The Federal Open Market Committee can act almost immediately.
Answer:
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Answer:
$78,199
Explanation:
If the market price of common stock is $165 per stock, then selling 500 common stocks should = $82,500
If the market price of preferred stock is $230 per preferred stock, then selling 100 preferred stocks should = $23,000
If we add both we would get $105,500. If we want to allocate the proceeds proportionally according to their market prices:
common stocks = ($82,500 / $105,500) x $100,000 = $78,199
preferred stocks = ($23,000 / $105,500) x $100,000 = $21,801
the journal entries should be:
- Dr Cash account 78,199
- Cr Common Stock account 5,000
- Cr Capital Paid-in Excess of Par Value (Common Stock) account 73,199
- Dr Cash account 21,801
- Cr Common Stock account 10,000
- Cr Capital Paid-in Excess of Par Value (Preferred Stock) account 11,801
Answer:
a. $500
b. $1,700
Explanation:
In the cash basis system of accounting, revenue is recognized once cash has been collected while under accrual basis, revenue is collected once it is earned irrespective of whether cash has been collected or not.
Expenses are recorded when cash is paid in the cash basis system while expenses are recorded once it is incurred under the accrual system of accounting.
Hence
Cash basis - revenue earned is $500 for the year
Accrual basis - revenue earned is $1700 ( the sum of the amount paid and owed by the customer).
Answer:
Cash Receipt from Customers = Sales Revenue - Accounts Recievable (add since it’s a decrease)= 2000000 + 200000= 2,200,000