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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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Mill Co.'s trial balance included the following account balances at December 31, Year 6:
o-na [289]

Answer:

D) $45,000

Explanation:

The computation of the amount which is included in the current liability section is shown below:

= Account payable balance + bonds payable -  discount on bonds payable + dividend payable

= $15,000 + $25,000 -  $3,000 + $8,000

= $45,000

The current liability is that liability which is arise for one year. Since, the notes payable is a long term liabilities so we do not consider in the computation part.

4 0
3 years ago
Ward and June are in the 32% tax bracket. A bond of Dell Computer Corporation with a face value of $10,000 is included in their
polet [3.4K]

Answer:

Tax Savings = 200

Explanation:

If Ward and June carry the bond, tax would be:

⇒ Interests * tax rate

⇒ 1000 * 32% = 320

They gift bond to their son, Wally, whose tax would be:

⇒ Interests * tax rate

⇒ 1000 * 12% = 120

The tax savings related to the transfer of Bond is:

⇒ 320 - 120 = 200

5 0
3 years ago
Read 2 more answers
Guys please help, List the economic activities to delivering evening news bulletin to your television or radio​
saul85 [17]

Economic Activities are the actions related to the production, distribution, and exchange of goods and services. So for an evening news bulletin on TV or radio, some examples are:

  • The service of the reporters who research a story and check facts
  • The cost of paper and materials used in the newsroom
  • The equipment that establishes a TV or radio signal and broadcasts it out to people
  • Cable service or radios that are purchased in order to hear/see the news
4 0
3 years ago
Building Restoration, Inc. (BRI), enters into a contract to refurbish an old train depot for CasualDining, Inc., to open as Eat
maksim [4K]

Answer:

D

Explanation:

Substancial performance is a terminology used in contract law. It actually means the degree of performance of a contract work which is not completely or fully finished,but is so nearly equivalent that it would be unfair to deny the contractor the payment agreed upon in the contract. The owner has a right to recover whatever damages he has incurred by reason of the contractor's failure to render full and complete performance.

Building Restoration must have at least substantially performed the it's side of a bargain before they can call on the CasualDining,Inc to perform the their side of the bargain e.g. by paying an agreed amount. What actually constitute substantial performance depends on the circumstances.

7 0
3 years ago
An organization with an external strategic focus and a high degree of environmental turbulence calls for a(n) ____ culture.
Yuliya22 [10]

Answer:

C. adaptive

Explanation:

An adaptive culture is the culture that enables the company to adapt the changes in a quickly and in an effective manner with respect to the external pressures

In the given question, it is mentioned that the organization having an focus i.e. external strategic also have a high degree of an environmental calls

So this represent the adaptive culture

8 0
3 years ago
Read 2 more answers
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