Question
A-1 Tandan, Incorporated had the following stock issued and outstanding at January 1, Year 2: 120,000 shares of no-par common stock. 32,000 shares of $40
A-1
Tandan, Incorporated had the following stock issued and outstanding at January 1, Year 2:
120,000 shares of no-par common stock.
32,000 shares of $40 par, 5%, cumulative preferred stock.
Tandan did not declared or pay any dividends in Year 1, its first year in business. On March 8, Year 2, Tandan declared a $180,000 cash dividend to be paid March 31 to shareholders of record on March 20.
Requirements:
1. Determine the dollar amount of dividends that Tandan will pay to common stock shareholders in Year 2.
2. Determine the dollar amount of dividends that Tandan will pay to preferred stock shareholders in Year 2.
1Common Stock Shareholder Dividends Year 2. 2Preferred Stock Shareholder Dividends Year 2.1-2
An employee receives a weekly salary of$ 835.00 Payroll data for the current week are as follows: Federal Income tax with held$ 155.00 Cumulative earnings prior to this week$ 4,200.00 Social security tax rate,6.20%on a maximum of $100,000 Medicare tax rate1.45%on all earnings State Unemployment tax rate of3.40%on the first$ 7,000.00 Federal Unemployment tax rate of0.80%on the first$ 7,000.00 a. Prepare the journal entry to record the salaries expense b. Prepare the journal entry to record the payroll tax expenseStep by Step Solution
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