On December 1, 2019, Murphy, Inc. had 35,000 shares of $7 par value common stock issued and outstanding. The next day it declared a 50% stock dividend. The market value of the stock on that date was $15 per share. Which of the following is the correct journal entry to record this transaction?
A) debit Stock Dividends $525,000 and credit Cash $525,000
B) debit Stock Dividends $525,000, credit Common Stock $245,000, and credit Paid-In Capital in Excess of Par $280,000
C) debit Common Stock $122,500 and credit Cash $122,500
D) debit Stock Dividends $122,500 and credit Common Stock Dividend Distributable $122,500
D) debit Stock Dividends $122,500 and credit Common Stock Dividend Distributable $122,500
Explanation: (35,000 × 50%) × $7 = $122,500
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Rico's Taqueria had cash inflows from operating activities of $27,000; cash outflows from investing activities of $22,000, and cash outflows from financing activities of $12,000. Calculate the net increase or decrease in cash.
A. $61,000 increase. B. $34,000 decrease. C. $7,000 decrease. D. $7,000 increase. E. $37,000 increase.
Rees Manufacturing uses a standard cost system
Standards for direct materials are as follows: Direct materials (pounds per unit of output) 3 Cost per pound of direct materials $6 Actual purchases of direct materials for the current month are 10,000 pounds for $48,600. Planned and actual production for the month is 3,100 units. Rees has issued 10,000 pounds of direct materials to production. The journal entry to record this transaction is ________. A) a debit to Work-in-Process Inventory for $45,198, a credit to Raw Materials Inventory for $55,800, and a debit to Direct Materials Efficiency Variance for $10,602 B) a debit to Work-in-Process Inventory for $45,198, a credit to Raw Materials Inventory for $60,000, and a debit to Direct Materials Efficiency Variance for $14,802 C) a debit to Work-in-Process Inventory for $55,800, a credit to Raw Materials Inventory for $60,000, and a debit to Direct Materials Efficiency Variance for $4,200 D) a debit to Work-in-Process Inventory for $60,000, a credit to Raw Materials Inventory for $48,600, and a credit to Direct Materials Efficiency Variance for $60,000
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________ controls ensure that valuable business data files on either disk or tape are not subject to unauthorized access, change, or destruction while they are in use or in storage
A) Software B) Administrative C) Data security D) Implementation E) Authentication