1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Svetach [21]
3 years ago
9

Beauty Island Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per

share. On April 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $27,500 for organization costs. In addition, Beauty Island issued 1,000 shares of $1 par value preferred stock for $6 cash per share.Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem.)
Business
1 answer:
dlinn [17]3 years ago
3 0

Answer and Explanation:

The Journal entry is shown below:-

1. Cash  Dr, $780,000

(60,000 × $13)

Common Stock Dr, $300,000

(60,000 × $5)  

       To Paid-in Capital in Excess of par, Common Stock $1,80,000

(Being issuance of 60,000 shares at $13 per share is recorded)

2. Organization costs Dr, $27,500

      To Common Stock $5,000

(1,000 × $5)

        To Paid-in Capital in Excess of par, Common Stock $22,500

(Being issuance of 1,000 shares for attorney's fees is recorded)

You might be interested in
Refer to the scenario to answer the following questions. A government worker surveys a number of households and comes up with th
Vikki [24]

Answer:

Explanation:

I honestly don't know how to answer this, but I can look into it and get back to you.

3 0
3 years ago
Suppose that demand for a product is Q = 1200 − 4P and supply is Q = −240 + 2P. Furthermore, suppose that the marginal external
eimsori [14]

Answer: 16 units more than social optimum.

DWL = dead weight loss = (1/2)*(Q* - Q°) 12 =96

Explanation:

Q=1200 - 4P and Q=-240 + 2P

In a free market quantity demand =quantity supplied

1200 -4P = -240 +2P

P =240

Sub P

Q* = 240

Socially optimal quantity is

Marginal social benefit (MSC)= marginal social cost(MSC), including external damage =MEC

MPC= marginal private cost =inverse of supply function

MPC = (1/2)*Q + 120

MEC=12

MSC =(MPC +MEC) = (1/2)Q +120 +12

MSC= MPB where MPB is marginal private benefit = inverse of demand functn

MPB = 300 -(1/4)Q

(1/2)Q + 132 =300 - (1/4)Q

Q° = 224

Difference btw Q* & Q° = 16 units more than social optimum.

DWL = dead weight loss = (1/2)*(Q* - Q°) 12 =96

4 0
3 years ago
Included in Sage Company’s December 31, 2020, trial balance are the following accounts: Prepaid Rent $5,870, Debt Investments (t
Sunny_sXe [5.5K]

Answer:

Step 1:

Start by setting it up with the divisor 20 on the left side and the dividend 16 on the right side like this:

           

 2 0 ⟌ 1 6  

Step 2:

The divisor (20) goes into the first digit of the dividend (1), 0 time(s). Therefore, put 0 on top:

       0    

 2 0 ⟌ 1 6  

Step 3:

Multiply the divisor by the result in the previous step (20 x 0 = 0) and write that answer below the dividend.

       0    

 2 0 ⟌ 1 6  

       0    

Step 4:

Subtract the result in the previous step from the first digit of the dividend (1 - 0 = 1) and write the answer below.

       0    

 2 0 ⟌ 1 6  

     - 0    

       1    

Step 5:

Move down the 2nd digit of the dividend (6) like this:

       0    

 2 0 ⟌ 1 6  

     - 0    

       1 6  

Step 6:

The divisor (20) goes into the bottom number (16), 0 time(s). Therefore, put 0 on top:

       0 0  

 2 0 ⟌ 1 6  

     - 0    

       1 6  

Step 7:

Multiply the divisor by the result in the previous step (20 x 0 = 0) and write that answer at the bottom:

       0 0  

 2 0 ⟌ 1 6  

     - 0    

       1 6  

        0  

Step 8:

Subtract the result in the previous step from the number written above it. (16 - 0 = 16) and write the answer at the bottom.

       0 0  

 2 0 ⟌ 1 6  

     - 0    

       1 6  

     -   0  

       1 6  

You are done, because there are no more digits to move down from the dividend.

The answer is the top number and the remainder is the bottom number.

Therefore, the answer to 16 divided by 20 calculated using Long Division is:

0

16 Remainder

Explanation:

8 0
3 years ago
Dustin and Quinn were given an apple pie and a chocolate cake, and need to divide them. Dustin values the apple pie at $6 and th
MatroZZZ [7]

Answer:

Quinn values the apple pie at $4 and the chocolate cake at $10 = total $14

  1. since one "half" will only be chocolate, he needs $7 out of chocolate = 7/10 of the chocolate cake.
  2. the other "half" will include 3/10 of chocolate cake and the whole apple pie = (3/10 x $10) + $4 = $3 + $4 = $7

If Dustin chooses the second "half" he will receive 3/10 of chocolate cake and the whole apple pie = (3/10 x $4) + $6 = $1.20 + $6 = $7.20

8 0
3 years ago
You want to ctegsosit $15,00na bank at an interest rate of 7 percent per year What is the uture vale of this money after three y
Svetlanka [38]

Answer:

A $18, 375.63

Explanation:

The amount to be deposited is $15,000

Interest rate is 7 percent

time is 3 years

the future value will be; the applicable formula

A = p x ( 1 + r) ^n

A = $15,000 x ( 1 + 7/100) ^ 3

A= $15,000 x 1.225043

A=$18,375. 64

6 0
3 years ago
Other questions:
  • Martha has noticed that her employees do not always greet their coffee collective customers promptly and customers sometimes hav
    10·2 answers
  • My neighbor, martha, ran into my house crying and angry. "my car has been stolen!" she gasped. "i saw them take it!" i called th
    12·1 answer
  • Evertz Metals buys and stockpiles dolomite to use in its smelting processes. Before all this dolomite is​ used, however, they al
    6·1 answer
  • ICU Window, Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with seven years to maturity th
    12·1 answer
  • Norwall Company’s budgeted variable manufacturing overhead cost is $3.00 per machine-hour and its budgeted fixed manufacturing o
    7·1 answer
  • Match the following three types of decision making with their corresponding attributes. A. Deliberate, rational, sequential B. E
    11·1 answer
  • Pompeii, Inc., has sales of $54,500, costs of $24,800, depreciation expense of $2,700, and interest expense of $2,450. If the ta
    8·1 answer
  • On April 1, Cyclone's Co. purchases a trencher for $314,000. The machine is expected to last five years and have a salvage value
    6·1 answer
  • Stocks offer an expected rate of return of 18% with a standard deviation of 22%. Gold offers an expected return of 10% with a st
    11·1 answer
  • Why or why not hats and hoods should be allowed in school
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!