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sattari [20]
3 years ago
13

Berry Corporation has 100,000 shares of $10 par common stock authorized. The following transactions took place during 2017, the

first year of the corporation's existence: Sold 20,000 shares of common stock for $13.50 per share. Issued 20,000 shares of common stock in exchange for a patent valued at $300,000. At the end of the Berry's first year, total paid-in capital amounted to
Business
1 answer:
Y_Kistochka [10]3 years ago
6 0

Answer:

$570,000

Explanation:

The computation of total paid-in capital is shown below:-

Common stock issued for cash

Cash Dr, $270,000      (20,000 × $13.50)

           To Common Stock $200,000    (20,000 × $10)

         To Additional paid in capital $70,000   (20,000 × ($13.50 - $10)

(Being common stock issued for cash is recorded)

Common stock issued for patent

Patent (FMV of patent) Dr, $300,000

              To Common Stock $200,000     (20,000 × $10)

To Additional paid in capital $100,000          (20,000 × $10 ÷ 2)

(Being common stock issued for patent is recorded)

For recording this two entries we debited the cash as it rise assets and at the same time it also rise the overall stockholder equity so common stock and the additional paid in capital for common stock is credited

So,

Total paid in capital = Common Stock + Additional paid in capital

= ($200,000 + 200,000) + ($70,000 + $100,000)

= $400,000 + $170,000

= $570,000

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Answer:

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7 0
3 years ago
According to House's path-goal theory, employees with an internal locus of control are likely to prefer participative or achieve
PtichkaEL [24]

The correct answer is True.

According to House’s theory, there are certain situational factors that determine the best leadership qualities of a person to lead a group. When looking at the subordinates' personality, a participative leader is suitable for subordinates with internal locus of control. A participative leader is one who consults with subordinates and considers their suggestions.

7 0
3 years ago
Star Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows: August $250,00
miv72 [106K]

Answer:

The correct answer for August is $162,500, for September is $217,500 and for October is $248,750.

Explanation:

According to the scenario, the computation of the given data are as follows:

                    August               September          October  

Sales Amount    $250,000              $200,000                $275,000  

Sales on Credit  $125,000              $100,000                 $137,500  

Sales on Cash   $125,000              $100,000                 $137,500

So collection of cash are as follows:      

Aug.credit sales $37,500               $87,500    

Sep. credit sales                        $30,000                 $70,000  

Oct. credit sales                                                   $41,250  

Total cash    $162,500               $217,500                $248,750

8 0
3 years ago
A buyer of $7,800 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15, n/45, and instead paid
Evgen [1.6K]

Answer: $156

Explanation:

It should be noted that credit terms 2/15 simply means that there will be a 2% discount when the customer majes payment within 15 days from the invoice date.

By not taking advantage of the cash discount, the buyer lost the discount of:

= 2% × sales price

= 2% × $7800

= 0.02 × $7800

= $156

7 0
3 years ago
Jim is in the market for a car that will last for the next 10 years and has saved up some money for the purposes of a car
Nastasia [14]
If Jim wants to get a car that will last for the next 10 years, he should consider leasing the car. This is because he doesn't have enough money to flat out buy the car and only 10 years instead of a lifetime.
8 0
3 years ago
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