in 2016 = $6,000 x 8/12 = $4,000

4 0
3 years ago
Other questions:
  • Fitness is a magazine for women about health and exercise. Fitness offers year subscriptions for $12 on their website. Jess, Ani
    7·2 answers
  • 1.People who make the best mystery shoppers have usually prepared themselves by: Reading Passing Certification Courses Researchi
    8·1 answer
  • Need Help ASAP <br> List three (3) examples of workplace documents?
    12·2 answers
  • On October 15, 2021, a 5% stock dividend was declared and distributed. The fair value of the common stock on this date was $31.4
    5·1 answer
  • Suppose the price of gasoline decreases from $4.20 to $2.00, and in response quantity demanded increases from 10600 to 11200. Us
    5·1 answer
  • if the market price of common stock increases substantially, bondholders with convertible bonds benefit. convertible bonds can b
    15·1 answer
  • Last year Attic charged $2,334,667 Depreciation on the Income Statement of Andrews. If early this year Attic purchased a new dep
    12·1 answer
  • Which is NOT a type of planning used by management?
    10·1 answer
  • Current Attempt in Progress
    14·1 answer
  • Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end:
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!