Knapp Industries began business on January 1, 2018 by issuing all of its 1,550,000 authorized shares of its $1 par value common
stock for $30 per share. On June 30, Knapp declared a cash dividend of $1.25 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 310,000 of its own shares of stock for $35 per share. On December 22, Knapp resold 155,000 of these shares for $41 per share. Required:
a. Prepare all of the necessary journal entries to record the events described above.
b. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $8,000,000
Employee turnover refers to the number percentage or number of workers who leave a company and have to be replaced. Employees leave an organization either voluntary or involuntary. Involuntary turnover involves an employer terminating the services of an employee due to poor performance or other reasons. Employee turnover is measured per period, usually one year.
Voluntary turnover arises when an employee chooses to leave an organization on their own accord. The worker resigns or quits from his job. Various reasons, such as better job opportunities elsewhere, Job dissatisfaction, workplace conflicts, disengagement, and many others, may result in employees leaving an organization.
A financial information is verifiable when the independent measurers get similar results when using the same accounting measurement methods.
In this scenario, the independent measures use thesame method but do their work separately without them knowing the results gotten by the other person. When there's similarity in the results, it shows that the results are verifiable.
