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Keith_Richards [23]
3 years ago
13

On January 1, Arcola Company issues 6,000 shares of $100 par value preferred stock at $250 cash per share.

Business
1 answer:
tia_tia [17]3 years ago
5 0

Answer:

Financial statement effects template is attached in MS Excel file format with this answer to record these two transactions. Please find it

Explanation:

Journal Entries to record the transactions

January 1

Dr.  Cash (6000 x 150)                        $1,500,000

Cr.  Preferred Stock (6000 x 100)                           $600,000

Cr.  Additional paid-in-capital Preferred Stock      $900,000 (Balance)

March 1

Dr.  *Treasury Stock     $636,000

Cr.  Cash                                       $636,000

Working:

*Share repurchase = $106 x 6000 = $636,000

Cash received from issuance of preferred shares, so added in the cash assets and paid against repurchase of stock, so subtracted from the cash assets. Treasury stock is the repurchase its own issued stock and it is a contra equity account which has debit balance so its value is deducted from total equity value. Preferred stock is added to the contributed capital.

Download xlsx
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Philippe wants to make sure of the success of his new doggy day care, PAWS, by employing the steps in the basic planning process
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Answer:

Full Business Considerations

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A Cost-Effective Advertisement

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Carry out interviews for New Clients

With all of these steps being adhered to, Philippe's business will indeed be great!

6 0
4 years ago
Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses proces
lys-0071 [83]

Answer and Explanation:

a. The computation of cost of ending work in process inventory for materials, conversion, and in total is shown below:-

For material = 2,080 × $15.66

= $32,572.80

For conversion = 930 × $6.23

= $5,793.90

For total cost of work in process inventory = $32,572.80 + $5,793.90

= $38,366.70

b. The computation of cost of the units completed and transferred out for materials, conversion, and in total is shown below:-

For material = 21,700 × $15.66

= $339,822

For Conversion = 21,700 × $6.23

= $135,191

For total cost of completed and transferred units = $339,822 + $135,191

= $475,013

3 0
4 years ago
Each of the following documents is used in the control of cash disbursements except a.cash register tapes. b.receiving reports.
GrogVix [38]

Answer: a. cash register tapes.

Explanation:

When you go to a shop and buy something at the till and the cashier prints a receipt and gives it to you, that paper is a cash register tape.

A cash register tape therefore shows the goods sold and the amount the goods were sold at. It is therefore not used as a method of control for cash disbursement which is cash going out of a business but rather for cash that is coming into the business.

8 0
3 years ago
Refer to "Terrorism Preparedness" in your assigned readings. According to the article, identify what local, county, and state as
Mkey [24]

Answer: As a terorrism preparedness, local, country and state assets need to be in place as an answer to counterterrorism preparedness. National infrastructure preparedness plan which outlines how government and private sector participants in the community can work together to manage risks and achieve security and resilience outcomes.

The National Infrastructure and Computer Intrusion Program also have a role in preventing terrorist act by identifying, protecting, preventing and detecting of computer intrusions. Assets include the major electrical, communications, and water facilities; transportation hubs; energy plants and other infrastructure which are instrumental in terrorism attack.

Explanation:

5 0
4 years ago
Amounts withheld from employee's earnings for employee income tax is considered a _____ by the employer until the government is
Komok [63]

Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid

What is liability?

Liability means the obligation that one party owes another, whose settlement requires the indebted party to transfer cash or equivalent value of other benefits commensurate to the liability to the other party.

In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.

The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.

Find out more about liability on:brainly.com/question/17090843

#SPJ1

Missing options:

(A) assets. (B) liabilities. (C) salary expense. (D) revenue.

7 0
2 years ago
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