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astra-53 [7]
3 years ago
10

A company sold 10,000 shares of its common stock at par value for a total of $45,000. What two accounts are affected by the tran

saction?
Business
1 answer:
noname [10]3 years ago
8 0

Answer:

Cash and contributed capital

Explanation:

The journal entry to record the sale of common stock is shown below:

Cash A/c Dr $45,000

   To Common stock A/c $45,000

(Being the common stock is sold)

For recording this transaction, we debited the cash account as the sale is made which increases the asset and credited the common stock account because the common stock is sold which reduces the equity balance.

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Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most bal
inn [45]

Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator. The CPI for this year is calculated by dividing <u>the value of all goods and services produced in the economy this year </u>using <u>this year's prices</u> by the<u> value of all goods and services produced in the economy this year</u> using <u>the base year's prices</u> and multiplying by 100. However, the GDP deflator reflects only the prices of all goods and services bought by the consumers.

<u>Explanation:</u>

GDP is the gross domestic product of a country which specifies the level of growth of the country. The value of the goods and the services of the country produced by the people of the country are all reflected in the gross domestic product of the country.

Greater the rate of GDP is of a particular country, higher would be the growth of the country. It is also used as a measure of comparison of the growth rate of the country.

5 0
3 years ago
Ramirez Corporation is subject to income tax only in State A. Ramirez generated the following income and deductions. Federal tax
Alborosie

Answer:

a. $495,000

Explanation:

Data provided

Federal taxable income = $500,000

State A income tax expense = $45,000

Depreciation Modification = $300,000, $250,000

The computation of taxable income is shown below:-

Federal taxable income + State A income tax expense - Depreciation Modification

= $500,000 + $45,000 - ($300,000 - $250,000)

= $545,000 - $50,000

= $495,000

8 0
3 years ago
A company determined that the budgeted cost of producing a product is $30 per unit. On June 1, there were 80,000 units on hand,
Alla [95]

Answer:

$10,200,000.

Explanation:

End inventory + Sales - Begin inventory = # of units that need to be produced

# of units that need to be produced @  $30 per = Your answer

4 0
3 years ago
Governmental financial reporting should provide information to assist users in which situation?
trasher [3.6K]

Answer: making economic, social, and political decisions and also

assessing whether current-year citizens received services but if part of the payment burden was shifted part to future-year citizens.

Explanation:

Government Financial reporting should assist in fulfilling the government's duty of being publicly accountable. When there's a report of government's finances, citizens will be able to see the way money are spent and received in the country.

It also helps in the provision of information in order to help users assess the service efforts and make political, economic, and social decisions.

6 0
3 years ago
When Canada Dry first introduced Wink soda in the 1960s, it used the slogan, "Join the cola dropouts." The purpose of this adver
algol [13]

Answer:

The purpose of this advertising campaign was most likely to <u>get customers to try the new product</u><u>.</u>

Explanation:

Since Wink soda was a new product of Canada Dry, <u>it needed a catchy slogan to create awareness and invite customers to try out the product.</u>

The slogan "Join the cola dropouts", was one that told customers that <u>Wink soda was something different from cola, and should be given a try.</u>

5 0
3 years ago
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