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leva [86]
2 years ago
6

November 12 - Declared a total cash dividend of $45,000 for stockholders of record November 20 payable on December 1. Record the

journal entries required by these events. If no entry is required, select "No Entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Nov. 12 Nov. 20 Dec. 1 Briefly describe the significance of November 20. It represents the date .
Business
1 answer:
Kisachek [45]2 years ago
4 0

Answer:

Following are the journal entries recorded;

November 12

Debt: Cash Dividend = $45,000

Credit: Dividend Payable = $45,000

Declaration of Cash Dividend is recorded  

November 20

No Entry is recorded

December 01

Debt: Dividend Payable = $45,000

Credit: Cash = $45,000

Cash Dividend Payment recorded

The significance of date November 20 is to record the dividend date, the organization regulates the eligibility of the shareholder to collect the dividend  

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lorasvet [3.4K]
This is possible because both products have the same allocation of raw materials, costs, and labor. <span> There wouldn't be any conflict with the change. </span><span> In business, this is called joint product. </span><span>This has been a business practicality measure for better costs planning and production. </span>
6 0
2 years ago
A corporation’s articles of incorporation can be changed relatively easily. True False
Stels [109]

Answer:

False

Explanation:

Nothing is ever easy

7 0
2 years ago
Which of the following statements is CORRECT? a. The advantage of the basic earning power ratio (BEP) over the return on total a
leonid [27]

Answer: The advantage of the basic earning power ratio (BEP) over the return on total assets for judging a company's operating efficiency is that the BEP does not reflect the effects of debt and taxes

Explanation:

a. This is correct.

The advantage of basic earning power ratio over the return on the total assets for judging a firm's operating efficiency is that the basic earning power does not reflect effects of debt and taxes.

b. This is incorrect.

Only the price/earnings ratio of the company will tell us nothing about a company. When we compare the price/earnings of a company with the peers, we would know whether such company is under valued, or over valued or maybe fairly valued.

c. This is incorrect.

The total assets is made up of total liabilities plus the shareholders equity, when other things are held constant, less debt simply means less liabilities. To balance both sides, the total assets should reduce as the shareholder's equity is constant. When total assets decreases, the return on the assets will increase.

d. This is incorrect.

We can reach a conclusion on which firm is better managed based on the facts given. The debt ratio is the total liabilities divided by total assets, and a lower ratio is known to be good in comparison to a higher ratio. Similarly, the profit margin is the profit divided by the sales, and low profit margin shows high expenses and also a need for the management to decrease the expense.

3 0
2 years ago
New Jersey Company owns 80% of the common stock of Newark, Inc. In 2012, New Jersey reported sales of $300,000, and Newark repor
alisha [4.7K]

Answer: $380,000

Explanation:

From the question, we are informed that New Jersey Company owns 80% of the common stock of Newark, Inc. In 2012, New Jersey reported sales of $300,000, and Newark reported sales of $100,000, including sales to New Jersey of $20,000.

Based on the above information, the amount of sales that should be reported in the consolidated income statement for 2012 will be:

$300000 + $100000 - $20,000

= $380000

4 0
2 years ago
If an adjustable-rate 30-year mortgage for $120,000 starts at 4.0 percent and increases to 5.5 percent, what is the increase in
Lelu [443]

Answer:

The increase in the monthly payment amount is $180

Explanation:

In order to calculate the increase in the monthly payment amount we would have to make the following calculation:

increase in the monthly payment amount=installment increase-installment

installment=(loan amount/1,000)*rate of interest

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installment increase=$660

increase in the monthly payment amount=$660-$480

increase in the monthly payment amount=$180

The increase in the monthly payment amount is $180

7 0
2 years ago
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