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Free_Kalibri [48]
4 years ago
15

The balance sheet of Messi Services included the following shareholders' equity section at December 31, 2018: ($ in millions) Co

mmon stock ($1 par, authorized 200 million shares, issued and outstanding 180 million shares) $ 180 Paid-in capital—excess of par 1,080 Retained earnings 560 Total shareholders’ equity $ 1,820 On January 5, 2019, Holmes purchased 2 million treasury shares for $9 million. Immediately after the purchase of the shares, the balances in the paid-in capital- excess of par and retained earnings accounts are: Paid-in capital—excess of par Retained earnings a. $ 1,068 $ 556 b. $ 1,064 $ 560 c. $ 1,080 $ 560 d. $ 1,080 $ 544
Business
2 answers:
Yuri [45]4 years ago
6 0

Answer: The answer is c $1,080 $560

Explanation:

The journal entry will be

Dr: common stock $200 million

Dr: paid in capital $180 million

In the stockholders equity section , the treasury stock is seen as a separate line item in the stockholders equity. The treasury stock will be deducted from the total stockholders equity. The treasury stock is not a part of paid in capital nor part of the retained earning.

Therefore the balance in the paid in capital excess of par Retained Earnings is 1,080 $560

Lady_Fox [76]4 years ago
4 0

Answer:

             a.$1068 $556

Explanation:

The treasury shares are sold below par value therefore it will reduce equity.

The reduction will be recorded as=$1,080/180=$6 per share

When 2 million shares are sold=$6*2=$12

Paid up capital in excess of par will be =$1,080-$12=$1,068

Retained Earnings=$560-$4=$556

Please note that treasury shares are always part of common stock.

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Corey is the city sales manager for RIBS, a national fast food franchise. Every working day, Corey drives his car as follows: Mi
Inessa [10]

Answer:

b.46 miles

Explanation:

Calculation to determine Corey's reimburseable mileage

Corey's reimburseable mileage= 15 miles + 18 miles + 13 miles

Corey's reimburseable mileage = 46 miles

Therefore As a result, Corey's reimburseable mileage is 46 miles

8 0
3 years ago
What refers to the practices aimed at discovering and harnessing an organizations intellectual resources?
Alla [95]

Answer: Knowledge management

Explanation: Knowledge management approach focuses on making best use of the knowledge with the intent of achieving organisational objectives. It involves discovering, sharing and harnessing of the intellectual resources that a company holds.

Knowledge management brings improved performance, innovation and competitive advantage to the organisation.

4 0
3 years ago
Which of the following terms describes making false statements about the financial condition of any insurer that are intended to
Marysya12 [62]

Answer:

The answer to this question is Defamation

Explanation:

Defamation refers to any statement (Whether written or verbal) that is untrue and injurious  to any of the parties involved in the insurance business.

A statement is said to be a Defamatory statement if it is false especially regarding the financial condition of the insurer.

Identifying defamatory statement

  • Statements must be untrue
  • it must be capable of causing damage of injury to person or business.
5 0
3 years ago
Can I have a short 150 words paragraph about following?
hichkok12 [17]

Answer:

Explanation:

GDP is used to measure the Economic welfare or standard of living in the people when it is measured per capital terms. The short coming with GDP is that it does not show the true economic welfare or standard living of people in the society as GDP is calculated as whole for whole population prevalipre in the country which includes all level of income people. In any country there will be rich , poor and middle class.

Using GDP for finding social welfare it tells whether the country standard of living is increasing or not but it will not tell specially abpab poor and middle class. Any country standard of living goes up only if the poverty in the country eradicate. Thus GDP have a short coming of not finding the true social welfare or standard of living which is in the society.

There is nothing we can do to find the exact condition of society but government can implement policies to provide a better living for people who are in poverty.

5 0
4 years ago
Information for Nighttime Company's direct labor cost for February is as follows: Actual direct labor hours 70,000 Total direct
podryga [215]

Answer:

71,100

Explanation:

The calculation of standard direct labor hours is shown below:-

Labor rate variance = (Actual rate - Standard rate) × Actual hours worked

$35,000 = ($497,000 ÷ 70,000 - Standard rate) × 70,000

(7.1 - Standard rate) = $0.5

= $6.6 per hour

= Labor variance efficiency = (70,000 - Standard hour) × $6.6 per hour

= -$7,260 = (70,000 - Standard hour) × $6.6 per hour

Standard hours = $70,000 + 1,100

= 71,100

8 0
3 years ago
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