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Question
The following selected transactions took place during the current year for a company:
| March 25 | Declared a $2 per share cash dividend on 20,000 shares of common Stock outstanding. |
| April 20 | Paid the cash dividends declared on March 25. |
| Dec. 31 | Closed the $52,000 credit balance in Income Summary that reflects net income to Retained Earnings. |
(a) Prepare the journal entries for these transactions.
(b) If Retained Earnings had a $75,000 credit balance on January 1, calculate its year-end balance as of December 31.
Answer
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Related questions
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Periods
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Q:
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Q:
Assume markup percentage equals desired profit divided by total costs. What is the correct calculation to determine the dollar amount of the markup per unit?
A. Total cost times markup percentage.
B. Total cost per unit times markup percentage per unit.
C. Total cost per unit divided by markup percentage per unit.
D. Markup percentage per unit divided by total cost per unit.
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Q:
Capital budgeting decisions are generally based on:
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B. Perfect predictions of future outcomes.
C. Results from past outcomes only.
D. Results from current outcomes only.
E. Speculation of interest rates and economic performance only.
Q:
If net present values are used to evaluate two investments that have equal costs and equal total cash flows, the one with more cash flows in the early years has the higher net present value.