Answer:
Option (a) is correct.
Explanation:
Given that,
Beginning balance of Retained Earnings = $75,000
Net income = $26,000
Ending retained earnings = $91,000
Total Balance during the year:
= Beginning balance of Retained Earnings + Net income
= $75,000 + $26,000
= $101,000
Dividend declared:
= Total Balance during the year - Ending retained earnings
= $101,000 - $91,000
= $10,000
Therefore, the amount of dividend declared by the Superior during its recent year of operation is $10,000.
Answer: Inventories and cost of goods sold.
Explanation:
Standard costing is used in accounting and it simply has to do with the substitution of the cost that's expected for a product with an actual cost when preparing financial statements.
The difference that's then between the actual costs and expected costs are then recorded as variance. It should also be noted that when a company prepares financial statements using standard costing, the items that are reported at standard cost will be Inventories and the cost of goods sold.
Answer:
$0.40 ; $1 and $71.43%
Explanation:
The computation is shown below:
Excess cost is
= Unit cost - Salvage Value
= $1 - $0.60
= $0.40
The shortage cost is
= Selling value - unit cost
= $2 - $1
= $1
And, the optimal service level is
= Shortage cost ÷ (Shortage cost + excess cost)
= $1 ÷ $1.60
= 71.43%
Basically we applied the above formulas
Explanation:
The journal entries are as follows
a. Retained earnings A/c Dr $300,000 (600,000 shares × $0.50)
To Dividend payable A/c $300,000
(Being the dividend is declared)
b. No journal entry is required
c. Dividend payable A/c $300,000
To Cash A/c $300,000
(Being the dividend is paid for cash is recorded)
Answer:
Cole should record amortization expense for the leased machine at $9,000.
Explanation:
Machine cost would be recorded in book at = present value of Aggregate lease payments
Machine cost would be recorded in book at = $108,000
Depreciation (amortization) expense for the leased machine in first year= (Machine cost - salvage value)/Useful life
Depreciation (amortization) expense for the leased machine in first year= ($108,000 - 0)/12
Depreciation (amortization) expense for the leased machine in first year= $ 9,000
Therefore, Cole should record amortization expense for the leased machine at $9,000.
