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eimsori [14]
3 years ago
7

Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,800 shares of its own common stock

at $43 per share on October 11. Sold 1,450 treasury shares on November 1 for $49 cash per share. Sold all remaining treasury shares on November 25 for $38 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
Business
1 answer:
Yuki888 [10]3 years ago
4 0

Explanation

I think your question missed of key information for question 2, so I just answer question at my best for helping you.

                                                                       Debit             Credit

11-Oct

Treasury                                                         292400

Cash                                                                                     292400

<em>Being own shares repurchased   </em>

1-Nov  

Cash (1,450 × 49)                                             71,050

Treasury Stock (1,450 × 43)                                                 62,350

Paid-in Capital from Sale of Treasury Stock                          9,700    

<em>To record the sale of treasury stock.      </em>         

November 25

Cash (5350 × 38)                                           203,300

Paid-in Capital from Sale of Treasury Stock   9,700

Retained Earnings                                            17,050                

Treasury Stock (5350 × 43)                                                      230,050

<em>To record the sale of the remaining treasury shares  </em>      

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Ideas of reference.

When someone consists of unimportant occasions inside a delusional framework and reads private importance into trivial activities of others it's miles called thoughts of reference. it's far one of the symptoms of schizophrenia and different delusional disorders.

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1 year ago
David Segal started a business. During the first month (October 20--), the following transactions occurred.
zloy xaker [14]

Answer:

Assets = Liabilities + Owner’s Equity (Capital – Drawing + Revenues – Expenses) = $17,017

Explanation:

Note: See the attached xlsx file for the effect of each transaction on the individual accounts of the expanded accounting equation and the report of the total of each element.

In the attached xlsx file, transaction (c) is treated in such a way that the insurance for the month of October 20—is accounted for under the following:

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Expenses = One-year insurance premium / Number of months in a year = $1,000 / 12 = $83

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8 0
2 years ago
Wendell’s Donut Shoppe is investigating the purchase of a new $40,000 donut-making machine. The new machine would permit the com
oksano4ka [1.4K]

Answer:

initial outlay $40,000

savings per year = $5,200

additional contribution margin = 2,000 x $2.40 = $4,800

machines useful life = 6 years

1) total annual cash flows (assuming no residual value)

Year₀ = -$40,000

Year₁ = $5,200 + $4,800 = $10,000

Year₂ = $10,000

Year₃ = $10,000

Year₄ = $10,000

Year₅ = $10,000

Year₆ = $10,000

2) to determine IRR we can use a financial calculator or the present value of an annuity formula:

PV = annual payment x annuity factor

PV = $40,000

annual payment = $10,000

annuity factor = $40,000 / $10,000 = 4

3) using present value of an annuity table:

we have 6 periods, and we must look for an interest rate that results in an annuity factor of 4 = 13% (the exact annuity factor is 3.998)

using a financial calculator, the IRR = 12.98%, which we can round to 13%

4) the cash flows will be:

Year₀ = -$40,000

Year₁ = $10,000

Year₂ = $10,000

Year₃ = $10,000

Year₄ = $10,000

Year₅ = $10,000

Year₆ = $20,515

We cannot use the annuity formula now because our annuities are not equal. Using a financial calculator, IRR = 16.99%

6 0
3 years ago
How would the Supply of cars change, given an increase in the price of steel.
lana [24]

Answer:

car production would decrease or slow down rapidly due to most car parts being made of steel, such as steering and suspension parts

5 0
2 years ago
Au Sable Corporation reported taxable income of $800,000 in 20X3 and paid federal income taxes of $272,000. Not included in the
podryga [215]

Answer:

The corporation's current earnings and profits for 20X3 would be $603,000

Explanation:

The computation of the current earnings and profits are shown below:

= Taxable income - federal income taxes - disallowed penalty + insurance proceeds

= $800,000 - $272,000 - $25,000 + $100,000

= $603,000

The federal income tax refund would not be considered in the computation part. Hence, it is ignored.

7 0
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