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defon
2 years ago
8

On September 15, 2021, the Scottie Company board of directors declared a 8% stock dividend on common shares. The shares are to b

e distributed on October 10, 2021, to shareholders of record on October 1, 2021. The market price per share on the date of declaration was $24.4 while the market price on the date of distribution was $26.4. The common stock has a par of $5 per share and there were 1,200,000 shares outstanding prior to the declaration of the stock dividend.
Required:
Prepare any necessary journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record declaration of common stock dividend. Note: Enter debits before credits. General Journal Debit Credit Date September 15, 2021 Record entry View general Journal Clear entry
Business
1 answer:
iren [92.7K]2 years ago
3 0

Answer:

Date         General Journal                             Debit           Credit

Sept 15     Stock dividend                           $2,342,400

                 (1,200,000*8%*24.4)

                         Common Stock dividend distributable    $480,000

                          (1,200,000*8%*5)

                          Paid in capital in excess of par-              $1,862,400

                          Common Stock

Oct 1         No Journal entry

Oct 10       Common Stock dividend             $480,000

                 distributable  

                           Common Stock                                          $480,000

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Accounts receivable $29,500
Alecsey [184]

Answer:

Company's current ratio is 2.4

Explanation:

Current ratio = Current assets / Current liability

Current ratio = 46,880/19,500

Current ratio = 2.404 =2.4

<u>WORKINGS</u>

Current assets:

Account Receivable= 29,500

Office supplies 4,800 (Assuming they are stocks of supplies)

Prepaid insurance 4,680

Cash 7,900

Total current assets=46,880

Current liabilities

Account Payable 13,500

Unearned services revenue 6,000

Total current liability= 19,500

6 0
3 years ago
How much money should be deposited annually in a bank account for five years if you wish to withdraw ​$5 comma 500 each year for
Zarrin [17]

Answer:

The initial deposit should be $ 25.46

Explanation:

The Annuity formula is

P=R [1−(1+i)^-n/i]⋅(1+i)

Where

P= Initial deposit

R=Regular Withdraw amount

i=Interest rate

n=Number of years/periods

After entering corresponding values in the formula we get $25.46

so P (which is our initial deposit)=25.46

6 0
2 years ago
A store has a 6% restocking fee. If you join the store’s membership program, all items over $100 will have a flat rate restockin
Dvinal [7]

Saving means the amount of income that is not spent on a particular product.

The member of the store will save $5 if they return an item costing $240.

<h3>What is saving?</h3>

Saving is defined as the part of income not spent, or delayed consumption. Methods of saving, consider putting money set aside.

<u>Example:</u>

A deposit account, a pension account, an investment fund, or cash. Saving also refers to separating down expenditures, like recurring costs.

In the above situation, it is clearly mentioned that if any member would return the item which costs above $100, then he would save $5. So here the item which the member is returning is above $100 then, the member would save $5.

He would pay only $235 ($240-$5).

Therefore, the member will save $5, on returning the item.

To learn more about saving, refer to:

brainly.com/question/7965246

8 0
2 years ago
If the present value of $280 paid one year from now is $250 what is the one-year discount factor?
OleMash [197]

Answer:

12%

Explanation:

The discount rate  will be  PV/FV -1

i.e., i =  (Fv/pv )-1

i=  (280/250) - 1

i = 1.12-1

i=12%

7 0
2 years ago
Read 2 more answers
Maso Company recorded journal entries for the issuance of common stock for $200,000, the payment of $65,000 on accounts payable,
cricket20 [7]

Answer:

Increase of $95,000

Explanation:

Stockholder equity: It records the issue of shares, retained earnings, and deduct the dividend amount if declared.

The expenses which are related to the business is directly or indirectly affect the stockholder equity.

So, the net effect is shown below:

Issuance of common stock = $200,000

Less - Payment of salaries expense = $105,000

So, the net effect would be equal to

= $200,000 - $105,000

= $95,000

The accounts payable does not affect stockholder equity. So, it would not be considered.

This $95,000 would increase stockholder equity.

7 0
3 years ago
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