Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals.

As a Christmas thank you for being a good employee, Ed's TV Repair gave 62-year-old Edwina three shares of its stock worth $20 p

solong [7]

Answer:

d. $63

Explanation:

This "thank you" classifies as a performance bonus and, therefore, Edwina should include the whole market value plus dividends received from the three shares of Ed's TV Repair stock that she earned. The total amount for the shares' value plus dividends earned is:

$A = 3*(\$20+\$1)\\A=\$63$

Edwina should include $63 in her gross income.

5 0

4 years ago

Coy, Inc. initially issued 200,000 shares of $1 par stock for $1,000,000 in 2016. In 2017, the company repurchased 20,000 shares

Ivan

Answer: $240,000

Explanation:

400,000÷20,000 = $20 per share (repurchase price)

160,000 ÷ 10,000 = $16 per share (sales price)

$400,000 - $160,000 = $240,000

The treasury stock account is created upon the repurchase of a company's own stock. The treasury stock account is debited for cost of repurchase and then credited.back when the stocks are resold. However, after repurchasing 20,000 stock for 400,000 and selling hlaf the repurchased stock (10,000) for $160,000, then the repurchase price is greater than the sales price. There will be no paid in capital, with the entire amount credited to treasury stock.

6 0

4 years ago

Facts about the chip category obtained from acnielsen are _______.

ivann1987 [24]

The four types of facts from ACNieslen are: Experimental data; Syndicated data; Primary data; Questionnaire data; and survey data. Nielsen studies what and how much consumers watch and purchase.

8 0

3 years ago

Year 1 Year 2 Amounts billed to clients for services rendered $ 182,000 $ 232,000 Cash collected from clients 154,000 184,000 Ca

Advocard [28]

Answer:

Explanation:

Year 1:

Cash collected from clients $154,000

Salaries paid to employees for services rendered during the year $27,000

Utilities $84,000

Purchase of insurance policy $58,200

So, in order to find net cash flow, $(154000-27000-84000-58200)=-15200

Year 2:

Cash collected from clients $184,000

Salaries paid 34000

Utilities paid 94000

Insurance paid is 0

So, net cash flow $184000-$(34000+94000)=$56000

Year1 paid 27000 in salaries, accrued =32000

So still 5000 has to be paid in year 2

Year 2 paid 34000 ⇒ so accrued is 29000

Insurance accrued for each year is 58200/3=19400

Income statement for year 1 and 2

year1 year2

Revenue:

Income from services 182000 232000

Expense

Salary 84000 94000

Utilities 32000 29000

Insurance 19400 19400

Net income 46600 89600

5 0

3 years ago

Read 2 more answers

Partial adjusted trial balance for Monty Corp. at December 31, 2017, includes the following accounts: Retained Earnings $ 16,900

Ymorist [56]

Answer:

Explanation:

$ $

Service Revenue 35,700

Less :

Salaries & wages 13,100

Insurance expenses 1,960

Rent expenses 3960

Supplies Expense 1400

Depreciation Expense 880

21,300

Net Income 14,400

Retained Earnings Statement

Retained Earnings at the beginning 16,900

Net Income 14,400

31,300

Dividends paid (4100)

Retained earnings at the end 27,200

5 0

3 years ago