BUSINESS COLLEGE

Arco Corporation declared a cash dividend on June 2 of $6 per common share. The company has 2,000 shares of common stock authorized, 1,000 shares issued, and 200 in the treasury. The entry to record the declaration of the cash dividend increases a(n)

Answers

Answer 1
Answer:

Answer:

The journal entry to record the dividend declaration is:

June 2, 202x, cash dividends are declared

Dr Retained earnings 4,800

    Cr Dividends payable 4,800

The journal entry to record the payment of the dividend would be:

Dr Dividends payable 4,800

    Cr Cash 4,800

When we calculate dividends, only outstanding stocks are included in the distribution: total outstanding stocks = issued stocks - treasury stocks = 1,000 - 200 = 800

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On September 1, 2020, Vaughn Manufacturing issued a note payable to National Bank in the amount of $1500000, bearing interest at 8%, and payable in three equal annual principal payments of $510000. On this date, the bank's prime rate was 7%. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, Vaughn should record accrued interest payable of:
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.6 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 6% promissory note. Interest is payable at maturity. FirstBanc Corp.’s year-end is December 31.Required:1. Record the issuance of note.2. Record the adjustment for interest.3. Record the repayment of the note at maturity.
In long-run competitive equilibrium SRATC = LRATC, because if SRATC > LRATC (at the quantity of output at which MR = MC) firms would _______.A. have an incentive to change their plant size to produce their current output.B. not be covering their total fixed costs.C. not be covering their total variable costs.D. a and b b and c
If the depreciable investment is $1,000,000 and the MACRS 5-Year class schedule is: Year-1: 20%; Year-2: 32%; Year-3: 19.2%; Year-4: 11.5%; Year-5: 11.5% and Year-6: 5.8% Calculate the depreciation tax shield for Year-2 using a tax rate of 30%:
A loan of 1000 is taken out at an annual effective interest rate of 5%. The loan will be repaid using the Sinking Fund Method. That is, level annual interest payments are made at the end of each year for 10 years, and the principal amount for the loan is repaid at the end of 10 years by making equal size payments into the fund at the end of each year for 10 years. If the sinking fund earns an annual effective interest rate of 4%, then find the difference between the interest payment on the loan and the interest earned by the sinking fund in the fifth year. Round your answer to the nearest whole number.

Shaan and Anita currently insure their cars with separate companies, paying $850 and $675 a year. If they insure both cars with the same company, they would save 10 percent on their annual premiums. What would be the future value of the annual savings over 8 years based on an annual interest rate of 8 percent

Answers

Answer: $1,622.08

Explanation:

Currently both Shaan and Anita are cumulatively paying;

= 850 + 675

= $1,525

Their savings are;

= 1,525 * 10%

= $152.50

As this saving is fixed, it is an annuity. The future value over 8 years at 8% is;

Future Value of Annuity = Annuity * Future value annuity factor, 8 years, 8%

= 152.50 * 10.6366

= 1,622.0815‬

= $1,622.08

While driving down his street one evening, Jonah notices that his neighbor has laid out an electric fan for the garbage to pick up the next morning. Jonah stops and has a look at the fan; it seems to be perfectly fine, so he takes it home with him. The fan would most likely be considereda. lost property.b. mislaid property.
c. abandoned property.
d. None of these are correct.

Answers

Answer:

The answer is option B) The fan would most likely be considered mislaid property.

Explanation:

Mislaid property fall among the categories of the common law of property which deals with personal property or chattel which has left the possession of its rightful owner without having directly entered the possession of another person.

Mislaid property refers to a property that has been left intentionally in a certain place and later forgotten. When a property is left in a certain place by the owner with an intention to take it later and if the owner finds it difficult to locate the property later.

Jonah's neighbor's fan falls into the category of mislaid property because, It seems to be perfectly fine and was intentionally laid out by his neighbor.

With this in mind, are accountants ethically obligated to report financial information accurately? Does reporting using the generally accepted accounting principles imply accuracy? What are some potential consequences for an external analyst if a company provides inaccurate or misleading financial statements?

Answers

Answer:

1. Accountants are ethically obligated to report financial information accurately

2. Reporting using the generally accepted accounting principles underscore on accuracy

3. Loss of confidence, lack of trust on the accounting team, a huge strain on their professional judgement and ethics.

Explanation:

1. Financial information in itself possesses some vital characteristics. One of these is the accuracy of the financial information. As the handler of financial activities, accountants are therefore saddled and ethically obligated to present and prepare their information accurately. This is so as to reflect the true picture of the going in the organization.

2. Reporting using GAAP - Generally Accepted Accounting Principles, seeks to converge the presentation of financial reports and statements on the basis of accuracy. Thus, reliability and relevance are ultimately the foremost objectives of these principles. I therefore have no doubt its usage conveys accuracy of reports.

3. Loss of confidence - financial reports through which the external analyst worked upon are often prepared by the internal staffs. The implication of a wrong and misleading reports from the company is an erosion of confidence on the credibility, reliability and competence of company's preparers of reports.

Lack of trust - The point above ultimately impacts on the level of trust placed on the accuracy, reliability and relevance of financial reports.

Professional Judgement and Ethics - The conducts of the company in presenting a wrong report throws the analyst into an ethnical dilemma, and a huge professional strain. This is not in line with best practices.

Almost overnight, several police officers, all members of the police force of the growing suburb of mayberry, called in sick. as the dispatcher took those calls, one right after the other, she speculated that there could be more to this story than she was hearing. in fact, she thought it might be related to the emotional banter she heard the night before in the locker room as several members of the force were leaving their shifts. the group was not happy with the recent changes in scheduling, the excessive overtime hours, and, management's reluctance to begin negotiations on a new benefits package. she heard one officer saying, "it's time for a mental health day!" although it is illegal for police to strike, what the police dispatcher was witnessing may have been ______.

Answers

What the police dispatcher was witnessing may have been "a blue flue".

A blue flu is an informal term used to portray a sort of strike activity embraced by cops in which an expansive number simultaneously utilize sick leave. A blue flue is a strike activity by police in a few sections of the US where police strikes are denied by law.

Answer:

The correct answer is:  a Blue Flu.

Explanation:

A Blue Flu is the act by which police officers call in sick leaves massively as a form of protest against labor conditions. This action is carried out because law enforcement deputies in most parts of the United States are not allowed to go on a strike by law.

Novak Imports is a merchandising Firm. Last year they reported sales of $677000 and cost of goods sold of $405100. The company's total variable selling and administrative expense was $60750, and fixed selling and administrative expense was $54350. The total contribution margin for the firm is:

Answers

Answer:

Contribution margin = $211,150

Contribution margin ratio = 31.19%

Explanation:

total sales revenue                                   $677,000

variable costs:

  • Cost of goods sold $405,100
  • S&A expenses $60,750                 ($465,850)

Contribution margin                                    $211,150

Fixed expenses                                         ($54,350)

Operating income                                     $156,800

Contribution margin ratio = $211,150 / $677,000 = 31.19%

Nora is interested in a career in human resource management. She expected her first job to focus on giving employees access to information and enrollment forms for training, benefits, and other programs. However, she has since learned that HR employees spend less time doing that kind of work. Which trend is behind that change

Answers

Answer:

employees can now get such information through self-service

Explanation:

The trend behind this change is that, employees can now get such information through self-service. Human resource Employees spend less time doing such work now because such information is readily available on the internet and can be accessed by any employee at anytime that they want to do so on their own.
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