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Colt1911 [192]
3 years ago
9

Identify whether each the following transactions is a primary market or a secondary market transaction: Jim Henry bought 500 sha

res of I.B.M. through a broker. Peggy White bought 500 shares of Apple from another investor. New York Life Insurance Co. bought 500,000 shares of Tioga Corp when the company issued the stock.
Business
1 answer:
slamgirl [31]3 years ago
5 0

Answer:

Jim Henry bought 500 shares of I.B.M. through a broker.

  • SECONDARY MARKET TRANSACTION

Peggy White bought 500 shares of Apple from another investor.

  • SECONDARY MARKET TRANSACTION

New York Life Insurance Co. bought 500,000 shares of Tioga Corp when the company issued the stock.

  • PRIMARY MARKET TRANSACTION

Primary market transactions that place when an investor purchases securities at the time the corporation or entity issued them, e.g. if you purchased Amazon's stocks at their IPO (or any other time new stocks were issued), it was a primary market transaction. But if you purchased Amazon's stocks at any other time, it is a secondary market transaction. Almost all the transactions carried out everyday are secondary market transactions.

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You first look at the trial balance. In addition to the account balances reported in the income statement, the ledger contains t
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Answer:

rent revenue 21,500 debit

  unearned revenue  21,500 credit

--to amend incorrect recognition of revenue--

Supplies expense  4,070 debit

              Supplies          4,070 credit

--to record use of supplies--

Insurance expense  1,875 debit

              Prepaid Insurance 1,875 credit

--to record use of supplies--

advertizing expense 150 debit

repair expense        1050 debit

utilities expense       200 debit

    account payable           1,400 credit

--to record accrued expenses--

wages  expense   810 debit

   wages payable       810 credit

--to record accrued wages--

interest expense 420 debit

  interest payable    420 credit

--to record accrued interest--

Explanation:

#1 unearned revenue

The company should not recognize the summer-month occupancy as this occurs between April and June thereofre it is unearned The company has an obligation to perform. To give the rental space thus it is a liability not earnings.

#2 Supplies adjustment:

Jan 1st $4,600 - March 31st $530 = $4,070 supplies expense

#3 expired insurance:

value per month: $7,500 / 12 months = 625

month expired between Jan 1st and March 31st: 3

total value f expired insurance: $625 per month x 3 month = 1,875

#4 accured expenses concetps were incurred and we most recognize them

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#6 accrued interest expense: principal x rate x time

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3 years ago
What determines the color or a translucent object
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It's somewhat see through
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3 years ago
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3 years ago
Cullumber Products plans to produce 10200 units in January. Each unit requires 6 pounds of plastic, which costs $5 per pound. Wh
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Answer:

Standard direct material cost= $306,000

Explanation:

Giving the following information:

Cullumber Products plans to produce 10,200 units in January. Each unit requires 6 pounds of plastic, which costs $5 per pound.

<u>First, we need to calculate the standard pounds needed:</u>

Standard pounds of plastic= 10,200*6= 61,200 pounds

<u>Now, the standard cost:</u>

Standard direct material cost= 61,200*5

Standard direct material cost= $306,000

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3 years ago
You are provided with the following information for Sandhill Co., effective as of its April 30, 2022, year-end.
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Answer:

                            SANDHILL CO.

                        Income Statement

              For the Year Ended April 30, 2022

<u>Revenues</u>

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Insurance expense                 $360

Interest expense                     $460

Salaries & Wages expenses  <u>$850</u>

Total Expenses                                     <u>$3,160</u>

Net Income                                           <u>$3,040</u>

<u />

                              SANDHILL CO.

                   Retained Earnings Statement

               For the Year Ended April 30, 2022

Retained Earnings, May 1, 2021              $1,700

Add: Net Income                                      <u>$3,040</u>  $4,740

Less: Dividends                                                       <u>$310    </u>

Retained Earnings, April 30, 2022                       <u>$4,430</u>

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