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3 years ago

Is chartering banks and corporations a concurrent power?

1 answer:

4 0

Easy, Concurrent powers are powers shared by the federal government and the states. ... Notably, both the states and the federal government have the power to tax, make and enforce laws, charter banks, and borrow money.

Hope this helps ;)

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Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year

GenaCL600 [577]

Answer:

Feb 1=> Cash ( debit) = 2,444,000.

Prefered stock (credit) = 2,350,000.

Paid in capital in excess of par value-preferred stock(credit) = 94000.

July 1=> Cash (debit) = 3,500,000.

Prefered stock (credit) = 3,125,000.

Paid in capital in excess of par value-preferred stock(credit) = 375000.

Explanation:

(A). On FEB. 1, the accounts and Explanation is given below:

Cash ( debit) = 2,444,000 {that is from; 47,000 × $52}.

Prefered stock (credit) = 2,350,000 { that is from; 47,000 × $50}.

Paid in capital in excess of par value-preferred stock(credit) = 2,444,000 - 2,350,000 = 94,000.

(B). On JULY 1, the accounts and Explanation is given below;

"July 1 Issued 62,500 shares for cash at $56 per share."

=> Cash (debit) = 62500 × 56 = 3,500,000.

Prefered stock (credit) = 3,125,000 { that is from; 62,500 × $50}.

Paid in capital in excess of par value-preferred stock(credit) = 3,500,000 - 3,125,000 = 375,000.

7 0

3 years ago

Read 2 more answers

If demand increased by 100 units at each price level, and the government set a price ceiling of $40, then there will be

mel-nik [20]

Answer:

no surplus or shortage

Explanation:

Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.

Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied

If demamd increases by 100, new equilibrium is 40

Thus, ceiling price equal equilibrium

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.

Effects of a binding price ceiling

It leads to shortages

it leads to the development of black markets

it prevents producers from raising price beyond a certain price

It lowers the price consumers pay for a product. This increases consumer surplus

4 0

3 years ago

A large farming cooperative that focuses on the production of fruits and vegetables uses a business that sells the farmers' prod

stellarik [79]

Answer:

trading company.

Explanation:

A trading company is the type of business that trades in different line of products and services, and sells to consumers, business, governments, etc. They purchase a particular range of product stock it and delivers to customers. They also cover operations and procedures that comes with import and exports, they can buy product from different countries and sell them in another country. This depends on their distribution network.

3 0

3 years ago

Read 2 more answers

1. The Incident Command System (ICS) is only applicable to large, complex incidents.

Alexus [3.1K]

Answer: False

The ICS which stands for Incident Command System is the standard procedure to be applied to all types of incidents. These incidents range from small emergencies up to the large and complicated situations or events. Some of the incidents that ICS can tackle are medical emergencies, both natural and unnatural disasters, terrorist attacks, chemical spills, traffic incidents, and so on.

8 0

4 years ago

Read 2 more answers

Verne Cova Company has the following balances in selected accounts on December 31, 2015

AlladinOne [14]

Question Completion:

Prepare the adjusting journal entries for the seven items above. The following account balances exist:

Equipment $7,000

Notes payable $10,000

Prepaid Insurance $2,100

Supplies $2,450

Unearned Service Revenue $30,000

Answer:

Verne Cova Company

Adjusting Journal Entries on December 31, 2015:

1. Debit Interest Expense $400

Credit Interest Payable $400

To accrue interest expense for 4 months.

2. Debit Supplies Expense $1,550

Credit Supplies $1,550

To record supplies expense for the period.

3. Debit Depreciation Expense - Equipment $1,000

Credit Accumulated Depreciation $1,000

To record depreciation expense for the period.

4. Debit Insurance Expense $1,225

Credit Prepaid Insurance $1,225

To record insurance expense for the period.

5. Debit Unearned Service Revenue $7,500

Credit Service Revenue $7,500

To record service revenue earned.

6. Debit Accounts Receivable $4,200

Credit Service Revenue $4,200

To record services revenue earned for services performed.

7. Debit Wages Expense $5,400

Credit Wages Payable $5,400

To accrue wages expense for 3 days.

Explanation:

a) Interest Expense on Note = $10,000 * 12% * 4/12 = $400

b) Supplies Expense (usage for the period) = $1,550 ($2,450 - $900)

c) Insurance expense (expired) = $1,225 ($2,100/12 * 7 months)

d) Earned service revenue = $7,500 ($30,000/4 months)

e) Wages expense unpaid = $5,400 ($9,000 * 3/5 days)

3 0

4 years ago