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Misha Larkins [42]
3 years ago
6

Leslie Printing has net income of $26,310 for the year. At the beginning of the year, the firm had common stock of $55,000, paid

-in surplus of $11,200, and retained earnings of $48,420. At the end of the year, the firm had total equity of $142,430. The firm paid dividends of $32,500. What is the amount of the net new equity raised during the year?
Business
1 answer:
BARSIC [14]3 years ago
6 0

Answer:

The amount of the net new equity raised during the year is $34,000.

Explanation:

Net new equity = total equity - common stock - paid-in surplus - (retained earnings + net income - paid dividends)

= $142,430 - $55,000 - $11,200 - ($48,420 + $26,310 -   $32,500)

= $34,000

Therefore, the amount of the net new equity raised during the year is $34,000.

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Kitchen and Laundry and More has annual credit sales of $2,473,701 and cost of goods sold of $1,838,207. The average accounts re
Agata [3.3K]

Answer:

32.59 days

Explanation:

DSO = Average receivables / Sales Revenue X 365

= $56,736 / (2,473,701 - 1,838,207) x 365

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= 32.59 days

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2 years ago
Match these statements with the appropriate reasoning fallacy below: Killing people is wrong, so the death penalty is wrong! How
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2 years ago
Bonds that are purchased with the intent of selling them in the near future to take advantage of short-term price changes are cl
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Answer:

C. Trading Securities

Explanation:

Trading securities refer to those securities which are purchased not with the intention of holding them till maturity, but to realize the gains arising as a consequence of short term price movements.

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5 0
3 years ago
SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year,
velikii [3]

Answer:

a.

March 9

Dr Treasury Stock - Common stock            456,000

Cr Cash                                                         456,000

( to record the reacquired of 12,000 common stock at $38 each)

June 9

Dr Cash                                                     311,600

Cr Treasury stock                                     288,800

Cr Paid-in capital                                       22,800

( to record the sell of 7,600 reacquired common stocks at $41 each)

November 13

Dr Cash                                                     118,900

Cr Treasury stock                                    110,200

Cr Paid-in capital                                       8,700

( to record the sell of 2,900 reacquired common stocks at $41 each)

b.

The balance of paid-in capital from sales of treasury stock = 8,700 + 22,800 = 31,500 Credit

Explanation:

Calculation notes:

a.

March 9: The cash spent on reacquired common stock = 12,000 x 38 = $456,000

June 9: Cash receipt on sell of treasury common stock = 7,600 x 41 = 311,600; which will Credited $288,800 into Treasury stock account ( 38 x 7,600) and Credited $22,800 ( (41-38) x 7,600) into Paid-in capital account.

Nov 13 : Cash receipt on sell of treasury common stock = 2,900 x 41 = 118,900; which will Credited $110,200 into Treasury stock account ( 38 x 2,900) and Credited $8,700 ( (41-38) x 2,900) into Paid-in capital account.

b. Calculation is shown above

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3 years ago
General rule to use in assessing the average collection period is that
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