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svet-max [94.6K]
3 years ago
11

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shar

es of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Inc.: Issued 15,000 shares of common stock for $12 per share. Issued 5,000 shares of the class A preferred stock for $51 per share. Issued 60,000 shares of common stock for $15 per share. Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Kay [80]3 years ago
8 0

Answer:

The journal entries have been given as under;

Explanation:

Cash  15,000*12       Dr.$180,000

Common Stocks 15,000*10  Cr.$150,000

paid in capital-common stock 15,000*(12-10) Cr.$30,000

Cash  5,000*51   Dr.$255,000

Preferred stocks 5,000*50   Cr.$250,000

Paid in Capital-preferred stock 5,000*1         Cr.$5,000

Cash  60,000*15   Dr.$900,000

Common Stocks 60,000*10  Cr.$600,000

Paid in Capital-common stocks   60,000*(15-10)  Cr.$300,000

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Outstanding stock of the Marin Corporation included 54000 shares of $5 par common stock and 20000 shares of 5%, $10 par non-cumu
inn [45]

Answer:

The amount of dividends distributed to preferred stockholders in 2017 is $10000.

Explanation:

The preferred stock is non cumulative which means that if the company is unable to pay dividends on preferred stock in a certain year, the dividend for that year will not be accumulated and will not be paid in the next year.

Thus, the company only paid a dividend of $2700 in 2016 and the remaining dividends will not be payable by the company in year 2017.

The dividend on each share of preferred stock per year is = 10 * 0.05 = $0.5 per share

The number of shares of preferred stock are 20000.

The total dividends that will be paid to preferred stock holders in 2017 is = 0.5 * 20000 = $10000

Thus, out of the $27000 dividends of 2017, $10000 was distributed to preferred stockholders.

8 0
3 years ago
a. Invest all $15,000 in the stock, buying 100 shares. b. Invest all $15,000 in 1,500 options (15 contracts). c. Buy 100 options
GREYUIT [131]

Answer:

See attached picture.

Explanation:

See attached picture for explanation.

3 0
3 years ago
Suppose a country has a money demand function ( M/P )^d = kY , where k is a constant parameter. The money supply grows by 12 per
mote1985 [20]

Answer:

Part A)

Inflation Rate = 12% - 4%

Inflation rate = 8%

Part B)

If the genuine income was higher, the expansion level would diminish subject to the buyer's spending limitations. As such, they will make a similar measure of cash yet their buying power per dollar will increase.  

Part C)

in the current scenario, increment in cash would cause the expansion rate to increment. On the off chance that we consider the past and occasions, for example, hyperinflation, take a gander at what the reason was. Governments were printing cash to pay obligations, which was diminishing the estimation of their money. Right now, would get paid and race to the store to go through their cash in light of the fact that their dollars today may just be worth 50 pennies tomorrow or at times, the following hour. Thus, our answer is if the speed of cash continues developing, expansion will continue developing also. These two factors are star repetitive with one another significance they move together.

5 0
3 years ago
What is the name of the experimental task in which an infant interacts with an adult who first engages in normal social interact
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The still-face interaction paradigm

<span>An experimental task was introduced in 1978 to prove that infants actively contribute to social interaction. It is called the Still-Face Paradigm or SFP.</span>

<span>In the experiment,  3 phases of face-to-face interaction of infants with an adult were tested:  the normal interaction, the still-face (where the adult becomes unresponsive and maintains a neutral facial expression), and a reunion where the adult resumes normal interaction.</span>

<span>Indeed, the still-face paradigm showed effects like increased gaze aversion and less smiling. </span>

4 0
3 years ago
Ortions of the financial statements for Myriad Products are provided below.
bonufazy [111]

Answer:

Net cash provided from Operating Activities $301

Explanation:

MYRIAD PRODUCTS COMPANY

Cash flow from Operating Activities:

Net Income $150

Adjustment for non cash effects:

Depreciation $84

Amortization $5

Loss on sale of land $4

Total $243

Changes in operating assets and liabilities :

Decrease in Accounts receivable $17

Decrease in Inventory $18

Increase in Accounts Payable $14

Decrease in Salaries Payable ($14)

Increase in Interest Payable $13

Increase in Income tax Payable $10

Net cash provided from Operating Activities $301

5 0
3 years ago
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