 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Adjusting entry for income tax payable. Dividend distribution
Hi everyone I need your help to solve this two little problems, because I'm not sure I am right. Thank you very much
1) The following unadjusted trial balance was taken from the books of BLAND Corporation on June 30, 2012. Accounts Payable € 3,300 Accounts Receivable € 9,600 Accumulated Depreciation - PPE € 23,500 Accrued interest expense € 80 Cash € 6,480 Common Stock € 10,000 Cost of Goods Sold € 11,300 Dividends € 2,200 Notes payable € 8,000 Prepaid Insurance € 900 Property, Plant and Equipment € 45,000 Rent Expense € 800 Retained Earnings € 11,000 Salaries Expense € 12,800 Sales revenue € 34,000 Supplies € 1,600 Unearned service revenue € 800 Record the adjusting entry for: Income tax payable: € 3,200 My question is, is this the right answer? If not, what should I do? : Income tax expense € 3,200 Income tax payable € 3,200 2) second question: Record in the general journal: Distribution of a 15% stock dividend (recorded at 3€ par value) on the € 192,000 common stock. So how can I calculate the amount of the dividends distributed? Is it right proceeding in this way? I don't think it is,, what tip can you give me? I don't understand. Thank you very much 192,000 x 0.15= 28800 |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Payroll for the five-day workweek, to be aid on Friday, is P140,000. The last day of the period is a Wednesday.
Here's the problem: Batangas Placement Agency issued a 20% $50,000, 120 days promissory note to Manila Skill Trade Center on October 2,2011 for training their contact workers. * Give the entry of Batangas Placement Agency on October 2, 2011 and its adjusting entry at the end of 2011. I...
Dividend diya hai director ko entry kia hogai? Retained earning Dividend payable Right yeah wrong?
For the quarter ended June 30, 2007, I'm supposed to make an adjusting entry for a note payable, and the statement reads: Note payable is a 8% note dated May 1, 2007, and due on July 31, 2007. Ledger balance at the end of June for Note payable account is $12,000. Here's what I did: 12000 *...
The business has completed the 2nd year of operation. They have had no accountant for these two years. The question is a payment of 10,500 for one years interest on notes payable is now due and on the trail balance the notes payable has a cr. Of 45,000. I have no idea on how to show the adjusting...
View more questions Search
|
