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How could show these transactions on balance sheet? 11. At 12/31/14, the firm takes a physical inventory and finds the following items on hand: $1,500
How could show these transactions on balance sheet?
11. At 12/31/14, the firm takes a physical inventory and finds the following items on hand: $1,500 of the office supplies purchased on 1/1/14. $162,000 of the inventory purchased on 11/1/13 12. On December 31, 2014, the Board of Directors will declare a dividend payable to shareholders equal to 40% of the firm's Net Income for 2014. The dividend will be paid in 2015. If the firm has a Net Loss for the period, the Board of Directors will not declare a dividend. 13. The firm pays taxes at a 35% tax rate. If taxes are owed, they will be paid in January 2015. If the firm has a pre-tax loss, assume that there are no taxes paid nor tax refunds received. (In other words, if there is a pre-tax loss, assume a 0% tax rate.)Step by Step Solution
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