If you receive a loan the money the lender gives you is called

Fitzgerald Company wrote checks totaling $34,160 during October and $37,300 during November. $32,480 of these checks cleared the

il63 [147K]

Answer:

The amount of $ 2,540 is the checks that were outstanding on November 30.

Explanation:

The amount of the outstanding checks will be shown as:

Amount of outstanding checks = Checks wrote in October + Checks wrote in November - Checks cleared in October - Checks cleared in November

where

Checks wrote in October amounts to $34,160

Checks wrote in November amounts to $37,300

Checks cleared in October amounts to $32,480

Checks cleared in November amounts to $36,440

Putting the values above:

Amount of outstanding checks = $34,160 + $37,300 - $32,480 - $36,440

= $71,460 - $68,920

= $2,540

5 0

3 years ago

On January 1, 2020, ABC Corporation had 990,000 shares of common stock outstanding. On March 1, the corporation issued 150,000 n

Law Incorporation [45]

Answer:

ABC Corporation

The weighted-average number of common stock shares to be used in computing the earnings per share for 2020 is:

= 1,452,500.

Explanation:

a) Data and Calculations:

The Weighted-average number of shares to be used in computing earnings per share for 2020:

2020 Description Number Weight Result

January 1, Outstanding common stock 990,000 12/12 990,000

March 1, New issue of common stock 150,000 10/12 125,000

May 1, 5% Stock dividend (1,140,000 *5%) 57,000 8/12 38,000

July 1, 3-for-1 stock split (1,197,000/3) 399,000 6/12 199,500

October 1, Treasury stock (400,000) 3/12 100,000

Weighted-average number of common stock shares 1,452,500

6 0

3 years ago

Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4

Vikentia [17]

Answer:

Job No 306 351,000 Cost Of Goods Sold

Job No 307 500,000 Finished Goods Inventory

Job No 308 256,500 Work In Process Inventory

Explanation:

We add the March balance and the April balances for each of the jobs to get the desired results.

Marcelino Co

Job No 306

March

Direct Materials 25000

Direct Labor 25000

Applied Overhead 12500

Opening Work In Process 62500

April

Direct Materials 131000

Direct Labor 105000

Applied Overhead (50% of 105,000) 52,500

Total Costs Added In April 288500

Total Costs 351,000

Status on April 30 Finished & Sold

Included in Cost Of Goods Sold

Job No 307

March

Direct Materials 40000

Direct Labor 18000

Applied Overhead 9000

Opening Work In Process 67,000

April

Direct Materials 205000

Direct Labor 152000

Applied Overhead (50% of 152,000) 76,000

Total Costs Added In April 433,000

Total Costs 500,000

Status on April 30 Finished & Unsold

Included in Finished Goods Inventory

Job No 308

March

Direct Materials ------

Direct Labor --------

Applied Overhead -------

Opening Work In Process ------

April

Direct Materials 105000

Direct Labor 101000

Applied Overhead (50% of 101,000) 50,500

Total Costs Added In April 256,500

Total Costs 256,500

Status on April 30 In Process

Included in Work In Process Inventory

8 0

3 years ago

Which of the following business combinations is a vertical integration? A. The corner gas station buys the competitor across the

drek231 [11]

Answer:

C. The corner gas station acquires the gasoline distributor to ensure they can get gas in times of shortages.

Explanation:

Vertical integration is the situation where the same company owns both the sources of supply and the distribution (retail) outlets. The description of (C) matches this definition.

4 0

3 years ago

For each of the following characteristics, check which types of firm it describes: a monopoly firm, a monopolistically competiti

kobusy [5.1K]

Answer:

1. Faces a downward-sloping demand curve

BOTH MONOPOLIES AND MONOPOLISTICALLY COMPETITIVE FIRMS HAVE A DOWNWARD SLOPING DEMAND CURVE

2. Has marginal revenue less than price

ONLY MONOPOLIES

3. Faces the entry of new firms selling similar products

NEITHER, SINCE MONOPOLISTICALLY COMPETITIVE FIRMS OFFER DIFFERENTIATED PRODUCTS, NEW COMPETITORS WILL NOT OFFER SIMILAR PRODUCTS. MONOPOLIES HAVE THE ADVANTAGE OF BARRIER ENTRIES THAT PREVENT NEW FIRMS FORM ENTERING THE MARKET.

4. Earns economic profit in the long run

ONLY MONOPOLIES, BECAUSE MARKET BARRIERS PREVENT NEW FIRMS FROM ENTERING THE MARKET.

5. Equates marginal revenue and marginal cost

BOTH MONOPOLIES AND MONOPOLISTICALLY COMPETITIVE FIRMS MAXIMIZE ACCOUNTING PROFITS AT THIS POINT

6. Produces the socially efficient quantity of output

NEITHER

3 0

3 years ago