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mrs_skeptik [129]
3 years ago
11

The Snow Corporation issues 14,000 shares of $54 par value preferred stock for cash at $68 per share. The entry to record the tr

ansaction will consist of a debit to Cash for $952,000. What credit or credits will the entry consist of
Business
1 answer:
lorasvet [3.4K]3 years ago
8 0

Answer:

Preferred stock for $756000 and Paid-in Capital in Excess of Par Value - Preferred Stock for $196000

Explanation:

Given number of shares  = 14000

Par value of share = $54

Issued for cash = $68 per share

The cash debit amount = $952000

Preferred stock for $756000 and Paid-in Capital in Excess of Par Value - Preferred Stock for $196000

Cash (14000*68) Dr. 952000

Preferred Stock (14000*54) Cr. 756000

Paid in Capital in Par Value - Preferred Stock (14000*14) Cr. 196000

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On January 1, 2020, Bonita Corporation purchased 20% of the common stock outstanding of Sandhill Corporation for $265000. During
trapecia [35]

Answer:

The balance of the Stock Investments—Sandhill account on the books of Bonita Corporation at December 31, 2020 is <u>$272,800 (= $265,000 - $8,600 + $16,400)</u>

Explanation:

the journal entries to record the transactions are:

January 1, 2020, Bonita Corporation purchases 20% of Sandhill Corporation

Dr Investment in Sandhill Corporation 265,000

    Cr Cash 265,000

xx, 2020, Sandhill Corporation distributed $43,000 in cash dividends

Dr Cash 8,600

    Cr Investment in Sandhill Corporation 8,600

yy, 2020, Sandhill Corporation reported net income $82,000

Dr Investment in Sandhill Corporation 16,400

    Cr Revenue on investment in Sandhill Corporation 16,400

3 0
3 years ago
The Federal Reserve has the power to implement and manage which type of
Fed [463]

Answer:

B I think but I dont want to get this wrong for you so make sure with someone else to

3 0
2 years ago
Which of the following is likely to occur as the result of the law of diminishing marginal​ utility? A. ​Petra's utility from he
Rus_ich [418]

Answer:

The correct answer is option C.

Explanation:

The law of diminishing marginal utility means that keeping other things at constant the marginal utility derived from the consumption of a commodity goes on declining with each additional unit of the commodity.

So, the marginal utility from the first unit will be highest, that from second unit will be lesser, that from third even lower and so on.

In the examples given above, Wesly's case is most applicable to this.

So, option C is the correct answer.

4 0
2 years ago
Which of the following describes the results of an increase in supply on price and quintity in the market?
Furkat [3]

Answer:

This question is incomplete. However, I found the full question with choices from the web ;

Which of the following describes the results of an increase in supply on price and quantity in the market?

a.) Both price and quantity increase

b.) Both price and quantity decrease

c.) Price increases and quantity decreases

d.) Price decreases and quantity increases

e.) Insufficient information

Explanation:

If the supply of a product or service  increases in the market, it means that there will be an increase in the quantity of that product/service. Due to the interplay of  the law of demand and supply, competition among suppliers will increase, driving the price down. Therefore, there will be a  fall the equilibrium price and increase in quantity , making choice D correct.

7 0
3 years ago
A product sells for $200 per unit, and its variable costs per unit are $130. The fixed costs are $420,000. If the firm wants to
ruslelena [56]

Answer:

A 6,500

Explanation:

The number of units to be sold is calculated as;

= (Pretax income + Fixed costs) ÷ Contribution margin

Given that;

Pretax income = $35,000

Fixed costs = $420,000

Contribution margin

= Selling price per unit - Variable cost per unit

= $200 - $130

= $70

= ($35,000 + $420,000) ÷ $70

= 6,500 units

6 0
2 years ago
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