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lisabon 2012 [21]
4 years ago
6

Jose Garcia agrees to contribute land with a fair market value of $10,000 in exchange for 200 shares of Damian Inc.'s common sto

ck with a par value of $10 per share. The journal entry to record this transaction in the books of Damian, Inc., will include ________.
Business
1 answer:
zavuch27 [327]4 years ago
4 0

Answer:

Dr Land account 10,000

Cr Common Stock account 2,000

Cr Capital Paid in Excess of Par Value account 8,000

Whenever a company sells stock it must record the transaction under common stock account at par value (= 200 shares x $10 = $2,000). Any extra money received must be recorded as capital paid in excess of par value (= $10,000 - $2,000). The basis for the land that Jose Garcia contributes must be its fair market value ($10,000).

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romanna [79]

Answer:

Explanation:

<u>fact of the case</u>

three people formed a limited liability company with contributions as follows:

  • Alex - 60 percent
  • Becky - 20 percent
  • Cindy - 20 per cent

They dispute over the division of  profits.

<u>profit division</u>

In a limited liability cooperation whose profit division has not been stated in the operation agreement under the UNIFORM LIMITED LIABILITY COMPANY ACT( ULLCA) , then state law will determine the division of profits. Usually in the absense of  an agreement state have divided profits equally among the members.

<u>operating agreement</u>

An operating agreement for an LLC spells out the details of how a business will be managed and operated. Additionally, the term for settling profits and losses may be specified.

<u>opinion</u>

The court may decide that partners will receive an equal division of profits. courts rely usually on the principles of partnership law. in order to avoid the tension of discord between the partners  it is best spelt out  how the company will be managed as well as profit and loss division in an operating agreement.

7 0
3 years ago
What is meant by reconciliation, and how can it be useful as an input to staff ing planning? wuizlet
umka21 [38]

entails accepting predicted gaps and their most likely causes. They can be helpful in identifying areas to concentrate on and in responding to projected results for the organisational unit.

What is Staffing Planning?
A staffing plan is a strategic planning process used by a business to evaluate and identify its personnel needs (usually under the direction of the HR team). In other words, a solid staffing plan aids in your understanding of the quantity and variety of personnel your business requires to achieve its objectives.

To learn more about Staffing Planning
brainly.com/question/3504046
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7 0
2 years ago
Coronado Industries has outstanding accounts receivable totaling $6.57 million as of December 31 and sales on credit during the
BigorU [14]

Answer:

$317,500

Explanation:

The computation of the amount of bad debt expense is shown below:-

Bad debt expenses = (Accounts receivable × Outstanding receivable percentage) - Opening Allowance for doubtful debts

= ($6.57 million × 5%) - $11,000

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Therefore for computing the bad debt expense we simply applied the above formula.

8 0
4 years ago
Once a President vetoes a bill, what must happen to override his veto?e _____.
brilliants [131]
The judicial branch can over rule or deem a law or veto, unconstitutional.
7 0
3 years ago
Read 2 more answers
Sidwan, owner of Jacuzzi Warehouse, said, "We have to focus on our customers and how we can beat the competition, so we have to
hjlf

Answer:

The remaining part of the question is:

A) clan culture.

B) goal-driven agenda.

C) adhocracy culture.

D) market culture.

E) focused approach.

Correct Answer:

D) <u>market culture. </u>

<u></u>

Explanation:

His suggestion of his research and development team to develop innovative products for the emerging changes in markets for his customers shows that, Jacuzzi Warehouse has a market culture.

5 0
3 years ago
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