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bulgar [2K]
3 years ago
6

On April 2 a corporation purchased for cash 7,000 shares of its own $11 par common stock at $26 per share. It sold 4,000 of the

treasury shares at $29 per share on June 10. The remaining 3000 shares were sold on November 10 for $22 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 Nov. 10
Business
1 answer:
Angelina_Jolie [31]3 years ago
3 0

Answer:

A.

Dr Treasury stock 182,000

Cr Cash 182,000

B.

Jun 10

Dr Cash 116,000

Cr Treasury stock 104,000

Cr Paid in capital from treasury stock 12,000

Nov 10

Dr Cash 66,000

Dr Paid in capital from treasury stock 12,000

Cr Treasury stock 78,000

Explanation:

a. Preparation of the Journal entry to record the purchase

Dr Treasury stock 182,000

Cr Cash 182,000

(7,000*26)

b. Preparation of the Journal entries to record the sale of the stock

Jun 10

Dr Cash (4000*29) 116,000

Cr Treasury stock (4000*26) 104,000

Cr Paid in capital from treasury stock 12,000(116,000-104,000)

Nov 10

Dr Cash (3000*22) 66,000

Dr Paid in capital from treasury stock 12,000

Cr Treasury stock (3000*26) 78,000

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3 years ago
The model where the leader takes a hands-off approach is called a(n) _______________.
UkoKoshka [18]
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8 0
3 years ago
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The U.S. Treasury maintains accounts at commercial banks. What would be the consequences for the money supply if the Treasury sh
Ivenika [448]

Answer:

A. YES

B. YES

C. YES

D. NO

E. YES

F. YES

Explanation:

The U.S. Treasury maintains accounts at commercial banks. What would be the consequences for the money supply if the Treasury shifted funds from one of those banks to the Fed? Answer yes or no to each of the following:

A. The decrease in reserves would also appear on the Fed's balance sheet, but would be offset by an increase in the government's account YES, because the amount was debited on the Federal Reserve Balance Sheet when the money was transfered to the commercial bank in question.

B. The balance sheet for the bank would reflect a decrease in reserves and a decrease in deposits YES because that was a debit transaction for the bank but a Credit transaction for the Federal Reserve.

C. The decline in bank reserves would decrease the quantity of money in the vault. YES, because a decline in the reserve will reduce the quantity of money in vault and in circulation because the Federal Reserve has used Open Market Operation (OMO) to regulate the volumes and velocities of money in circulation.

D. The balance sheet for the bank would reflect an increase in reserves and an increase in deposits - NO. This is because Balance sheets give at a glance financial status of banks. Therefore, there cannot be an increase in the Fictitious Assets when there was a withdrawl or transfer of funds.

E. The increase in reserves would also appear on the Fed's balance sheet, but would be offset by a decrease in the government's account, YES. This is true since the transfer to the Fed has shown increase in the Balance Sheet while the decrease will result in funding statutory expenses of the Government during allocation of funds to the MDAs.

F. The rise in bank reserves would increase in the quantity of money. YES. Definitely, the rise in the bank reserves will increase the volume of money in ciits vault and circulation because the Federal Reserve as an economic policy at the time of its introduction wants more liquidity (money) in the economy. It is an expantionary measure by the Federal Reserve.

5 0
3 years ago
What are the five essential elements of an enforceable contract according to roger 2012 essentials of business law?
Dmitry [639]

A legitimate contract must have all necessary aspects such as an offer, its ,  meeting of minds, acceptance, communication, consideration, capacity, and legality.

Enforceable contracts can be enforced, especially when lawful or valid creditors have enforceable contract rights.

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Therefore, the answer is given below:

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3 0
1 year ago
BE10.4 (LO 2), AP Gundy Company expects to produce 1,200,000 units of Product XX in 2020. Monthly production is expected to rang
WINSTONCH [101]

Answer:

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Variable cost         $1,520,000   $1,900,000       $2,280,000

Total costs          $1,820,000     $2,200,000    $2,580,000

Explanation:

Activity Level    

Finished Units                80,000 units 100,000 units     120,000  units

Variable Costs:    

Direct Materials(Units × $5) $400,000     $500,000     $600,000

Direct Labor(Units × $6)       $480,000     $600,000     $720,000

Overhead (Units × $8)        $640,000     $800,000     $960,000

Total Variable Costs        $1,520,000   $1,900,000     $2,280,000

Fixed Costs  

Depreciation                      $200,000            $200,000     $200,000

Supervision                      $100,000            $100,000     $100,000

Total Fixed Costs              $300,000            $300,000     $300,000

So, Total costs               $1,820,000     $2,200,000    $2,580,000

( Variable + Fixed)

4 0
3 years ago
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