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Gre4nikov [31]
3 years ago
10

Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2020, Overland Corporation took

part in the following selected transactions.
1. Issued 55,000 shares of stock at $76 per share, less costs related to the issuance of the stock totaling $27,000.
2. Issued 10,000 shares of stock for land appraised at $815,000. The stock was actively traded on a national stock exchange at approximately $78 per share on the date of issuance.
3. Purchased 6,000 shares of treasury stock at $74 per share. The treasury shares purchased were issued in 2009 at $46 per share.
Required:
(a) Prepare the journal entry to record item 1.(b) Prepare the journal entry to record item 2.(c) Prepare the journal entry to record item 3 using the cost method.
Business
1 answer:
suter [353]3 years ago
8 0

Answer:

See attached file

Explanation:

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Answer:

Option D. management estimates the amount of uncollectibles

Explanation:

When the company estimates the bad debts, reflects it in the balance sheet through a Debit entry in the Bad Debt Expenses againts the asset account Allowance for Doubtful Accounts as a Credit.

When the bad debt are confirm as uncollectible the loss is reflected in the Account Receivable as a Credit with the correspondent debit entry in the Allowance for Doubtful Accounts.    

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3 years ago
Economic growth in the country of Southville has slowed down in the last few months. Following a collapse in housing​ prices, se
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Complete Question:

A. According to census data, the percentage of Southville's population that lives in rural areas has gradually been shrinking.

B. The standards for obtaining a mortgage loan in Southville have been more stringent compared to many other countries.

C. Prior to the crisis, the prices of existing homes also increased in proportion to the prices of new homes in Southville.

D. A large proportion of home buyers in Southville were individuals who already owned one or more houses.

E. The inflation-adjusted real wage in the construction industry increased by 10 percent prior to the crisis.

Answer and Explanation:

Options A and D would weaken Bob's argument. The reason why option A would weaken Bob's argument would be because Bob said that the population is increasing whereas the according to the census data, the population has gradually been shrinking.

The reason for option D is that the individuals who already owned houses were buying new houses. So what was the need for them to buy additional new houses?

4 0
3 years ago
You pay for cheese and bread from the deli with currency. which function of money does this best illustrate? medium of exchange
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Medium of exchange because it's the purchase that is in question here
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Ray Of Light [21]

Answer:

culture

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culture: it is combination of values and moral that someone inherit from their forefather. it has very firm effects on decision making process. culture factors like occupation, economic background of consumer and lifestyle etc affect the decision of consumer. it is the value that passes from one generation to another.

culture is that stiff part of one life that cannot be change with time and more or less on the basis this consumer change its decision.

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