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Alisiya [41]
3 years ago
13

On January 1, 2020, the stockholders' equity section of Cheyenne Corp. shows common stock ($4 par value) $1,200,000; paid-in cap

ital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred.
Mar.1 Purchased 47,000 shares for cash at $15 per share.
July.1 Sold 10,000 treasury shares for cash at $17 per share.
Sept.1 Sold 8,500 treasury shares for cash at $14 per share.
a. Restate the entry for September 1, assuming the treasury shares were sold at $11 per share.
Business
1 answer:
MAXImum [283]3 years ago
4 0

Answer:

The Journal entries are as follows:

On September 1,

(a) Cash A/c [8,500 × $14]                          Dr. $119,000

Excess of paid in capital A/c [8,500 × $1] Dr. $8,500

To treasury stock                                                               $127,500

(To record the treasury shares for cash)

(b) Cash A/c [8,500 × $11]       Dr. $93,500

Excess of paid in capital A/c  Dr. $20,000

Retained earnings A/c            Dr. $14,000

To Treasury stock                                                              $127,500

(To record the restate entry for September 1)

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1) The defect rate for your product has historically been about 2.00%. For a sample size of 300, the upper and lower 3-sigma con
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Answer:

UCL= <u>0.044</u>

LCL=<u>-0.004</u>

Explanation:

Use following formula to calculate the UCL and LCL

UCL = p + z\sqrt{\frac{p(1-p)}{n}}

Where

P = defect rate = 2% = 0.02

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PLacing values in the formula

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UCL = 0.02 + 3 x 0.008082904

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Now calculate LCL using folllowing formula

LCL = p - z\sqrt{\frac{p(1-p)}{n}}

Where

P = defect rate = 2% = 0.02

z = sigma control chart limit = 3

n = samploe size = 300

PLacing values in the formula

LCL = 0.02 - 3\sqrt{\frac{0.02(1-0.02)}{300}}

LCL = 0.02 - 3 x 0.008082904

LCL = 0.02 - 0.024248711

LCL = -0.004248711

LCL = -0.004

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2 years ago
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