The correct answer would be option C, Traded up.
If a salesperson persuades a customers to purchase a higher priced item than the customer initially intended, the salesperson has Traded up the customer.
Explanation:
Salespersons usually help customers in buying the products of their needs and desires. Success of a salesperson depends upon how beautifully he grabs the customer and closes a sale.
When a salesperson trades something to a customer which is more expensive than the product which customer was previously intended to buy, it means that the salesperson has traded up the customer.
For example, if a salesperson persuades a customer to buy an automobile worth $20,000 rather than an automobile of worth $10000, it means, the salesperson has traded up the customer.
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FIFO stands for First In First Out and LIFO stands for Last In First Out.
Answer: LIFO produces more favorable cash flow because LIFO PRODUCES LOWER INCOME TAX EXPENSE.
During inflation, LIFO approach is adopted for tax benefits. With the rise in prices, LIFO produces higher cost of sold amounts of goods.
Answer:
Jan. 22
Dr Cash $7,140,000
Cr Common Stock $6,300,000
Cr Paid in capital in excess of par $840,000
Feb. 27
Dr Cash $180,000
Cr Preferred Stock $135,000
Cr Paid-In Capital in Excess of Par-Preferred $45,000
Explanation:
Preparation of the entries for January 22 and February 27.
Jan. 22
Dr Cash $7,140,000
(210,000*$34)
Cr Common Stock $6,300,000
(210,000*$30)
Cr Paid in capital in excess of par $840,000
($7,140,000-$6,300,000)
Feb. 27
Dr Cash $180,000
(15,000*$12)
Cr Preferred Stock $135,000
(15,000*$9)
Cr Paid-In Capital in Excess of Par-Preferred $45,000
($180,000-$135,000)
Answer:
$678
Explanation:
Given that,
Number of shares sold = 300
Selling price of each share = $42.06
Cost of purchasing shares = $39.80 per share
Total dividend received = $1,272
We can easily determine the total capital gain on this investment by comparing the sales value and purchase value of this stock.
Total capital gain on this investment:
= Sales value - Purchase value
= (Number of units × Selling price per unit) - (Number of units × cost of purchasing per share)
= (300 × $42.06) - (300 × $39.80)
= $12,618 - $11,940
= $678
