1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
pychu [463]
3 years ago
12

Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholde

rs’ equity. January 1 Issues 600 shares of common stock for $40 per share. April 1 Issues 100 additional shares of common stock for $44 per share.
Required:

a) Record the transactions, assuming Clothing Frontiers has no-par common stock.

b) Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock.
Business
1 answer:
zimovet [89]3 years ago
6 0

Answer:

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $24,000          (600 shares × $40)

    To Common Stock $600        (600 shares × $1)

    To  Additional Paid-in Capital in excess of par - Common Stock $23,400

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

2. Cash A/c Dr $4,400         (100 shares × $44)

    To Common Stock $100      (100 shares × $1)

    To  Additional Paid-in Capital in excess of par - Common Stock $4,300

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

You might be interested in
This business pays income taxes on the sales of its products each year.<br> This is:
coldgirl [10]

Explanation:

what is the question??

5 0
3 years ago
Read 2 more answers
National accounting identities Let C stand for consumption spending, I for investment, G for government purchases, X for exports
madreJ [45]

Answer:

A. National income must equal domestic product.

True.

Explanation:

National Income is the total value of goods and services produced in a country during a financial period. It is total income from a country's economic activities.

Domestic product is monetary value of all economic activities of a country during a period.

National Income is sum of Investments, Savings, Government expenditures and net exports. National Income equals the domestic products of a country. The equation is as follows:

C + I + G + (X - IM) = DI + NT.

The statement given is true. Disposable income equals the saving plus consumption. The excess of disposable income which is not consumed is saved.  Sum of saving and consumption must equal Disposable income in an economy.

4 0
3 years ago
The price elasticity of demand for a good is likely to be less elastic​ __________.
mariarad [96]

Answer:

if a change in the price of the good brings about a much smaller change in the quantity demanded for the good.

Explanation:

<em>The price elasticity of demand is a measure of the change in the demand for a good in relation to a change in the price of the same good. </em>Mathematically, the price elasticity of demand for a product is represented as:

Price elasticity = change in the quantity demanded/change in price

The value of price elasticity of demand ranges from 0 to infinity. The price elasticity of demand is

  • relatively inelastic when the value is less than 1,
  • unitary elastic when it is equal to 1,
  • relatively elastic when it is greater than 1,
  • perfectly inelastic when it is equal to 0, and
  • perfectly elastic when the value is infinity.

<u>Less elastic price elasticity of demand is equivalent to relatively inelastic price elasticity. This thus means that the price elasticity of demand is less than 1; a percentage change in the price of the good brings about a disproportionately smaller percentage change in the quantity demanded for the good.</u>

4 0
3 years ago
How does business generate income?
Luden [163]

Hai!

This depends on the Type of Business.

If it is a Selling Business, they sell stuff to Earn Profit.

If its a Free Online Website/Game. They earn money by either in game purchases or Web Site purchases.  

4 0
3 years ago
Which of the following positions refers to a functional manager
lbvjy [14]
The where’s the picture !!
5 0
3 years ago
Read 2 more answers
Other questions:
  • How do fears of future economic problems affect gdp?
    13·2 answers
  • The process of discussing a marketing problem with informed sources both within and outside the firm and examining information f
    8·1 answer
  • The secret to effective sales is to have a
    10·1 answer
  • Gala Company is a manufacturer of laptop computers. Various costs and expenses associated with its operations are as follows.The
    10·1 answer
  • On October 1, 2015, Zircon Jewelry Company accepted a 4-month, 10% note for $2,400 in settlement of an overdue account receivabl
    15·1 answer
  • Which type of ad agency is most likely to offer its clients an extensive range of marketing, communications, and promotions serv
    12·1 answer
  • What are the steps to using a database template? Use the drop-down menus to complete them.
    12·2 answers
  • If the production of 25 sets of binoculars per day costs a firm​ $1,500.00 and the production of 26 sets of binoculars per day c
    15·1 answer
  • Why do people call buildings buildings if they are already built.
    6·1 answer
  • Quizlet the ability of a central bank to set monetary policy instruments is _______, while the ability of a central bank to set
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!