MGT120H5 Lecture Notes - Canada Revenue Agency, Dividend, Contingent Liability

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23 Mar 2014
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MGT120H5 Full Course Notes
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MGT120H5 Full Course Notes
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On january 1, a company signs a ,000, 4% 9-month note. What is the adjusting entry required if the company prepares financial statements on june 30. Chapter 8 : liabilities: dr interest expense; cr interest payable, ,000, dr interest expense; cr cash, ,000, dr interest expense; cr cash, ,000, dr interest expense; cr interest payable, ,000. Soln: 200,000 x 4% x (6/12) = 4000. Abc company is authorized to issue 50,000 common shares. The journal entry to record these facts include a: credit to common shares ,000, credit to common shares ,000, debit to cash for ,000, debit to common shares for ,000. Xyz corporation has 10,000, cumulative preferred shares and 110,000 common shares outstanding. At the beginning of the current year, preferred dividends were 3 years in arrears. The board of directors wants to pay a . 50 cash dividend on each outstanding common share.

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