Answer and Explanation:
1.
5 million shares granted ×$9.00=$45,000,000
2. No entry is made on the grant day.
3-5 )Dr compensation expenses 15
(45 million ÷3 years)
Cr Paid in capital-restricted stock 15
Note: The entry is the same for years 2021 to 2023
6. Dr Paid in capital-restricted stock 45
Cr Common stock($5 million share×$1 par)
$5
Cr Paid in capital - excess of par (Remainder) $40
Answer:
- Government legal minimum price $4.50 : Price Floor [Binding]
- Government maximum set price $4.50 : Price Ceiling [Non Binding]
Explanation:
Price Ceiling is the maximum mandated price by the government , at which a commodity can be sold in the market. It is binding if price ceiling is set below the free market equilibrium price level. It is usually set to protect interests of buyers.
Price Floor is the minimum mandated price by the government, at which a commodity can be sold in the market. It is binding if price floor is set above the free market equilibrium price level. It is usually set to protect interest of sellers.
'The government has instituted a <u>legal minimum price</u> of $4.50 per gallon for gasoline' is an example of Price Floor. As floor price 4.50 > equilibrium price 4 , it is binding.
'The government <u>prohibits</u> gas stations from selling gasoline for <u>more than</u> $4.50 per gallon' is an example of Price Ceiling. As price ceil 4.50 > equilibrium price 4 , it is non binding.
Answer:
$312
Explanation:
Business Travel expenses are costs incurred when you are away from home on businesses. Accordingly, in this case, AJ is allowed to deduct 50% of his entertainment costs (that is, meal and theater tickets) since it follows a substantial business discussion. The cost of transportation, that is the cab fare is fully covered under the business expenses as it is not subject to the 50% rule of deduction for entertainment and the likes.
Thus,
Total money AJ can deduct as business expenses.
= (50% of 350) + (50% of 190) + 42
= 175 + 95 + 42
= $312
Answer:
A. ineffective understanding of the purpose of a control
Explanation:
Internal controls can be regarded as mechanisms or rules, as well as procedures put in place, by a company so that integrity of financial as well as accounting information, are ensured and to promote accountability as well as prevention of fraud. It should be noted that Common inherent limitations in internal control include ineffective understanding of the purpose of a control
