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ipn [44]
3 years ago
13

Carla Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stoc

k, and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.Jan. 10 Issued 80,000 shares of common stock for cash at $5 per share.Mar.1 Issued 5,000 shares of preferred stock for cash at $108 per share.Apr. 1 Issued24, 000shares of common stock for land. The asking price of the land was$90,000; the fair value of the land was $80,000.May1 Issued 80,000 shares of common stock for cash at $7 per share. Aug.1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in helping the company organizes.Sept. 1 Issued 10,000 shares of common stock for cash at $9 per share.Nov.1 Issued 1,000 shares of preferred stock for cash at $112 per share.Prepare the journal entries to record the above transactions
Business
1 answer:
velikii [3]3 years ago
8 0

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Suppose the economy is experiencing an output gap of –3%. a. Select each response that indicates how monetary policy or fiscal p
igor_vitrenko [27]

Answer:

Suppose the economy is experiencing an output gap of –3%

a. Monetary policy or fiscal policy can be used to raise actual output toward potential output when:

The government can increase its spending or reduce taxes, which will shift the IS curve to the right and increase GDP.

The Fed can reduce the interest rate, which will shift the MP curve down and increase GDP.

b. The policies identified in part a,

can be used together to raise actual output toward potential output.

Explanation:

Investment-Savings (IS) curve shows all the levels of interest rates and output (GDP) at which an economy's total desired investment (I) equals its total desired saving (S).  This equilibrium can be achieved at a level of interest rate that maximizes output.  The IS curve slopes downward, and to the right because at a lower interest rate, investment is higher, which produces more total output (GDP) for the economy.

7 0
2 years ago
How might a recent college graduate's investment portfolio differ from someone who is nearing retirement
borishaifa [10]
Someone who is retiring has more experience on what to invest in than someone who is still getting used to knowing what to invest in  
4 0
3 years ago
Read 2 more answers
____________ comprise about 20% of all businesses but account for about 81% of u.s. business receipts.
alisha [4.7K]

Answer:

<u>Corporations </u>  comprise about 20% of all businesses but account for about 81% of u.s. business receipts.

Explanation:

A corporation is kind of a business that is set up by a legal organization headed by a person or several partners together. Examples including Microsoft, Apple Inc. etc

While corporations make up just 20% of registered businesses, they are usually quite larger and have national foot print. They can employ thousands of people, have a number of subsidiary companies and work with hundreds of smaller businesses.

Hence, while they are smaller in number, their impact on the economy is very large.

4 0
3 years ago
Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2)
Genrish500 [490]

Answer:

1.

Date                   Account Title                                             Debit          Credit

Dec. 31             Bad debt expense                                    $9,000

                        Allowance for doubtful accounts                                 $9,000

Working

= 3% * 300,000

= $9,000

2.

Date                   Account Title                                             Debit          Credit

Dec. 31             Bad debt expense                                    $12,000

                        Allowance for doubtful accounts                              $12,000

Working

= 1% * total debt

= 1% * (900,000 + 300,000)

= $12,000

3.

Date                   Account Title                                             Debit          Credit

Dec. 31             Bad debt expense                                    $12,500

                        Allowance for doubtful accounts                              $12,500

Working

= 6% * Accounts receivable

= 6% * 125,000

= $7,500

As the Allowance account is in debit, it means that bad debt exceeded the allowance so this balance needs to be added to properly cater for bad debts.

= 7,500 + 5,000

= $12,500

8 0
3 years ago
The supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. Both goods are considered to be normal goods
Kryger [21]

Answer:

D) a decrease in both the aged cheddar cheese and bread markets.

Explanation:

A 10% income tax increase will shift the aggregate demand curve to the left, reducing total demand. This should affect both necessities and luxury goods.

In this case, the demand curve for both aged cheddar cheese and bread will shift to the left, reducing the total quantity demanded at every price level. This will result in a lower equilibrium price for both goods.

3 0
3 years ago
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