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raketka [301]
3 years ago
12

Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Com

mon stock, $10 par value, 103,000 shares authorized Preferred stock, 9 percent, par value $8 per share, 4,000 shares authorized During the year, the following transactions took place in the order presented: Sold and issued 20,000 shares of common stock at $16 cash per share. Sold and issued 3,000 shares of preferred stock at $20 cash per share. At the end of the year, the accounts showed net income of $60,000. No dividends were declared.
Required: Prepare the stockholders' equity section of the balance sheet at the end of the year.
Business
1 answer:
omeli [17]3 years ago
7 0

Answer:

Explanation:

The preparation of the  stockholders' equity section of the balance sheet is shown below:

Common stock, $10 par value,

103,000 shares authorized and 20,000

shares of common stock issued                    $200,000  (20,000 × $10)

Paid in capital in excess of par value $120,000      {20,000 shares × ($16 - $10)}

Preferred stock, 3000 shares issued at par       $24,000      (3,000 shares × $8)

Paid in capital in excess of par value $36,000     {3,000 shares × ($20 - $8)}

Retained earnings                               $60,000

Total                                                     $440,000                  

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Yanka [14]

Answer: Bait and switch

Explanation:

The type of fraud here is referred to as the bait and switch fraud. This fraud occurs when customers are told about the low prices and quality of a product but aren't available when customers want to purchase such products and they're then given products that are costlier or products that are of lesser quality.

This can be seen in the question when the sales associate advertised the video game system for a reduced price which wasn't available when customers wanted to buy but were offered a game that was costlier.

7 0
2 years ago
In which one of the following instances is rivalry among competing sellers notmore intense?
dimaraw [331]

Answer: E.When there are so many industry rivals that the impact of any one company's actions is spread thinly across all industry members

Explanation:

The more the number of players in an industry the more it gets congested and especially for the competing sellers. The decision for increasing or reducing price is met by follower firms to do the same thing. It gets less competitive because you know all the players in the industry would be following the same practices and doing the same thing.

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3 years ago
Stockholders, employees and environmentalists are examples of stakeholders whose interests
Gelneren [198K]

Stockholders, employees and environmentalists are examples of stakeholders whose interests and needs often conflict.

<h3>Who is a stakeholder?</h3>

A stakeholder can be defined as an independent individual, organization or social group that has an interest in a particular business organization (company), and as such they can either affect or be affected by the decisions taken in the business.

This ultimately implies that, stockholders, employees, investors, and environmentalists are examples of stakeholders whose interests and needs often conflict.

Read more on stakeholders here: brainly.com/question/15532995

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7 0
2 years ago
Capitalizing goodwill only when it is purchased in an arm's-length transaction, and not capitalizing any goodwill generated inte
stiv31 [10]

Answer:

The correct answer is (C)

Explanation:

They are the two crucial characteristics that are general used to make accounting data more useful to make long-term decisions. To be exact, faithful representation helps to attain the relevant data for the company and this quality enhances the reliability of financial data. Completeness, fairness and free of error these three characteristic are a part of faithful representation of data.

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2 years ago
The Copy Department in the College of Business at State University provides photocopying service for both the Marketing and Econ
fiasKO [112]

Answer:

The correct answer is $170,000.

Explanation:

According to the scenario, computation of the given data are as follows:

We can calculate the cost allocated to Marketing by using following formula:

Total cost allocated = Fixed cost + Variable cost

Where, Fixed cost = (3,600,000 ÷ 5,400,000) × $120,000

= $80,000

And , Variable cost = $0.025 × 3,600,000 = $90,000

By putting the value, we get

Total cost allocated = $80,000 + $90,000

= $170,000

7 0
2 years ago
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