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Fofino [41]
3 years ago
6

Determine if the statement is true or false.

Business
1 answer:
o-na [289]3 years ago
4 0

That statement is true

In united states, there are only two things that considered as a primary source of criminal law.

The first one is the court ruling that is made by both state and supreme courts.  The second one is the legislation that are passed by the representatives in state and federal government.

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Diane's Designs has two classes of stock authorized: 8%, $10 par value preferred and $1 par value common. As of January 1, 2021,
devlian [24]

Answer:

Common stock = $210,000

Preferred stock = $15,000

Additional paid in capital = $2,801,000

Treasury stock  =    $120,000

Retained earnings = $31,600

Explanation:

Diane's Designs has two classes of stock authorized: 8%, $10 par value preferred and $1 par value common.

As of January 1, 2021, the following accounts had the following balances: Common Stock $10,000, preferred stock $5,000, retained earnings was $9,600.

The following transactions affect stockholders' equity during 2021, its first year of operations: January 1-Dec. 31 Net Income $25,000

January 1 Issue 200,000 shares of common stock for $15 per share.

JOURNAL ENTRIES

Dr. Bank.......................3,000,000

Cr. Common stock.......................200,000

Cr. Additional Paid-in capital..2,800,000

February 6 Issue 1,000 shares of preferred stock for $11 per share.

JOURNAL ENTRIES

Dr. Bank.......................11,000

Cr. Preferred stock.......................10,000

Cr. Additional Paid-in capital.......1,000

October 10 Purchase 10,000 shares of its own common stock for $18 per share.

JOURNAL ENTRIES

Dr. Treasury Stock.......................180,000

Cr. Bank........................................................180,000

November 12 Resell 5,000 shares of treasury stock at $20 per share.

JOURNAL ENTRIES

Dr. Bank..............60,000

Cr. Treasury Stock.......................60,000

December 31 Paid dividends of $3,000

The closing balances can be computed as beginning balances + changes in the year = closing balances:

Common stock = 10,000 + 200,000 = $210,000

Preferred stock =  5,000 + 10,000 =    $15,000

Additional paid in capital = 2,800,000 + 1,000 = $2,801,000

Treasury stock  = 180,000 - 60,000 = $120,000

Retained earnings 9,600 + 25,000 - 3,000 = $31,600

8 0
3 years ago
A fixed asset with a five-year estimated useful life and no scrap value is sold at the end of the second year of its useful life
JulsSmile [24]

Answer:

B) A gain would be less or a loss would be greater using straight-line depreciation.

Explanation:

In straight line method of depreciation there is a fixed amount of depreciation,  and in double declining method the rate is double of straight line method,

Let us take an example,

Cost of asset = $500,000

Selling price at end of 2nd year = $300,000

Straight line depreciation = $100,000 for each year i.e. $500,000/5

Double declining method rate = ($100,000/$500,000) \times 100 \times 2 = 40%

Therefore value at end of second year

Straight line = $500,000 - ($100,000 \times 2 ) = $300,000

Double Declining method = ($500,000 -40%) - 40% = $180,000

In case of sale at $300,000

Profit shall be

Straight line = $300,000 - $300,000 = 0

Double Declining = $300,000 - $180,000 = $120,000

Now, there will be more profit in double declining that is gain is less in straight line and losses would be greater in straight line thus statement B is correct.

8 0
3 years ago
Why​ isn't elasticity just measured by the slope of the demand​ curve?
marissa [1.9K]
I think its B if not B than C most likely
6 0
3 years ago
Why is adversity is the workplace good fo the business
ANTONII [103]

It diversify the workload and allows people to make more connections and all while having multiple view on one problem to help in finding or solving a problem.

6 0
3 years ago
AV Sales has net revenue of $513,000 and costs of $406,800. The depreciation expense is $43,800,interest paid is $11,200, and di
vredina [299]

Answer:

addition to retained earnings is $34,304

Explanation:

 Revenue                        =  $513,000

- Costs                              <u>= $406,800</u>

Gross Profit                       =  $106200

-  Depreciation expense  =   $43,800

-   Interest paid                  <u>=   $11,200</u>

Profit before tax                =   $51,200

-   Tax 33%                         =   $16,896

Profit after tax                    =   $34,304

*Profit after tax is actually addition to Retained earning the dividend payment is made from the Retained earning account after that.

6 0
3 years ago
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