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Nady [450]
3 years ago
10

"On November 10th, a customer buys 200 shares of ABC stock at $50 per share. On November 29th of the same year, the customer sel

ls the stock at $44. On December 15th of the same year, the customer buys ABC stock at $49. The customer's cost basis in ABC stock is:"
Business
1 answer:
PilotLPTM [1.2K]3 years ago
7 0

Answer:

$55 per share

Explanation:

Calculation for the customer's cost basis in ABC stock

Based on the information given we were told that the customer bought the stock at the amount of $50 in which he later sold at the amount of $44 making the customers to have a loss of $6 per share ($50-$44), which means the customer adjusted of the cost basis on the stock will be calculated as :

ABC stock $49 + Loss of $6 per share

=$55 per share.

Therefore The customer's cost basis in ABC stock is: $55 per share.

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Journalize the entries to record the following selected transactions:
juin [17]

Answer:

   General Ledger                   Dr.          Cr.

1.   Cash                                 $65,940

    Sales Tax Payable                           $3,140

    Sales                                                 $62,800

2.  Cost of Goods Sold        $37,500

    Merchandise Inventory                    $37,500

3.  Sales Tax Payable          $39,650

    Cash                                                  $39,650

Explanation:

Sales tax is subject to 5% which is

Sales Tax  = $62,800 x 5% = $3,140

Total Cash received = $62,800 + $3,140 = $65,940

Cost of the merchandise sold is recorded in the cost of goods sold account.

Tax is paid in cash and Tax payable liability is reduced by a debit entry.

6 0
3 years ago
Products are invented and revised by which department? marketing production research and development finance 2. what is the indu
Vanyuwa [196]

1. The answer is <u>"research and development".</u>


Research and development alludes to innovative exercises embraced by organizations or governments in growing new administrations or items, or enhancing existing administrations or products. Research and improvement constitutes the primary phase of advancement of a potential new administration or the creation procedure.  

Research and development are exceptionally hard to oversee, since the characterizing highlight of research is that the analysts don't know ahead of time precisely how to achieve the coveted outcome.  


2. The answer is <u>"capstone courier".</u>


Client buys and sensor organization money related outcomes are accounted for in an industry pamphlet called the Capstone Courier.  

Successful organizations will think about the Courier to comprehend the commercial center and discover openings. As the reenactment advances and systems are executed, organization results will start to shift.  


3. The answer is <u>"wage increases".</u>


Production department refers to a department that is straightforwardly associated with assembling items. Illustrations are the machining, completing, and collecting offices.  

Production is the useful territory in charge of transforming contributions to completed yields through a progression of generation forms. The Production Manager is in charge of ensuring that crude materials are given and made into completed merchandise successfully. He or she should ensure that work is completed easily, and must manage methods for making work more productive and more charming.  


4. The answer is <u>"Borrowing Long-term debt , Borrowing Short-term debt and Issuing Stock".</u>


Short-term debt alludes to any money related commitment that is either due inside a year time frame or due inside the current monetary year. The estimation of the transient obligation account is imperative while deciding an organization's execution.  

Notwithstanding any short-term debts due inside a year, there might be a segment of long-term debt that is likewise incorporated into this record. This part relates to installments that must be made on any long-term debt throughout the year.


5. The answer is <u>"marketing department".</u>


The Marketing Department assumes a fundamental part in advancing the business and mission of an organization.A advertising division advances your business and drives offers of its items or administrations. It gives the important research to recognize your objective clients and different groups of onlookers. Contingent upon the organization's various leveled association, a promoting executive, director or VP of advertising may be in charge.  

6. The answer is<u> "true".</u>


A proforma is being characterized as a standard record or proclamation in respects with back that could be alluded to as a technique utilized in methods for ascertaining the money related outcomes that are given.  

Proforma financial statements are utilized for a full scope of budgetary examination and ought to be made toward the start of each money related arranging cycle or at whatever point an association is thinking about a stage that could have a huge monetary effect.

8 0
3 years ago
James Smith, the CFO of Blossom Automotive, Inc., is putting together this year's financial statements. He has gathered the foll
xeze [42]

Answer:

Long term debt is $ 166,621

Explanation:

Firstly, we have to classify the available data into their correct headings.

Assets

Cash                                                          $   23,015

inventory                                                   $ 210,000

Accounts Receivable                               $ 141,258

Other current assets                                $   11.223

Plant and Equipment (Net)                      $ 710,000

Goodwill and other assets                      <u>$   78,656</u>

Total Assets                                            <u>$ 1,174,152</u>

<u></u>

Liabilities

Accounts Payable                                    $   163,257

Short term notes payable                        <u>$     21,115</u>

Total liabilities without long term debt   <u>$   184,372</u>

<u></u>

Stockholders equity

Common stock                                         $ 311,000

Retained earnings                                   $  512,159

Total Stockholders Equity                      <u> $  823,159</u>

By using the fundamental accounting equation which is

Assets= Liabilities + Owners equity

$ 1,175,152 = $ 184,372 + $ 823,159 = $ 166,621

so the amount of long term debt is $ 166,621, this would balance the accounting equation.

8 0
3 years ago
When a business does not generate enough revenue to cover salaries, rent, and other expenses, it incurs a _____.
STALIN [3.7K]

Answer:

The correct answer is: Net Loss.

Explanation:

A Net Loss or Net Operating Loss (<em>NOL</em>) occurs when the firm's expenditures are higher than its revenue. Net losses are the results of different factors such as inefficient employees, competition or unexpected market conditions (war). If a company reports net losses, it does not necessarily imply it will file for bankruptcy since there are other sources from where the company can hold like loans.

5 0
3 years ago
Cutter Enterprises purchased equipment for 60,000 on January 1, 2021. The equipment is expected to have a five-year life and a r
levacccp [35]

Answer:

$21,600

Explanation:

The expected life of the equipment is 5 years

Double-declining-balance rate = (1/5) *2 = 40%

Depreciation for 2021 = $60,000*40% = $24,000

Book Value at Dec 31, 2021 = $60,000 - $24,000

Book Value at Dec 31, 2021 = $36,000

Depreciation for 2022 = $36,000*40% = $14,400

Book Value at Dec 31, 2021 = $36,000 - $14,400

Book Value at Dec 31, 2021 = $21,600

Using the double-declining-balance method, the book value at December 31, 2022, would be $21,600.

4 0
3 years ago
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