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GrogVix [38]
3 years ago
13

Question 1 Tamarisk Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of $50 par value

preferred stock. The preferred stock was originally issued at $61 per share. The common stock is trading at $25 per share at the time of conversion. Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
Business
1 answer:
Anastasy [175]3 years ago
7 0

Answer:

The journal entries relating to the conversion of preferred stock to common stock are highlighted below:

Dr Preferred stock                                                 $45,000

Dr Paid-in capital in excess of par                        $9,900

Cr Common stock                                                                           $18,000

Cr Paid-in capital in excess(balancing figure)                                $36,900

Explanation:

Find in the attached the detailed computations of the amounts above.

Download xlsx
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Use the graph to answer the question that follows.
Damm [24]

The movement from point B to point A is due to the price that companies can charge for the product decreases. Therefore the 3rd option is correct.

<h3>What is supply?</h3>

Supply is the economic concept which refers to the availability of the products and commodities in the market in order to satisfy the needs of the consumers.

According to the Graph, The prices of the commodity is decreased from $20 to $5 and output is also decreased from 200 units to 100 units which implies the decrease in the prices of the product which further implies the decrease in the level of supply.

Therefore the 3rd option is correct.

Learn more about supply here:

brainly.com/question/9054714

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5 0
1 year ago
Which of the following statements about taxation is TRUE?
xeze [42]

Answer:

A. There is a tax rate at which tax revenues are maximized.

Explanation:

By Laffer Curve definition we can easily understand the relationship between tax rate and tax revenues. It was developed by Arthur Laffer. The Laffer Curve describes that:

  • with an optimal tax rate government maximizes total  tax revenues
  • there is no tax revenue collection at the two extreme tax rates of 0% and 100%
  • at the left side of the curve higher tax rates decrease the incentive to work and invest. As a result this leads to to decrease in total tax revenue.

4 0
2 years ago
Describe two financial goals that you would want to meet before you begin investing. Explain why you would want to reach those g
salantis [7]
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4 0
2 years ago
Inside Incorporated was issued a charter on January 15 authorizing the following capital stock: Common stock, $6 par, 100,000 sh
marin [14]

Answer:  

$1,114,000   -  total equity section

Balance sheet extract

common stock   (120,000 units)                   $720,000

common stock share premium                     $240,000

preference shares (8 000 units)                   $80,000

preference share premium                            $36,000

Profit (net income)                                       <u>     $ 38,000</u>

                                                                          $1,114,000      

Explanation:

common stock account (100,000 + 20,000) x $6 par value = $720,000

common stock premium per unit is calculated $18 minus par value of $6 = $12. total premium is 12 x 20,000 units issued= $240,000

Preference shares account = (5000+3000) x $10 = $80,000

preference share premium (22 minus 10) = $12 per unit

total preference shares premium is $12 x 3000 issued units= $36,000

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The selection process in a high-involvement management organization involves selecting new hires based upon:
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