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DedPeter [7]
3 years ago
6

During 2019, Globe Life Corporation had following transactions affecting stockholders' equity: a. Feb. 1 Repurchased 230 shares

of the company's own common stock at $22 cash per share. b. Jul. 15 Sold 130 of the shares purchased on February 1 for $23 cash per share. c. Oct. 1 Sold 100 of the shares purchased on February 1 for $21 cash per share.
Business
1 answer:
natali 33 [55]3 years ago
5 0

Answer:

The requirement of question is prepare journal entries for each of above transaction; It is assumed that par value of each share is $1

Explanation:

Feb 1.

Common Stocks  230*1                           Dr.$230

Paid in capital in excess of par 230*(22-1)  Dr.$4,830

Cash 230*22                      Cr.$5,060

b. Jul 15

Cash 130*23    Dr.$ 2,990

Common Stocks 130*1     Cr.$130

Paid in capital  in excess of par 130*(23-1) Cr.$2,860

c.Oct 1

Cash 100*21             Dr.$2,100

Common Stocks 100*1            Cr.$100

Paid in Capital in excess of par 100*(21-1) Cr.$2,000

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High-Low Method
frozen [14]

Answer:

Requirement 1

<em>High Point = March</em>

<em>Low Point = January</em>

Requirement 2

<em>Variable rate for tanning $0.41 per tanning appointment </em>

<em>Fixed cost per month $1,457</em>

Requirement 3

<em>Total Cost = $1,457 + $0.41 × Activity Level</em>

Requirement 4

<em>Total predicted cost for September $ 2,482</em>

<em>Total fixed cost for September $1,457</em>

<em>Total predicted variable cost for September $1,025</em>

Explanation:

Requirement 1

High Point = March

Low Point = January

Requirement 2

<em>Variable Cost = Difference in Overhead Cost (High - Low)/ Difference in Activity (High - Low)</em>

                       = $2,810 - $1,744 / 3,300 - 700

                       = $1,066/ 2,600

                       = $0.41

<em>Fixed Cost Component = Total Overhead Cost - Variable Cost × Selected Activity.</em>

Lets Select, January 700 $1,744

Fixed Cost Component = Total Overhead Cost - Variable Cost × Selected Activity.

                                       =  $1,744 - $0.41 × 700

                                       =  $1,457

Requirement 3

Cost formula for tanning services

<em>Total Cost = Fixed Cost + Variable Cost</em>

thus,

Total Cost = $1,457 + $0.41 × Activity Level

Requirement 4

Total Cost = $1,457 + $0.41 × Activity Level

                 =  $1,457 + $0.41 × 2,500

                 = $ 2,482

6 0
3 years ago
Aldi, Lidl, Dollar General, and Family Dollar are examples of ________, as they carry a more restricted merchandise mix than dis
liq [111]

Answer:

The correct answer to the following question is Extreme value stores .

Explanation:

Extreme value stores are those type of stores which are also know as merchandise  discount store, which are easily found in the low income rural and urban areas. These type of stores are usually small discount stores, who have very limited merchandise assortments and they offer those products at a very low price. The given examples of Aldi, Lidl, Dollar general and Family Dollar are all examples of Extreme value stores.

4 0
3 years ago
The __________ Rate is the interest rate the Fed charges banks and thrifts to borrow to meet the reserve requirement.
adoni [48]

Answer:

Federal funds rate

Explanation:

The federal funds rate is the interest rate at which depository institutions (banks and thrifts) lend reserve balances to each other to meet reserve requirements.

Reserve requirements are the amount of funds required by the central bank  that banks should keep as reserves to meet liabilities

the Federal funds rate is currently  maintained at a range of 0% to 0.25%

5 0
3 years ago
Net working capital is defined as current assets divided by current liabilities.
Ahat [919]

Answer:

The answer is False.

Explanation:

False, because the net working capital is determined by subtracting all the current liabilities from the current assets. But in the question, it says net working capital is determined by dividing the current assets with current liabilities which is wrong. Therefore, if the current assent is 10000 dollars and current liabilities are 5000 dollars then net working capital is 10000 – 5000 = $5000.

7 0
3 years ago
Which of these lenders would be least likely to approve a short sale? unset starred question conventional lenders credit unions
Semenov [28]

Junior Lenders would be least likely to approve a short sale.

What is a junior interest?

Junior Interest means a performing junior participation interest in a stabilized or transitional senior commercial, multifamily fixed or floating rate mortgage loan secured by a first lien on multifamily and commercial properties or a subordinate portion of a Senior Mortgage Loan evidenced

Is a take out loan the same as junior mortgage?

A junior mortgage is a second mortgage loan that you take out against your home's equity using the property as collateral. A junior mortgage assumes that you already have a mortgage that's also secured by the home. A junior mortgage forms a second lien against the property.

Learn more about junior lender:

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4 0
1 year ago
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