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The shareholders’ equity of Core Technologies Company on June 30, 2020, included the following: Common stock, $1 par; authorized

snow_tiger [21]

Answer:

Explanation:

Before recording the journal entries first we have to determine the stock dividend which is shown below:

= Number of outstanding shares × stock dividend percentage × market price on April 1

= 3,000,000 shares × 10% × $30

= $9,000,000

The Number of outstanding shares × stock dividend percentage = Issued shares

The journal entries are shown below:

On April 1, 2021

Retained earnings A/c Dr $9,000,000

To Common stock dividends distributable $300,000

To Paid-in capital—Excess of par $8,700,000

(Being the declaration of dividend is recorded and the remaining balance is credited to the Paid-in capital—Excess of par)

On June 1, 2021

Common stock dividends distributable A/c Dr $300,000

To Common stock $300,000

(Being distribution of the stock dividend is recorded)

5 0

3 years ago

Last year Harrington Inc. had sales of $325,000 and a net income of $17,000, and its year-end assets were $230,000. The firm's t

choli [55]

Answer:

13.44%

Explanation:

Debt to total assets = Total Debt / Total Assets

45% = Total debt / $230,000

Total Debt = $230,000 x 45% = $103,500

As we know

Assets = debt + Equity

$230,000 = $103,500 + Equity

Equity = $230,000 - $103,500 = $126,500

Return on Equity is the measure of financial performance which can be calculated by dividing net income for the year by total shareholder's equity.

Return on equity = Net income for the year / Shareholders equity

ROE = $17,000 / $126,500 = 0.1344 = 13.44%

6 0

3 years ago

Calculate the cost of Job 845 using a machine hour departmental overhead rate for the Milling Department ($32 per hour) and a di

Zanzabum

Answer:

Total job cost= 12370$

Explanation:

Detailed solution is given in tabular form below:

7 0

4 years ago

Read 2 more answers

Montoya manufacturing has fixed costs of $3,000,000 and variable costs are 40% of sales. what are the required sales if montoya

frosja888 [35]

Fixed costs = $3,000,000
Variable costs = 40% of Sales
Sales - x
Net income = $300,000
3,000,000 + 0.4 x + 300,000 = x
3,300,000 = x - 0.4 x
0.6 x = 3,300,000
x = 3,300,000 : 0.6
x = 5,500,000
We can prove it:
3,000,000 ( FC )+ 2,200,000 ( VC ) + 300,000 = 5,500,000
Answer:
The required sales for Montoya manufacturing: $ 5,500,000.

5 0

3 years ago

At one time, AT&T and T-Mobile wanted to merge but were prevented from doing so by the Justice Department. The government ma

antiseptic1488 [7]

Answer:

If such a merger happened between the two largest companies in the market, it will turn in to a "Monopoly".

Explanation:

A Monopoly is a condition where a single entity in the industry possess the exclusive control of the supply or trade in that industry. Monopoly is not considered to be beneficial to the customers as the Monopolistic organization holds a powerful grip of the market, specially when it comes to the quality of the product and the price. Customers have only a little to say about the quality or the price as they are primarily decided by the monopoly.

AT&T AND T-mobile both hold a significant market share in the telecommunications industry.

A merger of these top two companies would mean that they will have the ultimate authority and power to decide on the data costs, call chargers and etc. This will probably eliminate the consumers' choice to chose better or suitable options as the rest of the other organizations operating in the industry are not as capable as these companies to cater quality services to the customers.

Apart from this, monopoly could arise in several ways such as,

Having exclusive rights to access natural resource
Patent rights
Logistical advantages (if the extraction and the delivery of certain resources are too expensive, this may naturally lead to monopoly condition)
Government interventions and regulations

3 0

3 years ago