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Sloan [31]
2 years ago
7

On June 27, 2021, Cara Van Travel distributed to its common shareholders 510,000 outstanding common shares of its investment in

Constance Noring Pillows. The book value on Van's books of Noring's $1 par common stock was $3.10 per share. Immediately after the distribution, the market price of Noring's stock was $3.60 per share. In its income statement for the year ended June 30, 2023, what amount should Noring report as gain on disposal of the stock (ignore taxes)?
Business
1 answer:
Phoenix [80]2 years ago
6 0

Answer:

The correct answer is $255,000.

Explanation:

According to the scenario, the given data are as follows:

Total outstanding shares = 510,000

Shares value before = $3.10

Shares value after deal = $3.60

So, we can calculate the amount of gain on disposal by using following formula:

Gain amount on disposal = Total number of shares × Difference in share value

By putting the value, we get

= 510,000 × ( $3.60 - $3.10)

= 510,000 × $0.50

= $255,000

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Answer:you tie a noose and hope for the best my friend. and if all goes south, you have a backup plan.

Explanation:

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An increase in the real wage would result in a:________. a. shift of the labor demand curve, causing an increase in the number o
barxatty [35]

Option C

An increase in the real wage would result in a: movement along the labor demand curve, causing a decrease in the number of workers hired by the firm.

<u>Explanation:</u>

The wage rate is circumscribed by the crossing of supply and demand for labor. The demand curve depends on the marginal product of labor and the cost of the good labor originates.

A variation in the wage or payroll will end in a shift in the amount necessitated of labor. If the wage rate increases, organizations will require to hire fewer employees. The quantity of labor demanded will decline, and there will be a movement skyward on the demand curve.

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3 years ago
According to Goldratt: Two activities scheduled to be carried out sequentially and using the same scarce resource benefit from h
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Answer:

Two activities scheduled to be carried out in parallel and using the same scarce resource are independent.

Explanation:

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6 0
2 years ago
Olivia Village was recently incorporated and began financial operations on July 1, 20X2, the beginning of its fiscal year. The f
sergey [27]

Answer:

Olivia Village

Journal Entries:

July 1, 20X2 to June 30, 20X3:

1. No journal entry required.

2. Debit Property Taxes Receivable $390,000

   Credit Property Tax Revenue $390,000

To record the levying of property taxes

Debit Uncollectible taxes expense $7,800

Credit Uncollectible tax expense $7,800

To record the estimated uncollectible of 2%.

3. Debit Marketable Securities $50,000

   Credit Restricted Trust Fund Donations $50,000

To record the donation of marketable securities.

Debit Restricted Trust Fund $5,500

Credit Marketable Securities Revenue $5,500

To record the revenue earned on marketable securities.

4. Debit Internal Service Fund $5,000

Credit General Fund $5,000

To record the transfer of funds.

5. Debit Special Assessment Fund $72,000

Credit Special Assessment Bonds $72,000

To record the issue of bonds for special assessment project.

Debit Special Assessment Receivable $24,000

Credit Special Assessment Levy $24,000

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6. Special Assessment Fund $27,000

Credit Special Assessment Receivable $24,000

Credit General Fund $3,000

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7. Debit Capital Projects Fund $75,000

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To record the letting of the contract for lighting.

June 30, 20X3:

Debit Contractor Payable $75,000

Credit Capital Projects Fund $75,000

To record the payment of the contractor for the project.

8. Debit Supplies $1,900

Credit Internal Service Fund $1,900

To record the purchase of various supplies.

9. Debit General Fund $393,000

Credit Property taxes Receivable $386,000

Credit Licenses and permit fees $7,000

To record cash collections for general fund

Debit Allowance for Uncollectible taxes $3,800

Credit Uncollectible Expenses $3,800

To adjust the allowance for uncollectible taxes to $4,000 balance.

10. Debit General Fund $500,000

Credit Bonds Payable $500,000

To record the issue of 6%, 20-year bonds payable.

11. Debit Fire Truck $15,000

Credit General Fund $15,000

To record the payment for the purchase of a fire truck.

Explanation:

Olivia Village can use the general journal to initially record transactions that occur during the year.  The journal shows the accounts to be debited and the accounts to be credited.

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