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shutvik [7]
3 years ago
15

Gothic Architecture is a new chain of clothing stores specializing in the color black. Gothic issues 1,000 shares of its $1 par

value common stock at $24 per share.
Record the issuance of the stock. How would the entry differ if Gothic issued no-par value stock? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
mestny [16]3 years ago
4 0

Answer:

Date - - - - Acc title - - - - - - - - - - Dr--------Cr

--------------- Cash------------------- 24,000

-----------------common stock - - - - - - - - - -1000

----------------Add. P-in-cap-com - - - - - - 29000

Explanation:

Number of shares = 1000

Price per share = $24

Par value = $1

Cash (number of shares × price per share) 1000 × $24 = $24,000

Common stock (number of shares × par value) = 1000 × $1 = $1000

Add. p-in-cap-com = Additional paid in capital

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Alexxandr [17]

Answer: Wearing high status clothing

   

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In the given case, James tried to persuade his clients by showing that he belongs to the high class of the society and maintains a high status. He did so by wearing the expensive clothes. Such persuation will result in perception that James is hardworking and trusted.

Hence from the above we can conclude that the correct option is B.

5 0
3 years ago
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Darnell lives in Philadelphia and runs a business that sells pianos. In an average year, he receives $842,000 from selling piano
Karolina [17]

Answer:

The wholesale cost for the pianos that Darnell pays the manufacturer - explicit cost  

The salary Darnell could earn if he worked as an accountant - implicit cost

The wages and utility bills that Darnell pays - explicit cost  

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Explanation:

Explicit cost includes the amount expended in running the business.

They include rent , salary and cost of raw materials

Explicit cost is used in determining accounting profit

Implicit cost or opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives

Implicit cost is used in determining economic profit

If Darnell didn't use his showroom, he could have rented it out. Renting it out is his next best option that was forgone. Thus, it is an implicit cost

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7 0
2 years ago
Prairie, Inc. produces a single product. It has an annual capacity of 10,000 units, but currently uses only 80% of it. Each unit
ivanzaharov [21]

Answer:

Variable cost= $42

Explanation:

Giving the following information:

Each unit is sold for $50

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3 0
3 years ago
Enterprise Free Cash Flows should include which of the following: I. Capital expenditures II. Financing costs III. Taxes IV. Wor
valentina_108 [34]

Answer:

I. Capital expenditures  

III. Taxes

IV. Working capital requirements

Explanation:

Free cash flow = EBIT*(1 - tax rate) + depreciation - changes in net working capital - capital expenditure

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Florida has ___________ roads that are designated as part of the National Highway System
Ray Of Light [21]
 is the correct answer i should know cause i live in flordia XD
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3 years ago
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