Krull Corporation presented the following selected information. The company has a calendar year end. Before considering the

Question:

Krull Corporation presented the following selected information. The company has a calendar year end.

Before considering the effects of dividends, if any, Krull's net income for 20X7 was $2,500,000.

Before considering the effects of dividends, if any, Krull's net income for 20X8 was $3,000,000.

Krull declared $750,000 of dividends on November 15, 20X7. The date of record was January 15, 20X8. The dividends were paid on February 1, 20X8.

Stockholders’ equity, at January 1, 20X7, was $5,000,000. No transactions impacted stockholders' equity throughout 20X7 and 20X8, other than the impact of earnings and dividends on retained earnings.

(a) Prepare journal entries, if needed, to reflect the dividend declaration, the date of record, and the date of payment.

(b) How much was net income for 20X7 and 20X8?

(c) How much was total equity at the end of 20X7 and 20X8?

(d) Is total "working capital" reduced on the date of declaration, date of record, and/or date of payment?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 100% (QA)

Answered By

Jack Hadfield

Within my studies at university, I narrowed my scope into two main topic areas, clinical and critical psychology. Mental health was a specific area I focused on which consisted mainly of anxiety, depression and autism. Using theory and practical methods, we covered all bases of typical symptoms, overarching characteristics and therapeutic implementation strategies. The practical element of the unit looked at many different types of mental health problem where we had to thoroughly examine many case studies from past and present to determine the aetiology, current circumstances and understand what paradigmatic approaches would be best for each type of case. The best practice for any clinician is to not be restricted by your own ideological blinkers, this is paramount to the positive development of service users as not everything can be solved by a clinical approach! For instance, if someone has clinical anxiety, they may well have low or in-fluent dopamine levels, or if they are clinically depressed then they my have low or in-fluent serotonin levels, this is not to say that giving them medication to standardise their levels will actually solve the issue, it would merely act as a pacifier to their condition and bring them to a base line level. Hypothetically, these service users could have suffered trauma from young or teenage years or suffered setbacks with peer integration which stems from social stressors, meaning that a social approach to therapy would be more adequate in order for them not to relapse after they stop using medication! Within critical psychology, there are many subtopic areas which set at questioning mainstream psychology. As we have learned in this liquid modern era, we had become too dependent on old research which sometimes lacks validity and in some cases almost always lacks reliability. I was appointed chairman of the psychology society during my 2nd and 3rd year which was a wholesome and rewarding experience. With the help of my close peers and students from other years, we were able to set up meetings based on students academic issues and general interests, schedule public talks with other organisations linked to psychology and criminology, partake in weekly socials either for general discussions or how we can help each other with fun exercises such as quizzes, and work closely alongside the student union to keep track of any new activities the university offered and upcoming career events. I was also privileged to receive my mentoring certificate from the charity Manchester MIND, specifically in association with YASP, which helped young people aged 15 and above to understand more about their mental health problems whilst actively being there to discuss better strategies on how we can use theory and practice to get them back on track in their young lives! I worked with children who suffered from anxiety, depression and autism for 2 years and was able to get their personal, subjective accounts of what it is like to suffer with a mental health issue and develop strategies for them alongside a professional head mentor! Finally, I would just like to comment that I am a very open minded, abstract thinking and empathic postgraduate who is seeking to discuss openly about his past education with any type of student from any level of education.

0.00 0 Reviews 10+ Question Solved

Related Book For answer-question