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padilas [110]
1 year ago
7

x-co issued 1,000 shares of its 5%, $10 par value, cumulative preferred stock for $100 cash per share. the journal entry to reco

rd this event includes:
Business
1 answer:
gizmo_the_mogwai [7]1 year ago
6 0

If the company issued 1,000 shares of its 5%, $10 par value, cumulative preferred stock for $100 cash per share. the journal entry to record this event includes: is: Debit  Cash $100,000 ; Credit to Preferred Stock $100,000.

<h3>How to prepare the journal entry?</h3>

Based on the given information we were told that the company issued  1,000 shares in which the cumulative preferred stock is the amount  $100 cash per share. The appropriate journal entry to record the transaction is:

Journal entry

Debit  Cash $100,000

Credit to Preferred Stock $100,000

( To record preferred stock)

Workings:

Preferred stock = 1,000 shares × $100 cash per shares

Preferred stock = $1000,000

Therefore the correct journal entry to record the transaction is to debit cash with the amount of $100,000 and credit Preferred stock with the amount of $100,000.

Learn more about journal entry here: brainly.com/question/14279491

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Define economic profit. Explain how economic profit is different than accounting profit. Why is it important for economists to m
saul85 [17]

Answer:

a. Economic profit is the excess of revenue over both opportunity (implicit) and explicit costs.  Explicit costs are the cost of all inputs used.

b. The difference between economic profit and accounting profit is that in calculating economic profit, both the explicit costs and the implicit or opportunity costs are deducted from the revenue.  Whereas, in computing the accounting profit, only the explicit costs are deducted from the revenue.

c. Economists measure economic profit rather than accounting profit because economists believe that the real cost of an output includes the economic or opportunity cost (potential benefits lost as a result of the course of action chosen).

Explanation:

Opportunity cost is the implicit cost incurred, which is equal to the potential benefits lost by an individual or a business, when an alternative is chosen instead of the other alternative.  It is an important concept in the computation of economic profit.  The concept ensures that both implicit and explicit costs are considered when determining the profits generated by a business.

3 0
3 years ago
Ngai Nhung is the sales manager at Hung Technologies. At lunch with the company CEO, Ngai proudly announced that he had negotiat
beks73 [17]

Ngai Nhung is the sales manager at Hung Technologies. At lunch with the company CEO, Ngai proudly announced that he had negotiated a <u>blanket purchase order</u> with a client that represented the customer's long-term commitment to buy components from Hung.

<u>Option: D</u>

<u>Explanation:</u>

Here Ngai announcement means that the firm's consumers with their suppliers are going to enable several distribution dates across a period of time, often structured to reap the benefits of fixed prices which showcase the long-term relation between firm and consumer, thus understood as a blanket purchase order.

It is basically utilized when expendable products are recurrently needed. Blanket orders are commonly used when a consumer purchases large amounts and receives special discounts. Calculating the predicted amount planned by the recipient of the commodity is the toughest part of getting an agreement.

3 0
3 years ago
Suppose the 2017 adidas financial statements contain the following selected data (in millions).
Lera25 [3.4K]

Answer:

(A) net working capital = 1,510

(B) current ratio = 1.49

(C) debt to assets = 54.6153%

Explanation:

working capital

current assets - current liabilities

4,570 - 3,060 = 1,510

current ratio

current assets / current liab

4570/3060 = 1.493464052

(c) debt to assets

total liab/ total assets

4,544/8,320 = 54.6153%

4 0
3 years ago
Clark Company's master budget reflects budgeted sales information for the month of June, 2019, as follows: Budgeted Quantity Bud
lesya [120]

Answer:

Total sales variance    $87,340   Favorable

See report below

Explanation:

The sales budget for the month of June would like as follows:

Budgeted Sales

Product                 units        Price     Total($)

A                        40,000       $7          280,000

B                         39,000    $9            351,000

Actual sales

Product                 units        Price     Total($)

A                        39,000       $7.10         276,900

B                        49,600       $8.90         441440

Sales Budget Report for the month of June 2019

                                Budget           Actual           Variance ($)

A                        280,000                  276,900         3,100      Unfavorable

B                        351,000                   441,440            <u>90,440  </u>favorable

   Total sales variance                                          <u>  87,340   Favorable</u>

5 0
3 years ago
Zipcar car rentals is an example of a type of innovation that is similar to product innovation except that this innovation relat
andrew-mc [135]

Zipcar car rentals is an example of a type of innovation that is similar to product innovation except that this innovation relates to services.

Product innovation is the introduction of a new or improved good or service.  This improvements may be functional, technical and so on.

Service innovation is similar to product innovation except that this innovation relates to services.

Find out more at: brainly.com/question/17218280

6 0
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