All categories

3 years ago

The company paid $35,000 cash in dividends to the owner, jen rogers. the entry needed to close the dividends account is:

2 answers:

8 0

The entry needed to close the dividend account is "Debit: Retained earnings $35,000 and credit: dividend expense $35,000" based on the journal transaction. The dividend is a portion of a company's earnings which be shared by the company to the investor as the return for their investment. This entry will decrease the retained earning balance.

Afina-wow [57]3 years ago

4 0

The journal entry to close the dividends account is debited the retained earnings account and credited the dividend expenses account of $35,000.

Further Explanation:

Dividend:

The dividend is the amount of profit given by the company to the shareholder. The shareholder invests in the shares of the company to earn dividends. Some companies provide a high dividend to attract the investor.

The company can give the dividend from the current year's income and the retained earnings of the company. If the company may pay out the dividend from the retained earnings, the company does not leave for investing the funds in the prospective projects.

Journal entry to pay the cash in the dividend to the owner, Jen rogers for $35, 000.

It is assumed that the dividend is paid from the retained earnings.

Retained earnings of the company are reduced by $35,000, that is why the retained earnings are debited.

The dividend expenses are paid $35,000, that is why the dividend expenses are credited.

Retained earnings account $35,000

To dividend expense $35,000

(being the dividend is paid to Jen rogers)

Learn more:

1. Learn more about earnings per share (EPS)

brainly.com/question/10985616

2. Learn more about accounts accumulated value

brainly.com/question/1033449

3. Learn more about laterally learning

brainly.com/question/7063990

Answer details:

Grade: Middle School

Subject: Accounting

Chapter: Dividend

Keywords:

company, paid, $35,000, cash, dividends, owner, Jen rogers, needed, close, dividend account, retained earnings, debited, credited, amount of profit, shareholders.

You might be interested in

You are the CEO of a company that has to choose between making a $100 million investment in either Russia or Poland. Both invest

dimulka [17.4K]

Answer: When assessing the risks of investment, one should consider the political, economic, and legal risks of doing business in either Russia or Poland. The risk in Russia would probably be considered higher than the risk in Poland since Poland has been a member state of the European Union since 1 May 2004, with the Treaty of Accession 2003 signed on 16 April 2003 in Athens as the legal basis for Poland's accession to the EU.

Poland has already gained benefits and stability offered by the EU. Russia, by contrast, is still many years away from even being in a position to be considered by the EU for membership.

Explanation: A diligent investor wouldn't put a penny in a risky country.

8 0

3 years ago

In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information:

Troyanec [42]

Answer:

$4,469

Explanation:

Calculation for what The adjusted cash balance per the books on January 31 is

Using this formula

Adjusted cash balance = cash balance per books -bank service charges - EFT automatically deducted - NSF Check

Let plug in the formula

Adjusted cash balance= $5325 - $31 -$500 -$325

Adjusted cash balance= $4,469

Therefore The adjusted cash balance per the books on January 31 is $4,469

5 0

3 years ago

Arciba Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 7,400

n200080 [17]

Answer:

$27.20

Explanation:

The computation of the predetermined overhead rate is shown below:

= Variable overhead rate per hour + Fixed Overhead rate per hour

where,

Variable overhead rate per hour is $9.50

And, the fixed overhead rate per hours is

= budgeted fixed manufacturing overhead ÷ direct labor hours

= $130,980 ÷ 7,400

= $17.70

So, the predetermined overhead rate is

= $9.50 + $17.70

= $27.20

By adding the variable overhead rate per hour and the fixed overhead rate per hour we can find out the predetermined overhead rate

7 0

3 years ago

Describe a real or made up but realistic example of a product that went through a time of scarcity, when demand was greater than

Rasek [7]

Answer:

An example of a product going through scarcity is when heavy rainfall and flooding destroy crops because of which their supply is decreased, and because of this shortage their prices sky rocket or increase very fast.

Explanation:

7 0

3 years ago

Read 2 more answers

Cachita Haynes works as a currency speculator for Vatic Capital of Los Angeles. Her latest speculative position is to profit fro

VARVARA [1.3K]

Answer:

Cachita should buy put on yen

Explanation:

Given:

The current spot rate = ¥120.00/$

in US $/¥ = $\frac{\textup{1}}{\textup{120.00}}$

in US $/¥ = 0.0083

Maturity time = 90 days

Put on Yen Call on Yen

Strike Price 125/$ 125/$

Strike Price in $/¥ 0.008 0.008

Premium 0.00003/$ 0.00046/$

Therefore,

Here the strike price for put on Yen and call on Yen are same

but the premium for Put on Yen is less than the premium for the call on Yen

Therefore, Cachita should buy a put on yen to get the profit from the rise of the dollar

5 0

3 years ago