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On October 15, 2013, Jindo Company declared and distributed a 10% stock dividend. The market value of the common stock on this date was $30 per share. Fractional share rights represented 8,000 shares. Cash was paid in lieu of issuing fractional share rights. On the date of declaration and payment, the company 1,000,000 shares of common stock outstanding. The par value of the common shares was $1 per share.
Instructions:
Prepare any necessary journal entries to record the above events.
choose the correct option in the question.choose the correct answer from the given option.1.nbspcost of goods sold is
At the end of 2013, Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that it’s Allowance for Doubtful Accounts should be $20,250. The account had an unadjusted credit balance of $11,000 at December 31, 2013. The ..
Georgia uses the high-low method of estimating costs. Georgia had total costs of $16,100 at its lowest level of activity, when 5,000 units were sold. When, at its highest level of activity, sales equaled 12,800 units, total costs were $86,300. Georgi..
Equity Transactions and Statement Preparation - share cash dividend on common stock and declared preferred dividend.
When activity jumped to 25,000 machine hours, which was still within the relevant range, the average total cost per machine hour was $30.40.
Buster Corporation has a margin of safety percentage of 25% based on its actual sales. The break-even point is $300,000 and the variable expenses are 45% of sales. Given this information, the actual profit is:
On March 1, 2014, Eric Keene and Abigail McKee form a partnership. Keene agrees to invest $21,100 in cash and merchandise inventory valued at $55,900. McKee invests certain business assets at valuations agreed upon, transfers business liabilities, an..
Louisville Sports manufactures baseball bats for use by players in the major leagues. A critical requirement for elite players is that each bat they use have an identical look and feel. As a result, Louisville uses a dedicated process to produce bats..
when the market rate halpr in corporation issued 1000000 8 percent10-year bonds what pay intrest semiannually. using
Michaels Company segments its income statement into its East and West Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $600,000, 60%, and $36,000, respectively. The West Division’s contribution margin an..
P6-6B You have the following information for Limex Watches. Limex uses the periodic method of accounting for its inventory transactions. Limex carries only one brand of handcrafted jewelry watches - all are identical. Each batch of watches purchased ..
What is the quality of information that enables users to confirm or correct prior expectations - identify the pervasive constraint(s) developed in the conceptual framework.
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