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WARRIOR [948]
2 years ago
14

Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2017, Sheffield reacquired 113 shares at

$88 per share. On September 1, Sheffield reissued 62 shares at $94 per share. On November 1, Sheffield reissued 51 shares at $86 per share.
Prepare Sheffield's journal entries to record these transactions using the cost method.
Business
1 answer:
Svetradugi [14.3K]2 years ago
3 0

Answer:

The journal entries for the given economic events are given below:

Date         Account Title                         Debit     Credit

7/1/17      Treasury Stock (113 X $88)     9,944

                 Cash                                                       9,944

9/1/17       Cash (62 X $94)                     5,828

                 Treasury Stock (60 X $88)                   5,280

                  Paid-in Capital from

                  Treasury Stock                                      548

(Paid in capital from Treasury Stock = 5828 - 5280 = 548)

11/1/17 Cash (51 X $86)                           4,386

                Paid-in Capital from

                Treasury Stock                          102

                     Treasury Stock (51 X $88)                   4,488

(Paid in capital from Treasury Stock = 4488 - 4386 = 548)

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3 years ago
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Which of the following most accurately explains why the supply curve for a good slopes upward to the right?
goldenfox [79]

Answer:

c. There is a direct relationship between a good’s price and the amount offered for sale by suppliers.

Explanation:

According to the law of supply concept, it shows a direct relationship between the price and the quantity supplied.  

As the price is rising, the quantity supplied also increases and if the rice is declining, the quantity supplied is also decreases

Since the supply curve slopes upward in the right direction which reflects the direct relationship between the price and the quantity supplied.

3 0
3 years ago
A company has decided to discontinue a component of its business but, when the reporting period ends, the component has not yet
azamat

Answer: income from operations for the year and the amount by which the component’s fair value less cost to sell is less than book value

Explanation:

Discontinued operations is simply and accounting term which means the parts of the core business of a company that have either been shut down or divested.

With regards to the question, the amount that the company would report as income from discontinued operations would be the income or loss that was gotten from operations, that is revenues, the expenses, gains and the losses and the impairment loss.

Therefore, the correct answer will be option B "Income from operations for the year and the amount by which the components fair value less cost to sell is less than the book value".

5 0
2 years ago
Projects often include indirect costs that are necessary to keep the organization running, but are not associated with one speci
Sedbober [7]

Answer:

The correct answer is:

executive salaries, utilities and insurance (C.)

Explanation:

Indirect costs are  costs that are not directly attributable objectively to a good, project, facility or service. Indirect costs are either fixed or variable. Fixed indirect costs are costs that do not change as the units/volumes of production  change, while variable indirect costs are costs that change with change in production units. Indirect cost can also be classified as either recurring or fixed. Recurring indirect costs are those that are repeated in nature, example is salaries of laborers, while fixed indirect can be cost of transportation. In this example, executive salaries, utilities and insurance are not directly attributable to a specific project at hand; the executives do not partake in the project hands-on, insurance and utilities such as electricity rent are not project-specific and it is financially infeasible to do so.

On the other hand, direct costs are costs that are directly attributable to the object, and it is financially feasible to do so, hence travel cost, labor, consultant and subcontractors costs, and material costs are all directly linked to the project (object).

3 0
3 years ago
Which of the following statements is true? Select one: a. In an annuity due payments occur at the end of the period. b. In an or
pashok25 [27]

Answer:

b. In an ordinary annuity payments occur at the end of the period

Explanation:

<u>Why the other options are false:</u>

A.- On annuity due, the payment occurs at the beginning of the period.

B.- The perpetuity will not mature. It will yield interest for an indefinite period of time

C.- The present present value of a perpetuity is calculate as follow:

cash inflow/ interest rate = perpetuity

On an ordinary annuity, the payment occur at the end of the period, which is correct.

5 0
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