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Gwar [14]
3 years ago
11

On December 2, Coley Corp. acquired 1,400 shares of its $3 par value common stock for $24 each. On December 20, Coley Corp. reso

ld 1,000 shares for $10 each. Which of the following is correct regarding the journal entry for the resold shares?A. Credit Treasury Stock $5,000B. Credit Treasury Stock $12,000C. Credit Additional Paid in Capital $3,000D. Debit Cash $9,000
Business
1 answer:
Andrei [34K]3 years ago
8 0

Answer:

Explanation:

The journal entry to record the resold share is shown below:

Cash A/c Dr $10,000       (1,000 shares × $10)

    To Common Stock $3,000          (1,000 shares × $3)

    To  Additional Paid-in Capital in excess of par - Common Stock $7,000

     (1,000 shares × $7)

(Being the resold shares is recorded and the remaining balance is credited to the additional paid-in capital account)

While reselling the stock, we debited the cash account and credited the common stock and additional paid-in capital account

All other information which is given is not relevant. Hence, ignored it

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NAFTA eventually eliminates all tariffs on goods produced and traded between the United States, Mexico, and Brazil. True False
Nata [24]

Answer:

The statement is: False.

Explanation:

The North American Free Trade Agreement (<em>NAFTA</em>) is a treaty signed by Canada, Mexico, and the United States to create a free-trade area between those regions. Besides eliminating tariffs on imports and exports between the three countries, thanks to the NAFTA procedures to resolve trade disputes can be established. Also, according to the NAFTA, the three countries must respect the patents trademarks and copyrights of each of them.

Brazil does not belong to this bloc.

7 0
4 years ago
Create a fictitious product. Be creative — it can be anything you want, including clothing, a beverage, food, a gadget, a video
skelet666 [1.2K]

Answer:

A video game:

Explanation:

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3 0
3 years ago
Read 2 more answers
Alan (27) and Kara (26) are married and filing a joint return. Both Alan and Kara were full-time students all year at State Coll
Tresset [83]

Answer:

AOLC_{Allan}=$2750

AOLC_{Kara}=$2475

AOLC_{Allan}=$1000

AOLC_{Kara}=$780

Explanation:

American Opportunity Learning credit.

First, assuming Allan and Kara are eligible, we must know how the two forms of credit work. For the American Opportunity Learning credit (AOLC), it is possible to receive 100% of the tax deduction for the first 2000 and then 25% of the deduction up to a maximum of 2500. So, the amount of the opportunity credit for Allan and Kara is given by:

AOLC_{Allan}=2000+(5000-2000)*0.25=2750

AOLC_{Kara}=2000+(3900-2000)*0.25=2475

Now, for the American Lifetime Learning credit (ALLC), we have to allow 20% deduction  of taxes up to $2000 if the person meets the requirement of not earning more than 68000, then:

AOLC_{Allan}=5000*0.2=1000

AOLC_{Kara}=3900*0.2=780

8 0
3 years ago
The Whalers are interested in trading their star left tackle. He is a veteran and makes $1.6 million per year. They are consider
Romashka-Z-Leto [24]

Answer:

$1,800,000

Explanation:

The veteran player makes $1.6 million per year.

The new prayer will be paid $1 million per year.

the Savings per year will be

= $1, 600,000 - 1,000,000

= $ 600,000

The savings in three years will be

=$600,000 x 3

=$1,800,000

3 0
3 years ago
__________ conflict management norms resolve conflict openly, whereas __________ conflict management norms tend to avoid address
Valentin [98]

Answer:

_active_conflict management norms resolve conflict openly, whereas _passive_ conflict management norms tend to avoid addressing conflict

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3 years ago
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