Because north korean economy is weak, and resorces have to be protected.
Answer:
Debit Retained Earnings $5,880; credit Common Dividends Payable $5,880.
Explanation:
Based on the information given the appropriate
Journal entry for the dividend declaration will be:
Debit Retained Earnings $5,880
Credit Common Dividends Payable $5,880.
(To record dividend declaration)
$0.70 * (14,000 shares - 5600 shares)
= $0.70*8,400
=$5,880
Following Adjustments are being shown below.
<u>Which two accounts are affected ?</u>
<u>What kind of accounts are they? </u>
<u>Do the account balances increase or decrease? </u>
<u>Do we debit or credit the accounts? </u>
Since insurance is paid in advance for the upcoming six months, the account that will be debited will be a prepaid insurance account.
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The answer is<u> "C. gift tax".</u>
A gift tax is a government imposed tax to an individual giving anything of significant worth to someone else. For something to be viewed as a gift, the getting party can't pay the supplier full an incentive for the gift, however may pay a sum not as much as its full esteem. It is the provider of the blessing who is required to settle the blessing government expense. The collector of the gift may pay tax on the gift regulatory expense, or a level of it, on the supplier's benefit, if the provider has surpassed his/her yearly personal gift tax deduction limit.
