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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)

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Answer:

Short run aggregate supply curve is flat ( A )

Explanation:

The special case of the AS-AD following the IS-LM is that the short run aggregate supply curve is flat

This is because in an AS-AD model the price level is constant and AD represents an equilibrium point along IS-LM model,  hence the price been constant, shows that in short run aggregate supply curve will be flat.

7 0
2 years ago
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system a
anzhelika [568]

Answer:

April 2

Merchandise $6,200 (debit)

Accounts Payable :  Lyon Company $6,200 (credit)

<em>Purchase of Merchandise on credit from Lyon Company (FOB)</em>

April 3

Accounts Payable :  Lyon Company $200 (debit)

Cash $200 (credit)

<em>Payment of Shipping Costs included in the Invoice </em>

April 4

Accounts Payable :  Lyon Company $450 (debit)

Merchandise $450 (credit)

<em>Return of unacceptable merchandise to Lyon Company</em>

April 17

Accounts Payable :  Lyon Company $5,550 (debit)

Discount Received $111 (credit)

Cash $5,439 (credit)

<em>Settlement of Account with supplier and recognition of discount received</em>

April 18

Merchandise $11,700 (debit)

Accounts Payable :  Frist Corp $11,700 (credit)

<em>Purchase of Merchandise on credit from Frist Corp</em> <em> (FOB)</em>

April 21

Accounts Payable :  Frist Corp  $500 (debit)

Merchandise $500 (credit)

<em>Allowance received from supplier (Frist Corp)</em>

<em />

Explanation:

There is some missing transactions for the dates closer to end of April.

However the rest of the journals and their narrations have been prepared. This will help with completing the rest of the transactions.

See journals above.

6 0
3 years ago
he income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold of $69,278 million. An ex
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Answer:

Cash received from customers is $90,025  million

Cash paid to suppliers is $72,128   million

Explanation:

Cash received from customers is the net sales of $91,758 million minus the increase in accounts receivable since that is the portion of revenue yet to be received.

cash received from customers=$91,758 million-$1,733 million=$90,025  million

cash paid to suppliers is the cost of goods sold of $69,278 million plus the increase in inventory as well as the increase in accounts payable

cash paid to suppliers=$69,278 million+$883 million+$1,967 million=$72,128 million  

4 0
2 years ago
The account titles for transaction (C) 5/4 should appear in the Account Title column of the journal entry as
maxonik [38]
The account titles for transaction (C) 5/4 should appear in the Account Title column of the journal entry as s<span>upplies Cash

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7 0
3 years ago
A share of BAC common stock has just paid a dividend of $1.00. The market return is 12% and the beta is 1.5. The three month T-b
myrzilka [38]

Answer:

a. 16.00%

b. $13.50

Explanation:

a. The computation of the required return is shown below:

Expected rate of return = Risk-free rate of return + Beta × (Market rate of return - Risk-free rate of return)

= 4% + 1.5 × (12% - 4%)

= 4% + 1.5 × 8%

= 4% + 12

= 16.00%

b. Now the stock price is

= Current year dividend ÷ (Required rate of return - growth rate)

= ($1 × 1.08) ÷ (16% - 8%)

= 1.08 ÷ 8%

= $13.50

We simply applied the above formulas

5 0
2 years ago
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