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user100 [1]
3 years ago
13

On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in ex- change for 12,500 shares of $25 pa

r common stock with a current market price of $38. Jour- nalize the entry to record the transaction.
Business
1 answer:
Georgia [21]3 years ago
7 0

Answer:

Journal Entry to be recorded

DR.    Land                                           $475,000

                 Cr.     Common stock                          $312,500

                 Cr.     Add-in-capital common stock  $162,500

Explanation:

Number of Shares = 12,500 shares

Share Market price = $38

Share Par Value = $25

Total value of property to be recorded= 12,500 x $38 = $475,000

Common stock value at par = 12,500 x $25 = $312,500

Add-in-Capital common stock value = $475,000 - $312,500 = $162,500

Property will be recorded as the total value of exchange which is $475,000. On other other hand the common stock value will be recorded in two parts common stock at par value and add-in-capital common stock over par value.

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Ms. Marilynn Castillo is a marketing manager at Gordon Corp. She debates whether or not to conduct a marketing research study be
Ipatiy [6.2K]

Answer:

The correct answer is letter "B": cost-benefit assessment.

Explanation:

Cost-benefit assessment implies analyzing what the costs and benefits of engaging in business are. The approach aims to minimize losses and maximize benefits. It does not necessarily imply there are not going to be losses during the business cycle but could reduce them as much as possible.

3 0
3 years ago
Your store has average sales of $1,680 per day. Its shrinkage rate is 3%. What will its losses be for an entire year?
Lerok [7]

Answer:

$18,396

Explanation:

Average sales of the store per day = $1,680

Number of days in a year = 365

Total sales in a year = $1,680  x 365 = $6132,200

Shrinkage rate = 3%

Losses for an entire year = 0.03 x $6132,200 = $18,396

6 0
2 years ago
Grand River Corporation reported pretax book income of $620,000. Included in the computation were favorable temporary difference
Alex

Answer:

The corporation's current income tax expense or benefit would be $86,940.

Note: The Internal Revenue Service (IRS) 2019 tax rate of 21% for corporation is used since the tax rate is not given in the question.

Explanation:

Details                                                                Amount ($)

Pretax book income                                             620,000

Favorable temporary differences                       (160,000)    

Unfavorable temporary differences                    106,000

Favorable permanent differences                    <u> (152,000) </u>

Adjusted income                                                  414,000

Tax expenses (at 21%)                                     <u>   (86,940)  </u>

Profit after tax                                                     <u> 327,060   </u>

Therefore, the corporation's current income tax expense or benefit would be $86,940.

Note: The Internal Revenue Service (IRS) 2019 tax rate of 21% for corporation is used since the tax rate is not given in the question.

7 0
3 years ago
The Terrence Co. manufactures two products, Baubles and Trinkets. The following are projections for the coming year: Baubles Tri
MAXImum [283]

Answer:

Bauble to be sold for break even = 5484

Explanation:

Sales Mixture = 16000 : 8000 =  2:1                  2            :         1  

                                                                             Bauble         Trinkets  

Selling Price P.u (16/16) : (16/8)                         =       1                    2

Variable Cost  (6400/16000) : ( 11520/16000)  =     (0.4)              (0.72)

Contribution margin Per unit (Sp-Vc)                =      0.6                1.28      

Com-posit Cm 2 baubles 1 trinkets                   = 0.6*2+1.28*1 =   2.48  

Fix Cost Total  =  3200+3600 = 6800

Break-Even units =  6800/2.48 = 2741

Baubles 2742*2  = 5484*0.6 = 3290.4

Trinkets 2742*1   = 2742*1.28 = 3509.7

5 0
3 years ago
After you create a graph it, you may not be able to edit it. True or False
Ludmilka [50]
False



I hope this will help
4 0
3 years ago
Read 2 more answers
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