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NemiM [27]
3 years ago
6

Prepare journal entries to record the following four separate issuances of stock.

Business
1 answer:
hram777 [196]3 years ago
5 0

Explanation:

  • A.

                                                                    Debit            Credit

Cash                                                         $84,000

Common stock                                                                 $70,000

Paid-In Capital in Excess of Par Value                             $14,000

It's necessary to split the equity in two accounts because there is information about the par value

  • B.

Promotion Expenses                                $49,000

Common Stock                                                                  $3,500

Paid-In Capital in Excess of Par Value                             $45,500

It's necessary to split the equity in two accounts because there is information about the par value

  • C

Promotion Expensese                               $49,000

Common Stock                                                                   $49,000

It's not necessary to split the equity in two accounts because there is no information about the par value

  • D.

Cash                                                            $136,500

Preferred Stock                                                                   $87,500

Paid-In Capital in Excess of Par Value                                $49,000

It's necessary to split the equity in two accounts because there is information about the par value

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The fixed cost of a production system is $20,000, and the variable cost per unit product is $17. The product has a revenue of $2
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Results are below.

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On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provi
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Answer:

The requirement of the question is as below:

How much must Alan deposit on January 1? (Round your final answer to the nearest whole dollar amount.)  

What is the interest for the four years? (Round your final answer to the nearest whole dollar amount.)

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Interest for four years is $21,197.61

Explanation:

The first is asking for today's worth of the investment,which is the amount to be invested,this can be computed using the present value as shown below:

PV=FV*(1+r)^-n

PV is the present value

FV is the worth of the investment in 4 years from now which is $80,000

r is the rate of return of 8%

n is the number of years of investment which is 4 years

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PV=$80,0008(1+0.08)^-4

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interest for four years=$80,000-$ 58,802.39  

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