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docker41 [41]
2 years ago
9

Treasury stock represents ______. (Check all that apply.) Multiple select question. stock issued in exchange for treasury bills

a contra-equity account the amount paid for stock reacquired and currently held in treasury the amount paid to acquire US treasury stock
Business
1 answer:
VashaNatasha [74]2 years ago
6 0

Option 3. The amount paid for the stock reacquired and currently held in its treasury.

2) Option 6. Credit common stocks $180,000.

2) Option 8. Debit cash $660,000.

Solution 1:

Treasury Stock represents "the amount paid for stock reacquired and currently held in Treasury".

Hence the third option is correct.

Solution 2:

Price of share = (Common stock + paid-in capital in excess of par) / Number of shares issued.

= ($100,000 + $460,000) / 50000

= $11.2 per share.

Solution 3:

Journal entry will be:

Debit Cash......................$660,000

Credit Common stock....................................$180,000

Credit Paid in capital in excess of par...........$480,000

Hence third, sixth and last options are correct.

Treasury stock is often a form of reserved stock set aside to raise funds or pay for future investments. Companies may use treasury stock to pay for investment or acquisition of competing businesses.

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Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 Purchased raw m
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Answer:

raw materials    20000 debit

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WIP         8000 debit

factory overhead 1000 debit

raw materials   9000 credit

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factory overhead 24000 debit

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factory overhead     10100  debit

cash   10100 credit

WIP   49000 debit

factory overhead   49000 credit

Finished Goods   18000 debit

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Explanation:

The indirect materials and labor will be considered actual factory overhead thus debited into that account

same procedures applies to the repair and utilities paid in cash we have to posted into factory overehad

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The finished goods will increase while the WIP inventory decrease by the ammount transferred out

The COGS is an expense which decreases our finished goods inventory as we sale them and are no longer in our possesion.

5 0
3 years ago
Under U.S. GAAP, if the carrying value of a fixed asset was $50,000, the undiscounted expected future cash flows was $55,000, th
ira [324]

Answer:

$0

Explanation:

According to US GAAP the reduction in the value of the asset due to a decrease in the fair value. It means when fair value of the asset is reduced than the book value of the asset.

Amortized Cost / Book value = $50,000

Market Value = $53,000

Discounted Value = $51,000

There is no Impairment loss on this asset as the fair market value is more than the book value of the asset.

7 0
3 years ago
Read 2 more answers
I need help with economic hw can someone come up with a example for scarcity and choice, opportunities cost
diamong [38]

Scarcity occurs when the demand for something exceeds the supply. Examples often occur with natural resources when they are over used. Think of over fishing, hunting or poor farming. The choice to over hunt in present may cost hunting opportunities in the future.

4 0
3 years ago
When higher prices result in a lower quantity demanded, economists call this relationship: a. the law of quantity. b. the demand
Zanzabum

Answer:

d. the law of demand

Explanation:

One of the foundations of current economy,  the inversely proportional relationship between prices and quantity demanded, that is, the higher the price the lower the demand, is known by economists as the law of demand.

This law is a key factor in the determination of prices of goods and services that we see each day and reflects the decrease in the marginal utility of each extra unit with an increase in price.

4 0
3 years ago
Fallsview Glatt Kosher Caterers ran a business that provided travel packages, including food, entertainment, and lectures on rel
inessss [21]

Answer: The Contract is valid.

Explanation:

Under the UCC’s Statute of Frauds, transactions above $500 for goods cannot be made orally alone and have to be written in writing as well. This is the law that Rosenfield relied on.

However, Fallsview can argue that the Passover Retreat is not a Good, but rather a Service in which case it does not fall under the Statute.

The main bone of contention thereby becomes, if indeed it is a service or a good.

If it is a Hybrid of both, then the Court needs to decide if the services outweigh the goods involved.

From the text we see that the following were included in the package, food, entertainment, and lectures on religious subjects.

Food is the only good there and is outweighed by Entertainment and lectures on religious subjects.

As such, the contract is valid as it is for more service than good.

4 0
3 years ago
Read 2 more answers
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