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Evgen [1.6K]
3 years ago
13

Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capita

l stock. True or false?
Business
1 answer:
Cloud [144]3 years ago
6 0

Answer:

false

Explanation:

Paid-in capital is the amount of money or any other form that stockholders pay to the corporation for capital stock. it is considered as an important part of the equity in the business. paid-in capital can be paid for common or preferred stock.

it is considered a way through which stockholders can represent their funds by showing the amount of stock they have purchased

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Financial statement data at December 31 for Ecco Company are as follows: Cost of goods sold $552,500 Inventories: Beginning of y
nikitadnepr [17]

Answer:

b.112.3 days

Explanation:

The computation of the number of days' sales in inventory for the year is shown below:

Day inventory outstanding = {(Beginning inventory + ending inventory) ÷ 2}÷ cost of goods sold × number of days in a year

= {($200,000 + $140,000) ÷ 2} ÷ ($552,500) × 365 days

= ($170,000)  ÷ ($552,500) × 365 days

= 112.3 days

7 0
3 years ago
Santana Company exchanged equipment used in its manufacturing operations plus $2,000 in cash for similar equipment used in the o
Ede4ka [16]

Solution :

We know that the exchange takes place when the FMV receive is equal to the FMV given up.

Where the FMV = fair market value

The commercial substance means the future cash flows exchange.

The non monetary exchange refers to the cash which is less than 25% of the fair value exchange.

The journal entries for the Santana Corp. when the exchange lack the commercial substance are reported as :

Transaction                                           Debit ($)                 Credit ($)

Asset(new)                                           11,000

Accumulated depreciation(old)          9,000

Asset (old)                                                                       28,000

Cash                                                                                 2000

The journal entries for Delaware Corp. when the exchange lacks the commercial substance.

Transaction                                           Debit ($)                 Credit ($)

Asset(new)                                            16,000  

Accumulated depreciation (old)          10,000

Loss                                                                                      2500

Assets (old)                                                                           28,000                                  

7 0
3 years ago
The inventory costing method that reports the earliest costs in ending inventory is:_______
nikdorinn [45]

Answer:

a. LIFO.

Explanation:

The LIFO method refers to an inventory method that means the item which is last purchased should be sold first during the period of time. So in this inventory method the earliest cost in the closing inventory should be recorded

Therefore the given situation, the correct option is a.

And, the other options are wrong

4 0
3 years ago
Headland Mining Company purchased land on February 1, 2020, at a cost of $1,169,500. It estimated that a total of 52,800 tons of
Nat2105 [25]

Answer:

1. $26 per unit

2. $183,040

3. $503,360

Explanation:

1. Computation of per unit mineral cost

Per unit mineral cost=(1,169,500+96,300+214,000-107,000)/52,800

Per unit mineral cost=1,372,800/52,800

Per unit mineral cost=$26 per unit

Therefore the Per unit mineral cost will be $26 per unit

2. Computation of Total materials cost

Total materials cost= (26,400 tons-19,360 tons)*26

Total materials cost=7,040*26

Total materials cost=$183,040

Therefore the Total materials cost will be $183,040

3. Calculation for the Total materials cost in Cost of goods sold

Total materials cost in Cost of goods sold= (19,360*26)

Total materials cost in Cost of goods sold =$503,360

Therefore the Total materials cost in Cost of goods sold will be $503,360

8 0
3 years ago
Which of the following statement is false? Group of answer choices Financing activities include the obtaining of cash from issui
Lapatulllka [165]

Answer:

Interest payment on bonds payable is a cash outflow from financing activities.

Explanation:

The only statement which is false from the list is : Interest payment on bonds payable is a cash outflow from financing activities.

Interest payment on bonds payable is an expense in the income statement used to determine the income for the year. Net Income falls under the Cash flows from Operating Activities.

6 0
3 years ago
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