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Aleks04 [339]
3 years ago
8

A company issued rights to its existing shareholders without consideration. The rights allowed the recipients to purchase unissu

ed common stock for an amount in excess of par value. When the rights are issued, which of the following accounts will be increased?
1. Common stock
2. Additional paid-in capital

a. Yes
Yes

b. Yes
No

c. No
No

d. No
Yes
Business
1 answer:
AnnyKZ [126]3 years ago
8 0

Answer:

Option C.

1. No

2. No

Explanation:

The rights are unissued common stock yet hence no double entry would be passed. The double entry will only be passed when the rights are exercised.

The double entry when the rights are exercised would be:

Dr Bank A/c XX

Cr Common stock                      XX

Cr Additional paid-in capital     XX

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When sales agent jane first contacted john, after her three-month vacation to barbados, was seller john her client?
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Bold Stapler Sales Company (BSS) began 2019 with cash of $80,000, inventory of $7,200 (400 staplers that cost $18 each), $2,000
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Answer:

Bold Stapler Sales Company (BSS)

                                     FIFO             LIFO           Weighted Average

Ending inventory       $4,500         $3,240                 $4,122

Cost of goods sold $96,300      $97,560              $96,678

Explanation:

a) Data and Calculations:

Beginning balances in 2019:

Cash $80,000

Inventory $7,200

Common stock $2,000

Retained earnings $2,000

Description                    Units   Unit Cost   Total

Beginning inventory        400      $18      $7,200

The first purchase        1,600      $21       33,600

The second purchase 2,400     $25       60,000

Goods available           4,400               $100,800

Sales of units              (4,220)    $45   $189,900

Ending inventory             180

FIFO:

Ending inventory = $4,500 ($25 * 180)

Cost of goods sold = $96,300 ($100,800 - $4,500)

LIFO:

Ending inventory = $3,240 ($18 * 180)

Cost of goods sold = $97,560 ($100,800 - $3,240)

Weighted Average:

Weighted average cost per unit = $22.91 ($100,800/4,400)

Ending inventory = $4,122 (22.91 * 180)

Cost of goods sold = $96,678 ($100,800 - $4,122)

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3 years ago
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