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Debora [2.8K]
3 years ago
7

Financial information is presented below: Operating expenses $ 45,000 Sales returns and allowances 4,000 Sales discounts 6,000 S

ales revenue 160,000 Cost of goods sold 90,000 The amount of net sales on the income statement would be:
Business
1 answer:
nikdorinn [45]3 years ago
7 0

Answer:

$150,000

Explanation:

To calculate the net sales,

Sales Revenue

$160,000

Sales discount ($6,000)

Sales returns and allowances ($4,000)

Net sales $150,000

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You win the lottery and must decide how to take the payout. use an 8% discount rate. what is the present value of $10,000 a year
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Use the following stockholders' equity section of Marcy Company on December 31, 2004 to answer questions 45 through
motikmotik

Answer:

Marcy Company

45. The average issue price per share of preferred stock must have been:

C) $70.00

46. The dividends paid to preferred and common stockholders in 2006 are:

B) Preferred $8,000, Common $12,000

47. The journal entry to record the exchange will cause Total Contributed Capital to:________

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49. The entry to record this dividend will:_________

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Credit Contributed Capital in excess of par value $4,000

Explanation:

a) Data and Calculations:

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6% cumulative, $20 par value, 10,000 shares authorized,

5,000 shares issued and outstanding . . $100,000

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$5 par value, 20,000 shares authorized,

10,000 shares issued and outstanding. . . . . . . . . . 50,000

Contributed Capital in excess of par value, Common Stock . .450,000

Total Contributed Capital . . . . . . . . . . . . $ 850,000

Retained Earnings . . . . . . . . . . . . . . . . . 150,000

Total Stockholders' Equity . . . . . . . . . . . .$ 1,000,000

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Total dividends declared    $4,000     $20,000

Preferred dividend                6,000         6,000

Cumulative dividend           -2,000          2,000

Common stock dividend      $0           $12,000

Journal Entry:

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Credit Common stock $10,000

APIC - common stock $90,000

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February 1, 2005: Cash $15,000 Treasury stock $3,000 Contributed Capital in excess of par value $12,000

March 1, 2005: Cash $6,000 Treasury stock $2,000 Contributed Capital in excess of par value $4,000

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