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olganol [36]
3 years ago
15

ABC Corporation was organized on Jan 1, 2020. The firm was authorized to issue 100,000 shares of $1 par common stock. During 202

0, ABC Corporation has the following transactions relating to shareholder’s equity:a.Issued 10,000 shares of common stock at $3 per share. b. The board of directors declared dividends of $30,000c.Paid dividends to common shareholders of $30,000. d. Purchased 500 shares of treasury stock at $12 per share
Business
1 answer:
zhannawk [14.2K]3 years ago
3 0

Answer:

The journal entries are required with corresponding effect on retained earnings;

Explanation:

a. Cash  10,000*3    Dr.$30,000

   Common Stocks 10,000*1   Cr.$10,000

  Paid in Capital-Common Stocks 10,000*(3-1) Cr.$20,000

b. Dividend Expense   Dr.$30,000

    Dividend Payable    Cr.$30,000

c. Dividend Payable  Dr.$30,000

   Cash                       Cr.$30,000

d. Treasury stock    500*12 Dr.$6,000

    Cash                                 Cr.$6,000

The retained earnings  will reduce by the dividend amount of $30,000 declared and paid.

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Producer surplus is defined as the:difference between a price floor and the market price.gap between the supply curve and the ma
klemol [59]

Answer:

Gap between the supply curve and the market price.

Explanation:

Producers surplus refers to the surplus that a producer of a commodity can obtain. The producers surplus is the difference between the producer's willingness to accept the price and the actual price they have received.

Producers surplus = Actual market price - Willingness to accept the price

Graphically, it is the area between the upper portion of supply curve and the market price.

7 0
3 years ago
On June 10, Blossom Company purchased $7,100 of merchandise from Sunland Company, terms 4/10, n/30. Blossom Company pays the fre
Marysya12 [62]

Answer:

June 10

Dr Inventory $7,100

Cr Accounts payable $7,100

June 11

Dr Inventory $350

Cr Cash $350

June 12

Dr Accounts payable $600

Cr Inventory $600

June 19

Dr Account payable $6,500

Cr Cash $6,240

Cr Inventory $260

Explanation:

Preparation of a separate journal entries for each transaction on the books of Blossom Company.

Books of Blossom Company

June 10

Dr Inventory $7,100

Cr Accounts payable $7,100

June 11

Dr Inventory $350

Cr Cash $350

June 12

Dr Accounts payable $600

Cr Inventory $600

June 19

Dr Account payable $6,500

($7,100-$600)

Cr Cash $6,240

($6,500-$260)

Cr Inventory $260

(4%*$6,500)

8 0
3 years ago
party supply uses time series forecasting just passed holidays sales and strength of store sales this year to preacher
melisa1 [442]

To predict future sales based on patterns of historical data. Party Supply is using <u>Analytics</u>

<h3>What is analytics?</h3>

Analytics is the discipline of systematically computing data or statistics. It is employed in the search for, analysis of, and dissemination of significant data patterns. Making successful decisions also requires utilizing data patterns.

<h3>What is the best definition of analytics?</h3>

The scientific method of converting data into insights for the benefit of better decision-making is known as analytics, according to INFORMS. Analytics is a methodology that is always action-oriented.

The usage of operations, programming, and statistics are all mentioned. It also has to deal with the investigation of information that has been transformed from raw data into insight 1. The main board can make more informed choices thanks to this procedure. In fields where data collection is excessive, it is particularly helpful.

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7 0
1 year ago
A company had the following purchases during the current year: January: 19 units at $129 February: 29 units at $139 May: 24 unit
ycow [4]

Answer: A - $8,046

Explanation: Inventory valuation using the specific identification method is a method used in getting the actual stock cost at their specific purchase price at a specified time during the year.

Jan - 11 units @129 =1,419

Feb - 13 units @139 = 1,807

May - 6 units @149 = 894

Sept - 13 units @159= 2,067

Nov - 11 units @ 169= 1,859

Total = $8,046

4 0
3 years ago
Stopping a vehicle with good brakes from 20 miles per hour under good conditions requires about:
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About 40 jewls of power in the other direction 

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