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masha68 [24]
3 years ago
8

Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transact

ions affect stockholders' equity during 2015, its first year of operations:
January 2 Issue 110,000 shares of common stock for $70 per share.
February 14 Issue 60,000 shares of preferred stock for $12 per share.
May 8 Purchase 11,000 shares of its own common stock for $60 per share.
May 31 Resell 5,500 shares of treasury stock for $65 per share.
December 1 Declare a cash dividend on its common stock of $0.25 per share and a $36,000 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on
December 30. (Hint: Dividends are not paid on treasury stock.)
December 30 Pay the cash dividends declared on December 1.

Required:
a. Record each of these transactions.
b. Prepare the stockholders' equity section of the balance sheet as of December 31, 2015. Net income for the year was $490,000.
Business
1 answer:
kvv77 [185]3 years ago
3 0

Answer:

i am sorry i do not know because i am having trouble with the same problem

Explanation:

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The Pinetop Corporation issues 1,000 shares of 6%, $100 par value preferred stock at the beginning of 2014. All remaining shares
lidiya [134]

Answer:

$12,000 and $6,000

Explanation:

For computing the dividend, first we have to find out the yearly dividend which is shown below:

= Number of shares × par value per share × dividend rate  × number of years

= 1,000 shares × $100 × 6%  × 2 years

= $12,000

Out of $18,000, the $12,000 will be paid to preferred stockholders and the remaining $6,000 will be paid to common stockholders

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3 years ago
The Federal Reserve wants to change the nominal interest rate from 7% to 5%. What action
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Answer:

the answer is a

Explanation:

i just took the usatestprep

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3 years ago
Other things remaining the same, if the price of a , budget line ______. other things remaining the same, if budget for and , bu
Karo-lina-s [1.5K]

1. Other things remain the same if the price of a budget line increases then the budget line will tilt inwards from the intercept of the goods whose price is constant.

2. other things remaining the same, if the budget for and, budget line a change in the Income of Consumer.

The budget line will move to the right to the new location as a result of the price of good X declining, the consumer's income being constant, and the price of Y increasing. If the price of good X increases while the price of good Y and income remain unchanged, the budget line will go up.

A budget line is a line that specifies the upper and lower bounds of permissible consumption and is based on the SUPPLY and DEMAND of goods and services from the customer. Budget, Prices, Demand, Prices Budget, Prices, Demand, Prices He has $1.00 to spend each week on coffee and Coke, and he has a total of $12.00 to spend on these items.

Learn more about the budget line and price of goods here:

brainly.com/question/10269526

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7 0
1 year ago
What has contributed to the changes in the banking industry that has blurred the lines between types of banks? (Select all that
Ksenya-84 [330]

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internet banking advanced in tech

Explanation:

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2 years ago
In time of rising prices, ending inventory determined using the LIFO inventory assumption will be ________ than ending inventory
Yuliya22 [10]

Answer:

LOWER

Explanation:

In time of rising prices, the inventory valuation made according to <em>LIFO</em> ( LAST IN FIRST OUT )  will be <u>LOWER</u> than the one valued according to <em>FIFO</em> ( FIRST IN FIRST OUT ) method.

The reason is that in <em>LIFO</em>, the newer stock is sold first, therefore, the remaining inventory is valued according to older purchases, that in inflationary context have lower prices.

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3 years ago
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