The answer is c i just got it right on plato

Quay Co. had the following transactions during the current period.Mar. 2 Issued 5,000 shares of $7 par value common stock to att

LenaWriter [7]

Answer:

Following are the journal entries to this question:

Explanation:

Date account title Dr. Cr.

Mar.2 Incorporation expense $\$39,600$

Common Stock (Par value $=5000 \ Shares \times 7$ ) $\$35,000$

Paid in excess of par- Common Stock $(39600-35000)$ $\$4,600$

(Bein 5000 common shares Of par value $\$4$ each issued )

June. 12 Cash $\$519,100$

Common Stock (Par value $-63400\ Shares \times 7$ ) $\$443,800$

Paid in excess of par- common stock $(519100-443800)$ $\$75,300$ (Being 63400 common shares of par value $\$7$ each issued for $\$519100$ cash)

July-11 cash $2175\ shares\times \$130$ $\$282,750$

Preferred Stock (Par value $=2175\ Shares \times \$110$ ) $\$239,250$

Paid in excess of par- Preferred stock $(282750- 239250)$ (Being 2175 Prefered shares of par value $\$110$ each issued for $\$130$ each)

Nov. 28 Treasury Stock $\$83,500$

cash $\$83,500$

(Purchased 2,350 shares of treasury stock for $\$83,500$ ).

3 0

3 years ago

On January 1, Year 1, Greenfield, Inc. issues $100,000 of 9% bonds maturing in 10 years when the market rate of interest is 8%.

ELEN [110]

Answer:

When using a financial calculator to compute the issue price of the bonds, the applicable periodic interest rate ("I") is 3.923%

Explanation:

Hi, first, the discount interest rate that you have to choose is 8%, because 9% is the coupon rate (which in our case would be 9%/2=4.5% and this is used only to find the amount to be paid semi-annually).

Now we know we have to choose 8%, but this is an effective rate (I know this is an effective rate because no units were mentioned), and by definition it is a periodic rate, but it is not the rate that we need since the payments are going to be made in a semi-annual way, therefore we need to use the following equation.

$r(semi-annual)=[1+r(annual)]^{\frac{1}{2} } -1$

So, everything should look like this.

$r(semi-annual)=[1+0.08]^{\frac{1}{2} } -1=0.03923$

Therefore, the periodic interest that yuo have to use to calculate the price of the bond is 3.923%

Best of luck.

8 0

3 years ago

2. What are some reasons the seller was willing to sell the product at this price?

Setler79 [48]

To get it out of His hands

Explanation:

Just tired and ready to let it go

4 0

3 years ago

A deduction is money taken out of the paycheck for

evablogger [386]

For ......................Income tax

5 0

3 years ago

Below are Company Y's financial statements:

kow [346]

Answer:

Company Y

The external financial needed is:

= $1,290.

Explanation:

a) Data and Calculations:

Company Y's financial statements:

Income Statement

Sales $7,900

Costs 5,500

Taxable income $2,400

Taxes (25%) 600

Net income $1,800

Balance Sheet

Current assets $3,900

Fixed assets 8,600

Total assets $12,500

Current liabilities $2,100

Long-term debt 3,700

Equity 6,700

Total liab. & equity $12,500

Projected Income Statement:

Sales $9,085 ($7,900 * 1.15)

Costs 6,325 ($5,500 * 1.15)

Taxable income $2,760

Taxes (25%) 690

Net income $2,070

Dividends = 40% $828

Retained earnings $1,242

Projected Balance Sheet

Current assets $4,485 ($3,900 * 1.15)

Fixed assets 9,890 ($8,600 * 1.15)

Total assets $14,375

Current liabilities $2,415 ($2,100 * 1.15)

Long-term debt 4,018 ($14,375 - 2,415 - 7,942)

Equity 7,942 ($6,700 + $1,242)

Total liab. & equity $14,375

Working capital = $2,070 ($4,485 - $2,415)

Capital expenditure = $1,290 ($9,890 - 8,600)

External financing needed = Net income minus (working capital plus capital expenditure)

= $2,070 - ($2,070 + 1,290)

= $1,290

7 0

3 years ago