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3 years ago

The following information applies to the questions displayed below.

Business

1 answer:

Fynjy0 [20]3 years ago

5 0

Answer:

BUCKEYE INCORPORATED

General Journal:

No Date Description Debit Credit

1 November 01

Cash $11,000

Common Stock $11,000

To record the issue of common stock for cash.

2. November 02

Equipment $1,500

Long-term Note Payable $1,500

To record the purchase of equipment from Spartan Corporation.

3. November 04

Supplies $1,100

Accounts Payable $1,100

To record the purchase of supplies on account.

4. November 10

Accounts Receivable $7,000

Service Revenue $7,000

To record the provision of services to customers on account.

5. November 15

Accounts Payable $1,200

Cash Account $1,200

To record the payment to suppliers on account.

6. November 20

Salaries Expense $1,000

Cash Account $1,000

To record the payment of salaries for the first half month.

7. November 22

Cash Account $9,000

Service Revenue $9,000

To record the provision of services to customers for cash.

8. November 24

Long-term Notes Payable $600

Cash Account $600

To record the payment on note to Spartan Corporation.

9. November 26

Utilities expense $1,200

Cash Account $1,200

To record the payment for gas and electricity for November.

10. November 30

Rent expense $3,000

Cash Account $3,000

To record the payment of rent for November.

Explanation:

General Journals: Buckeye Incorporated can use the general journal to record its business transactions as they occur on a daily basis. It shows the accounts involved in the transaction and the accounts to be debited and credited as the case may be.

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Answer:

By raising additional funds from issuing additional equity common stock ,WAAC increases by 1.07%

Explanation:

WACC=Ke*E/V+Kp*P/V*Kd*D/V*(1-t)

WACC when additional funds is raised from retained earnings:

Ke is the cost of equity is 14.7%

Kd is the cost of debt is 11.1%

Kp is the cost of preferred stock 12.2%

E=equity weight of 51% 0.51

P= preferred stock weight 4% 0.04

D=debt weight 45% 0.45

V=debt+equity+preferred stock weights

V=0.51+0.04+0.45=1

t is the tax rate at 25% 0.25

WACC=14.7%*0.51/1+12.2%*0.04+11.1%*0.45*(1-0.25)

=(14.7%*0.51)/1+(12.2%*0.04)+(11.1%*0.45*0.75)

=11.73%

WACC when additional funds is raised from common equity capital

Ke is the cost of equity is 16.8%

Kd is the cost of debt is 11.1%

Kp is the cost of preferred stock 12.2%

E=equity weight of 51% 0.51

P= preferred stock weight 4% 0.04

D=debt weight 45% 0.45

V=debt+equity+preferred stock weights

V=0.51+0.04+0.45=1

t is the tax rate at 25% 0.25

WACC=16.8%*0.51/1+12.2%*0.04+11.1%*0.45*(1-0.25)

=(16.8%*0.51)/1+(12.2%*0.04)+(11.1%*0.45*0.75)

=12.80%

By raising additional funds from issuing additional equity common stock ,WAAC increases by 1.07% (12.80%-11.73%)

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less: Expenses
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utilities . . . . . . 150
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