Answer:
E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
Explanation:
Journal Entry for Issuance of 70 shares of $30 par value preferred stock for $4,000 is -
Cash Debited - $4,000
Paid in Capital in excess of Par value Credited - $1,900
Preferred Stock (70 shares × $30 each) Credited - $2,100
The correct option is - E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
Answer:
Price lining
Explanation:
Price lining is defines as the pricing strategy where related products are sold at different prices to customers.
Usually the price difference depends on the level of quality of the products.
For example a beverage company with different drinks having various flavours will have a different price for each one.
In the given scenario price lining is occurring at a larger scale when Marriott branded its entire family of accommodations based on different value propositions.
These include Ritz-Carlton and JW Marriott for the most discriminating patron, Marriott and Renaissance at the next level of full service, and an array of differentially positioned brands such Courtyard and Residence Inn.
Answer: A Contract was formed on February 5th
Explanation:
The contract was formed the very day that Bob mailed Ann his acceptance which was on the 5th of February.
Ann attempted to revoke the acceptance too late as she did it a day after he had emailed his acceptance even though she only received it on the 7th.
The date she received the acceptance is of no consequence because this falls under the Posting Rule. This rule in Common Law countries essentially states an agreement is made as soon as the letter is posted even if it never gets to it's destination.
Answer:
Explanation:
There is a limit on the amount of charitable contribution that a taxpayer can claim as deduction and it depends on the type of property that a taxpayer donates and nature of charity organization. A taxpayer can deduct up to 60% of adjusted gross income (AGI) in the case of cash contributions to public charity. When he contributes capital gain property, he can deduct up to 30% of adjusted gross income in the case of public charity. When he contributes capital gain property to private non operating foundation, he can deduct up to 20% adjusted gross income.
Calculate the maximum amount of deduction as follows
