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kari74 [83]
3 years ago
11

Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the follo

wing stock transactions.
Jan. 15 Issued 700,000 shares of stock at $7 per share.

Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share.

Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015.

Journalize the transactions for Patrick Corporation.
Business
1 answer:
gavmur [86]3 years ago
6 0

Answer:

cash   4,900,000 debit

   common stock              700,000 credit

   additional paid-in        4,200,000 credit

   in excess of Par-value

treasury stock:   360,000 debit

      cash                      360,000 credit

dividends     340,000 debit

   dividends payable        340,000 credit

Explanation:

cash proceeds: 700,000  x 7 = 4,900,000

common stock: 700,000  x 1  =    700,000

additional paid-in:  (difference)           4,200,00

treasury stock: 20,000 x 18 = 360,000

outstanding shares: 700,000 - 20,000 = 680,000

cash dividends: 680,000 x 0.50 = 340,000

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Answer:

The rationale for conducting active policy is the interest of Congress to alter the state of the economy through a deliberate change in established policies.

But in the case of Passive policy, the government permits the status quo.

Active policy relies on the government to enforce it while passive policy does not need the government's interference to work in stabilizing the economy.

Explanation:

The following statements applies passive policy because the economy is expected to stabilize on it's own without the deliberate act of congress influencing it:

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The following statements is a rationale for conducting active policy since the government's intervention is required:

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3 years ago
Leonard transfers equipment (basis of $40,000 and fair market value of $100,000) for additional stock in Green Corporation. Afte
Crank

Answer: e. None of the above.

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Under IFRS, leonard will not recognize this either gain or depreciation as the transfer has taken place. But when Green Corporation sells the equipment then it will have to consider the potential which was generated in respect to the transfer with leonard.

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The Occupational Safety and Health Act (OSHA) mandated that first-aid kits be available in business establishments employing mor
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The correct answer is D

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What is an important characteristic of the M1 money supply? . . A. liquidity . . . . C. flexibility . . D. solidity .
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<h3>What does total spending actually mean?</h3>

Aggregate expenditure, a macroeconomic statistic, is used to measure and evaluate the total amount of economic activity or output within a country. A nation's total outlays over a given time period are measured by aggregate expenditure, just as the gross domestic product (GDP) and national income.

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