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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:

You might be interested in
Project Q has an initial cost of $257,412 and projected cash flows of $123,300 in Year 1 and $180,300 in Year 2. Project R has a
ss7ja [257]

Answer:

b) Accept Project R and reject Project Q

Explanation:

We can use the following method to solve the given problem in the question

We are given

Project Q: Initial Cost = $ 257,412

Projected Cash Flows: Yr 1 : $ 123,300 Yr 2 : $ 180,300

Total Present Value of all the Future Cash Flows using 12.2% as Rate of Return

= 123,300/1.122 + 180,300/(1.122*1.122)

= 109,893 + 143,222

= $ 253,115

Profitability Index = Total Present Values of all Cash Inflows / Initial Investment

= 253,115 / 257142 = 0.98

Since the Initial Investment is greater than the Present Value of Cash Inflows, that is, l Profitability Index < 0 the Project should not be selected.

Project R: Initial Cost = $ 345,000

Projected Cash Flows: Yr 1 : $ 184,500 Yr 2 : $ 230,600

Total Present Value of all the Future Cash Flows using 12.2% as Rate of Return

= 184,500/1.122 + 230,600/(1.122*1.122)

= 164,438.5 + 183,178

= $ 347,616.5

Profitability Index = Total Present Values of all Cash Inflows / Initial Investment

= 347,616.5 / 345,000 = 1.01

Since the Initial Investment is lower that the Present Value of the Cash Inflows, that is, Profitability Index > 0 the Project should be selected.

Accept Project R and Reject Project Q, so option B is the correct answer

8 0
3 years ago
Which of the following statements is true of break-even point?
Misha Larkins [42]

Answer:

D) It helps managers exercise control after the product has been created and is ready for marketing.

Explanation:

Break-even point is the point where the total cost matches the total revenue,it is helpful to managers in order to control the business,it helps them to know when to implement certain changes or favorable incentives for improved sales and overall revenue.

It is calculated by dividing the total fixed cost/total revenue for one unit minus the variable cost for one unit.

It helps managers to control the profit margins in a given product,and also know the impact of changes to total revenue or profit when a process is Automated.

6 0
3 years ago
Alicia deposited $400 in the bank. The bank paid her simple interest at the rate of 5 percent per year. How much money will she
algol13

Using simple interest, she will have $410 at the end of six months.

Principle = $400

Rate = 5%

Time equals 6 months, or 0.5 years.

Simple interest is equal to PRT/100.

S.I. = 400*5*(1/2)/100

S.I. = 10

Consequently, $400 plus $10 equals $410.

<h3>What is simple interest?</h3>

To calculate the amount of interest that will be charged on a loan, use the quick and easy formula known as simple interest. For the purpose of calculating simple interest, the daily interest rate, the principal, and the number of days between payments are multiplied.

A loan's principal or the first deposit into a savings account serves as the basis for simple interest. Because simple interest doesn't compound, a creditor would only pay interest on the principal sum, and a borrower will never have to pay interest on the interest that has already accrued.

Learn more about simple interests, from:

brainly.com/question/25845758

#SPJ1

6 0
11 months ago
The ________ is the difference between merchandise imports and exports and a measure of a country's international trade in goods
Levart [38]

Answer:

balance of trade

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

Basically, trade can be categorized into two (2) main groups and these are;

I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.

II. Export: it involves the sales of goods produced in a domestic country to a foreign country.

In Economics, a balance of trade is a measure of the difference between merchandise imports and exports, as well as a country's international trade in goods. Thus, it's a measure of the difference between the monetary value of the import and export of goods of a country over a specific period of time.

3 0
3 years ago
A company's net sales were $676,600, its cost of goods sold was $236,810 and its net income was $33,750. Its gross margin ratio
algol13

Answer:

13.01%

Explanation:

Gross Margin Ratio = \frac{Net Sales - Cost of Goods Sold}{Net Income}

Gross Margin Ratio = \frac{676,000 - 236,810}{33,750}

Gross Margin Ratio = \frac{439,190}{33,750}

Gross Margin Ratio = 13.01%

Gross Profit Margin is represented as (Percentage) %. Now, the Gross profit margin is really worth investigating. It not only helps when comparing Gross Profit Margin with competitors but is also helpful in investigating and comparing previous year's Gross Profit Margin. If the Gross Profit Margin fallen there could be number of reasons for this, one might be the cost of goods sold has gone up. On contrary, on the other hand the increase in Gross Profit Margin might be because of increase in selling prices.

7 0
3 years ago
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