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vodka [1.7K]
3 years ago
11

On January 2, 2016, Alpha Corporation issued 15,000 shares of $10 par value common stock for $15 per share. On March 1, 2016, Al

pha reacquired 1,000 of these shares when they were trading $20 each. September 1, 2016, when the market was soaring, Alpha reissued 500 shares of treasury stock at the going market rate of $25 per share. Use this information to prepare the General Journal entry (without explanation) for September 1.

Business
1 answer:
erik [133]3 years ago
3 0

Answer:

Given:

On January 2, 2016:

Issued 15,000 shares of $10 par value

Common stock for $15 per share

On March 1, 2016: Alpha reacquired 1,000 of these shares when they were trading $20 each.

On September 1, 2016: Alpha reissued 500 shares of treasury stock at the going market rate of $25 per share.

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Borasco Corp. owns land with a fair market value of $200,000. Borasco purchased the land 10 years ago for $65,000 and owes a lia
FromTheMoon [43]

Answer: B. $65,000

Explanation:

The options to the question are:

A. $15,000

B. $65,000

C. $150,000

D. $200,000

It should be noted that the corporate liquidations of property are typically treated as either an exchange or a sale and the profit or the loss made will be recognized by the corporation usually based on the liquidating sale of the assets of the corporation.

In certain cases whereby the distributee that is, the individual who is entitled to partake in the share of an estate distribution is a corporation that is in charge of the distributing corporation, this may lead to the distribution not to be taxable.

Due to this, Alvo has a basis of $65,000. The reason is that the land was not sold and therefore Alvo did not get $200,000.

6 0
2 years ago
The only expenses that can be reduced in order to produce more savings are ""Non-essential Expenses"" and ""Essential (Variable)
Y_Kistochka [10]

Answer:

The statement is false

Explanation:

Non- essential expense is the expense which is spent on the extra things, which means it is not essential to meet the needs. Whereas the essential expense are those expenses which are spend on consuming the things required for living. For example food, cloth.

So, both the expenses are those expense which are necessary for an individual or person and therefore, cannot be reduced in order to produce the more savings.

8 0
3 years ago
Read 2 more answers
The Hi-Stakes Company has a number of importing and exporting transactions. Importing activities result in payables and exportin
Lorico [155]

Answer:

The Hi-Stakes Company

a. If the direct exchange rate increases, the dollar strengthens relative to the other currency.

b. If the indirect exchange rate increases, the dollar also strengthens relative to the other currency.

Explanation:

When the exchange rate increases, it means that more of the other currency is required in order to embark on importing and exporting transactions.  However, the increases will weaken the ability of the importing currency to afford the dollar-based goods, which have then being made more expensive.

3 0
2 years ago
In​ 1975, interest rates were 7.85 % and the rate of inflation was 12.3 % in the United States. What was the real interest rate
Georgia [21]

Answer:

Since the real rate of interest is negative, this means that the purchasing power of the savings have decreased over the  year.

Explanation:

Data provided:

Interest rates = 7.85 %

The rate of inflation = 12.3 %

Now,

The Real interest rate is calculated as :

Real interest rate = Nominal interest rate - Inflation rate

on substituting the respective values, we get

Real interest rate = 7.85% - 12.3%

Or

The real interest rate = - 4.45%

Here,

Since the real rate of interest is negative, this means that the purchasing power of the savings have decreased over the  year.

4 0
3 years ago
Applet Systems is a​ start-up company that makes connectors for​ high-speed Internet connections. The company has budgeted varia
Marysya12 [62]

Answer:

Applet's flexible budget variance for total costs is $5,140  unfavorable variance since actual is higher than budgeted cost

Explanation:

Flexible budget variance for total costs=actual total costs-budgeted total costs of 72 connectors

actual total costs of 72 connectors=$19,000

budgeted total costs of 72 connectors=budgeted fixed cost+budgeted total variable cost of 72 connectors

total budgeted variable cost=72*$130=$ 9,360.00  

budgeted fixed cost is $4,500

Budgeted total costs of 72 connectors=$9,360.00+$4,500.00=$ 13,860.00  

Flexible budget variance =$ 13,860.00-$19,000.00=$5140  unfavorable variance

5 0
3 years ago
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