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PilotLPTM [1.2K]
3 years ago
7

Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transaction

s affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $35 per share. February 6 Issues 3,000 shares of 8% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $40 per share. December 15 Resells 5,500 shares of treasury stock at $45 per share. In its first year of operations, Finishing Touches has net income of $160,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $2,400 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
Business
1 answer:
Elza [17]3 years ago
8 0

Answer:

See explaination and attachment

Explanation:

Stockholders' equity is the amount of assets remaining in a business after all liabilities have been settled. It is calculated as the capital given to a business by its shareholders, plus donated capital and earnings generated by the operation of the business, less any dividends issued.

Balance Sheet is a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.

See attachment for the step by step solution of the given problem.

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The price of a camera decreases from $200 to $180, and in response to the price change the quantity demanded increases from 60 t
bonufazy [111]

The price of a camera decreases from $200 to $180, and in response to the price change the quantity demanded increases from 60 to 70 units. Therefore, demand for cameras in this price range is inelastic.

An economic word known as "inelasticity" describes an item or service's unchanging quantity when its price varies. When prices rise, consumers' purchasing patterns essentially stay the same, and when prices fall, those same purchasing patterns still hold true. This is known as inelastic demand. When an item or service's quantity remains constant when its price increases, it is said to be "inelastic. "When a good or service's price increases or decreases, consumers' purchasing patterns essentially stay the same. The same is true when the price of the good or service decreases. The demand for an item or service that is totally inelastic would not fluctuate regardless of price; however, no such good or service exists. Elastic contrasts with inelastic.

To learn more about inelasticity visit here;

brainly.com/question/28192591

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7 0
1 year ago
The role of the entrepreneur in society is to:__________
Cerrena [4.2K]

Answer:

b) bring the factors of production together and take the risks of producing output.

Explanation:

There are basically four factors of production which are required in order to ensure the manufacturing of output, which are land,labor,capital as well as an entrepreneur.

The role of an entrepreneur is to bring together all factors in order to serve the purpose of creating valued-added output that can be sold at a price higher than the cost price in order to make a profit.

All in all, the role of an entrepreneur is not just to provide capital or control land but bring all factors of production together

4 0
2 years ago
GDP per capita does NOT show _____, such as _____.
Fudgin [204]
Unpaid work and volunteer work 

3 0
3 years ago
Read 2 more answers
The benefit of the beautification initiative, as suggested by the survey, is. Because the estimated benefit isless than the cost
OverLord2011 [107]

Answer:

A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. Thus, the visual appearance would For the students of the college, the visual appearance of the campus is (non-rival/rival) and (non-excludable/excludable). Thus, the visual appearance would be classified as a public good.

Suppose the college administrators estimate that the beautification initiative will cost $4,400. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 300 students, asking each of them their willingness-to-pay for the beautification project. The average willingness-to-pay, as revealed by the survey, is $11.

The benefit of the beatification initiative, as suggested by the survey, is $3,300. Because the estimated benefit is (<u>less</u>/greater) than the cost, the college administrators (should/<u>should not</u>) undertake the beautification initiative.

Explanation:

A non-rival good or service is one whose benefit is not reduced by a person's consumption and does not prevent another user from enjoying its benefit.

When a good/service is non-excludable, it is impossible to prevent non paying users from enjoying its benefit. The beautification initiative being non rival and non-excludable can therefore be seen as a public good.

The benefit of the initiative = 300 students X $11

The college has a total of 300 students with an average willingness to pay $11. Because the $3,300 the students are willing to pay is less than the cost of the initiative, the college administrators should not carry out the beautification initiative.  

5 0
3 years ago
Which of the following is INCORRECT about a corrective tax? Select one: a. The tax is equal to the marginal damage from pollutio
eduard

Answer:

The answer is  letter "C": Producer surplus and consumer surplus will increase because the market becomes more efficient.

Explanation:

Named after English economist Arthur C. Pigou (1877-1959), the Pigovian Tax or corrective tax is a fine imposed against taxpayers for being part of activities that generate negative side effects. According to Pigou, these externalities play a negative role in the market to reach equilibrium.

It is true that the corrective tax encourages market efficiency but it doesn't imply the tax will lead to producer or consumer surplus, since those are actually influenced by basic supply and demand laws, making option "C" a false statement.

4 0
3 years ago
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