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Recording federal income tax transactions and cash dividend transactions. Selected transactions of Divad Corporation during 2013 follow. Record them in the general journal. Analyze: What annual per share dividend was paid to common stockholders in 2013? Mar. 15 Filed the federal income tax return for 2012. the total tax for the year was $125,250. During 2012, quarterly deposits of estimated tax totaling $120,000 had been made. The additional tax of $5,250 was paid with the return. On December 31, 2012, the accountant had estimated the total tax for 2012 to be $123,600 and had recorded a liability of $3,600 for federal income tax payable. Apr. 15 Paid first quarterly installment of $32,000 on 2013 estimated federal income tax. May 3 Declared dividend of $0.25 per share on the 40,000 shares of common stock outstanding. The dividend is payable on June 2 to stockholders of record as of May 20,2013. June 2 Paid dividend declared on may 3. June 15 Paid second quarterly installment of $32,000 on 2013 estimated federal income tax. Sept. 15 Paid third quarterly installment of $ 32,000 on 2013 estimated federal income tax. Nov. 2 Declared dividend of $0.25 per share on 40,000 shares of common stock outstanding. The dividend is payable on December 2 to holders of record on November 20. Dec. 2 Paid dividend declared on November 2. Dec. 15 Paid fourth quarterly installment of $32,000 on 2013 estimated income tax. Dec. 31 total income tax for 2013 was $128,940. Record as an adjustment the difference between this amount and the total quarterly deposits.
Lease or buy: I can lease a building for $10,000 or buy for $800,000. The weighted average cost of capital is 12%. Which is cheaper buy or lease?
On January 1, 2004, Digital, Inc. leased heavy machinery from Young Leasing Company. The terms of the lease require semi-annual payments of $20,000 every six months for ten years beginning on June 30, 2004. The annual interest rate on the lease is..
In December 2010, Gomez Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $15 per hour. The manager also estimated the following manufacturing over..
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
The individual stores in the Mark Goodwin convenience chain prepare two copies of goods requisition form (GRF) when they need to order merchandise from the central warehouse.
When you use an aging schedule approach for estimating uncollectible accounts:
Recent events in the world of corporate finance have shown the importance of proper administration and funding of corporate pension plans. Evaluate the information in the Comparative Analysis Case of Coca-Cola and PepsiCo found in the book's compa..
Stan and Susan, two calendar year taxpayers, are starting a new business to manufacture and sell digital circuits. They intend to incorporate the business with $600,000 of their own capital and $2 million of equity capital obtained from other inve..
An aging of a company's accounts receivable indicates that $3,000 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a:
What is the net income after reconciliation for throughput costing, please include the steps.
Financial management is about to explain what managers can do to make their companies more valuable. Managers must understand how investors determine the values of stocks and bonds if they are to identify, evaluate and implement projects that meet..
The LAN partnership had $15,000 in outstanding liabilities on December 31, 2010. Assuing there were no distributions to the partners, what total amount of income will Jaay report for 2010 as a result of his partnership interest?
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