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NISA [10]
3 years ago
10

Coffey's Coffee Shop was organized on January 1, 2005 and was authorized to issue 200,000 shares of $2 par value common stock an

d 100,000 shares of $100, 6% cumulative preferred stock. The preferred stock is convertible to common at the rate of 1 preferred share to 4 shares of common. The conversion rate is restated for all stock dividends and splits. Coffee had the following stock transactions in 2005:
1/1/2005 - Sold 30,000 shares of common stock at $20 per share.
1/1/2005 - Sold 10,000 shares of preferred stock at $100 per share.
4/1/2005 - Issued at 50 percent stock dividend when the market price is $26 per share.
9/1/2005 - Purchased 4,000 treasury shares at $30 per share.
10/1/2005 - Sold 1,000 of the treasury shares at $32 per share.
11/1/2005 - Sold 2,000 of the treasury shares at $25 per share.
12/1/2005 - Issued a 2-1 for stock split.
12/20/2005 - Declared the required dividend to preferred stock holders and a $.25 per share dividend to common stockholders. Dividends are payable on 12/31/2005.
12/31/2005 - Paid dividends declared on 12/20/2005.

Prepare journal entries to record all of the above business events.
Business
1 answer:
bazaltina [42]3 years ago
6 0

Answer:

$100

Explanation:

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myrzilka [38]
A. Arrive early.

Explanation:

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3 years ago
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Selected financial information for Thornton Company for 2019 follows: Sales $ 2,000,000 Cost of goods sold 1,400,000 Merchandise
frutty [35]

Answer:

7.80 times

Explanation:

First of all we have to calculate the average inventory

Opening inventory= 159,000

Closing inventory= 200,000

Average inventory= (opening inventory+closing inventory)/2

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= 179,500

The next step is to find the merchandise inventory turnover which is calculated as

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Cost of goods= $1,400,000

Average inventory= 179,500

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Hence the merchandise inventory was turned over 7.80 times in 2019

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3 years ago
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<h2>The given statement is true.</h2>

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Evaluates the difference between leadership and board governance in establishing strategic planning for a health care organizati
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6 0
2 years ago
In year 1, X Company recognized an impairment loss on the trade name for its beverage product, reducing the carrying value from
ziro4ka [17]

Answer:

The value of the intangible will remain at $350,000

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