1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Contribution Margin Molly Company sells 37,000 units at $19 per unit. Variable costs are $11.59 per unit, and fixed costs are $1
yarga [219]

Answer:

(a) Contribution margin ratio = 0.39, or 39%

(b) the unit contribution margin = $7.4 per unit

(c) income from operations = $164,470

Explanation:

Total revenue = 37,000 × $19 = $703,000

Total variable cost = 37,000 × $11.59 = $428,830

Margin = $703,000 - $428,830 = $274,170

(a) the contribution margin ratio

Contribution margin ratio = $274,170/$703,000 = 0.39, or 39%

(b) the unit contribution margin

Unit contribution margin =  $19 - $11.59 = $7.4 per unit

(c) income from operations

Income from operations = $274,170 - $109,700 = $164,470

5 0
3 years ago
Campbell a single taxpayer, has $400,000 of profits from her general store that she operates as a sole proprietorship. She has $
ella [17]

Answer:

A) $80,000

Explanation:

According to the Internal Revenue Service (IRS), the deduction would be claim as a lower value of 20% qualified business income plus 20% of real investment or 20% of taxable income less net capital gains

So, 20% qualified business income = $400,000 × 20% = $80,000

And, the 20% of taxable income = $500,000 × 20% = $100,000

So, the lower value would be $80,000

8 0
2 years ago
A gracious welcome by an employee at the hotel check-in counter is an example of:
hammer [34]
<span>This is the "moment of truth." These are the times at which good customer service and pleasant interactions with staff can make an experience enjoyable or it can break the trust of a customer, not to be easily repaired. Moments of truth can take place many times during an interaction or transaction, and need to be carefully monitored to make sure that the best service actions known are being taken.</span>
5 0
3 years ago
Rachel is saving her entertainment money for a summer trip to Europe, but she wants to spend time with her friends this Saturday
Vanyuwa [196]

Answer:

I'd say B,

Explanation:

becuase you dont need any money to hike and she wants to save it.

3 0
3 years ago
Justify the effectiveness of the national credit act ,2005 on businesses
forsale [732]

Answer:

The Act was introduced to: promote a fair and non-discriminatory marketplace for access to consumer credit

Explanation:

The National Credit Act was enacted on the premise that consumers need to be protected from this practice. The Act thus exerts pressure on the credit lenders to assess the consumer's ability to repay, disclose the cost of credit, as well as setting limit on interest that can be charged.

5 0
2 years ago
Other questions:
  • Frazier Manufacturing Company collected the following production data for the past month: Units Produced Total Cost 1,600 $44,00
    5·1 answer
  • A broker/dealer has agents who work with individual investors in California. The broker/dealer and all of the agents are located
    12·1 answer
  • This type of drug speeds up, increases, or heightens bodily functions.
    13·2 answers
  • The​ ________ approach recognizes that both financial and operational performance measures should be considered when evaluatin
    13·1 answer
  • The Crazy Nut Company wishes to market two special nut mixes during the holiday season. The Fancy Mix contains 0.5 pound of pean
    10·1 answer
  • A company has designed a new product and tested the prototype. what is the next step in product development?
    8·1 answer
  • The free-rider problem; A. Arise from the ability to exclude an individual from the benefits of someone else's purchase B. Is a
    11·1 answer
  • How would you convince your investor audience about the merits of your investment idea? ( give some decisions)
    12·1 answer
  • So, I got accepted to Stanford University, and I want to know more about it. Has anyone here got accepted to an Ivy League colle
    15·2 answers
  • the law of demand implies that: consumers are not responsive to price changes. consumers will, all other things unchanged, buy m
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!