All categories

3 years ago

On January 1, 2020, Crone Corporation had the following stockholders' equity accounts.

Business

1 answer:

Serga [27]3 years ago

4 0

Answer and Explanation:

February 1

Dr Dividends 113,000

Cr Dividend Payable 113,000

To record the declaration of cash dividends.

March 1

Dr Dividend Payable 113,000

Cr Cash 113,000

To record the payment of dividends previously declared.

April 1

No entry

July 1

Dr Dividends 169,500

Cr Stock Dividends Distributable 169,500

To record the declaration of stock dividends.

December 1

Dr Stock Dividends Distributable 169,500

Cr Common Stock 146,900

Cr Paid in Capital in Excess of Par 22,600

December 31

Dr Income and Expense Summary 398,500

Cr Retained Earnings 398,500

To record the net income.

December 31

Dr Retained Earnings 282,500

Cr Dividends 282,500

To close the dividends account.

You might be interested in

Binz Company provides cleaning services and sells garbage bins to office clients. On June 1^st, Binz delivered 100 garbage bins

VashaNatasha [74]

Answer:

The correct option is C.

Explanation:

Based on IFRS 15 Revenue from Contracts with Customers:

a contract is an agreement between two or more parties that creates enforceable rights and obligations.
revenue is an income arising in the course of an entity's ordinary activities.

The recognition of income arising from the supply of garbage bins and cleaning services is bona fide, since the two services are in the company's ordinary activities.

When the supply of the garbage bins took place, delivery took place and ownership has been transferred to the client, so Binz Company can recognize the income as earned.

The contract for 5-year cleaning services has to be recognized over the service year in line with accrual principle in accounting.

7 0

3 years ago

A seller hired broker N under the terms of an open listing. While that listing was still in effect, the seller without informing

ludmilkaskok [199]

Answer:

commission to both brokers N and K.

Explanation:

Broker N is entitled to a sales commission because he/she sold the property. But broker K is also entitled to a commission because an exclusive right-to-sell agreement allows him/her to collect a commission no matter who sells the property. The only exception to the agreement would be if the seller himself/herself sold the property, but that is not the case here.

4 0

3 years ago

Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $300,000, vari

Ipatiy [6.2K]

Answer: $86700

Explanation:

The net operating income is used in knowing the profitability of an investment. The net operating income is gotten by subtracting the expenses from the revenue.

Based on the information given in the question, the net operating income is $86700. Kindly check the attachment for further details.

7 0

3 years ago

Should i study buisness like is it hard

Len [333]

Answer:

idk, just go for it if its wut u want

Explanation:

8 0

3 years ago

Which of the following are true if you pay only the minimum amount each month towards your credit card bill?a. You will be charg

BigorU [14]

Answer:

The correct answer is A and C as both are true statement.

Explanation:

Credit Card is a facility which is offered by banks to borrow money and it could be used by the borrower for buying expensive goods and the services up front. It has a time period, in which the borrower need to make payment for the amount used by the borrower along with the interest charged.

So, if the borrower paid the minimum amount towards the credit card, then the borrower is still in debt until clears or paid the whole amount and also will be charged the interest against the remaining balance or amount.

4 0

3 years ago