Answer:
A. debit Finished-Goods Inventory and credit Work-in-Process Inventory.
Explanation:
The work in progress cannot yet be debited because it cannot be sold while the finished goods represent cash.
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Answer:
Siewert Inc.
a) Journal Entry:
A memo entry to show that there is a 2-for-1 split only with new par value of $0.50 for 80 million shares.
b) The par value after the split = $0.50
Explanation:
a) Data and Calculations:
Common Stock = 40 million shares
Par value = $1
Declared stock split = 2-for-1
Market price of stock = $15 on June 13
New Common Stock = 80 million shares (40 million * 2)
New Par Value of Stock = $0.50 ($1/2)
b) Siewert Inc. does not record any journal entry for the stock split. Instead, it prepares a memo entry in its journal that indicates the nature of the stock split (2-for-1) and indicates the new par value to be $0.50. The company's balance sheet will reflect the new par value and the new number of shares authorized, issued, and outstanding after the stock split, which has been multiplied by 2 as 80 million shares.
Answer:
Ms. Fresh loss will be $800 and Basis in new shares is $3,950
Explanation:
Her Loss on sale of stock would be computed as:
Loss = Sale Value - Purchase price
= $4,800 - $5,600
= ($800)
As she repurchased the IBIS stock within the expiry of 30 days, she is not allowed to deduct the LTCL (Long Term Capital Gain ) from gain. So, LTCL will be $0.
The basis in new shares is computed as:
Basis = Previous loss + Price paid
= $800 + $3,150
= $3,950
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