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Hatshy [7]
3 years ago
10

​May, Inc. had the following transactions in​ 2019, its first year of​ operations: bullet Issued 20 comma 000 shares of common s

tock. The stock has par value of $ 2.00 per share and was issued at $ 18.00 per share. bullet Issued 1 comma 200 shares of $ 160.00 par value preferred stock at par. bullet Earned net income of $ 38 comma 000. bullet Paid no dividends. At the end of​ 2019, what is the total amount of paidminusin ​capital?
Business
1 answer:
Liula [17]3 years ago
5 0

Answer:

The total amount of paid-in ​capital is $552,000

Explanation:

The computation of the total amount of paid-in capital is shown below:

= Issue of common stock + issue of preferred stock

where,

Issue of common stock = Number of shares × issued price

                                       = 20,000 shares × $18 per share

                                      = $360,000

Issue of preferred stock = Number of shares × par value

                                       = 1,200 shares × $160 per share

                                       = $192,000

Now put these values to the above formula  

So, the value would equal to

= $360,000 + $192,000

= $552,000

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In a market with an upward sloping supply curve and a downward sloping demand curve, when there is an excess supply, the actual
erik [133]

Answer:

The correct answer is: the actual price is higher than equilibrium price.

Explanation:

With a downward sloping demand curve and upward-sloping supply curve, excess supply means that the supply is more than quantity demanded. The actual price is higher than the equilibrium price level.  

We are aware that price and supply are directly related, so the firms will supply more at a higher price. But price and quantity demanded are inversely related, so at higher price, the consumers will demand less quantity of the product.  

Thus excess supply is created in the market at a price higher than the equilibrium price.

7 0
3 years ago
George Corporation has no beginning inventory and manufactures a single product. If the number of units produced exceeds the num
laiz [17]

Answer:

Correct option is B.

<u>Be greater than the net operating income under variable costing.</u>

Explanation:

As, in factor costing the closure stock cost will exclude the component of fixed assembling overheads. in any case, if there should arise an occurrence of assimilation costing, the completion stock will have a component of fixed expense. In this way Cost of products sold in less in Absorption costing, and overall gain will be more if there should arise an occurrence of ingestion costing.

5 0
3 years ago
Baker earned $113,300 of salary as an employee in 2012. How much should his employer have withheld from his paycheck for FICA ta
Murrr4er [49]

Answer:

Employer should withheld $1,643 from Baker's salary

Explanation:

Baker earned $113,300 in 2012. As on 2012, FICA tax rate withheld from employee's salary is 7.65% that constitutes 4.5% of social security, 1.45% of medicare taxes and 2% additional for employees whose wages exceed $18,350.

The gross income base for social security part has increased in 2012 to $110,100. This is not applicable for medicare tax of 1.45%.

Here, Baker's salary of $113,300 is above social security limit, so his income will not be withheld for social security. However, 1.45% of his salary will be withheld for medicare tax.

Therefore, $1,643 that is 0.0145×113,300 is withheld from his salary.

5 0
3 years ago
When compared to static budgets, flexible budgets: a.encourage managers to use less fixed cost items and more variable cost item
ladessa [460]

Answer: d. offer managers a more realistic comparison of budgeted and actual revenue and cost items under their control.

Explanation: A flexible budget is a budget that is flexible, in that it changes with changes in volume or activity.  It reflects the expenditure appropriate to various levels of output and offers managers a more realistic comparison of budgeted and actual revenue and expenditure under their control  that is applicable for that particular level of activity attained or achieved. As such it is far more useful and sophisticated than the static budget (whose budget amounts do not change) prepared before the fiscal period began when the production/activity level was uncertain.

4 0
3 years ago
Read 2 more answers
Carver Packing Company reports total contribution margin of $80,200 an pretax net income of $40,100 for the current month. In th
Helen [10]

Answer:

• Degree of operating leverage = $2

• Expected Percent change in income = 20%

Explanation:

Details provided from the question includes ;

Total contribution margin = $80,200

Pretax net income = $40,100

Expected increase in sales value = 10%

Therefore;

Degree of operating leverage

= Contribution margin ÷ Net operating income

= $80,200 ÷ $40,100

= $2

Percent change income

= Percentage increase in sales × Degree of operating leverage

= 10% × 2

= 20%

8 0
3 years ago
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