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murzikaleks [220]
3 years ago
5

Exercise 11-2 Blossom Company had these transactions during the current period. June 12 Issued 78,000 shares of $1 par value com

mon stock for cash of $292,500. July 11 Issued 2,500 shares of $100 par value preferred stock for cash at $104 per share. Nov. 28 Purchased 1,000 shares of treasury stock for $7,100.Prepare the journal entries for the Blossom Company transactions.
Business
1 answer:
Mekhanik [1.2K]3 years ago
5 0

Answer:

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $292,500        

       To Common Stock $78,000        (78,000 × $1)

       To  Additional Paid-in Capital in excess of par - Common Stock $214,500

(Being the issue of the stock is recorded and the balance remaining is credited to the additional paid-in capital account)

2. Cash A/c Dr $260,000  (2,500 shares × $104)

       To Preferred stock $250,000       (2,500 shares × $100)

        To  Additional Paid-in Capital in excess of par - Preferred Stock $10,000

(Being the issue of the stock is recorded and the balance remaining is credited to the additional paid-in capital account)

3. Treasury stock A/c Dr $7,100

         To Cash A/c $7,100

(Being the treasury stock is purchased for cash)

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wlad13 [49]
I believe that the strategy you are using when you only read the title, section headings, and captions is called the SQ3R reading method. The abbreviation stands for survey, question, read, recite, and review, and it helps you better understand your assignment. 
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3 years ago
Your cousin is currently 10 years old. She will be going to college in 8 years. Your aunt and uncle would like to have $ 105 com
telo118 [61]

Answer:

$76,134.84

Explanation:

Data provided in the given question

Future value = $105,000

Fixed interest rate = 4.1%

Number of years = 8

The calculation of present value is given below:-

= Future value ÷ (1 + rate of return)^number of years

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6 0
3 years ago
Select the correct answer from each drop-down menu.
QveST [7]

Answer:

government's  policy.

Explanation:

Govenment policies on tax decide what to tax and where to allocate the resources of the tax.

7 0
3 years ago
What is the primary difference between: (i) accounting for a business combination when the subsidiary is dissolved; and (ii) acc
dangina [55]

Answer:

It is not formally recorded in the accounting record of the parent company if the subsidiary retains its incorporation.

Explanation:

IFRS 3 explains  business acquisition as the taking over the control  of an existing business by another with the acquired assets measured at the fair value at the date of transaction.

The combining of interest method has ceased to be considered by GAAP since 2001.

That means a subsidiary has to lose its incorporation for full acquisition or rather treated as an investment by the acquiring company.

4 0
3 years ago
Specialty stores like Lids carry ________ with ________. A. wide product lines; shallow assortments B. narrow product lines; sha
4vir4ik [10]

Answer:

narrow product lines; deep assortments

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narrow and wide product line is defined on the basis of number of type of product being sold by a retailer.

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Example: Pizza hut which sells only limited number of eatables thus they have narrow product lines

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It is of two types

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deep assortment: It means large of number of different brand of same type of product is being sold by a retailer.

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Since Lids is a specialty store the correct option would be narrow product line, deep assortments.

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2 years ago
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