What basic economic question helps determine the career path of individuals?

Comet Company is owned equally by Pat and his sister Pam, each of whom hold 100 shares in the company. Comet redeems 50 of Pam's

lesantik [10]

Answer:

Total E&P = $ 160000

Total voting Right Sold = 50/ (100+100) = 25%

Reduction of E& P due to exchange = Total E&P*Total voting Right Sold

Reduction of E& P due to exchange = 160000*25%

Reduction of E& P due to exchange = 40000

Reduction of E& P Lower of Total E&P*Total voting Right Sold or Amount realised

Reduction of E& P Lower of 40000 or (50*1000)

Reduction of E& P Lower of 40000 or 50000

Answer

A reduction of $40,000 in E&P because of the exchange.

7 0

3 years ago

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

joja [24]

Answer & Explanation:

Account Type of Account Increase side

Supplies Asset Debit

Retained Earnings Capital Credit

Fees Earned Revenue Credit

Accounts Payable Liability Credit

Salary Expense Debit

Common Stock Asset Debit

Account Receivable Asset Debit

Equipment Asset Debit

Notes Payable Liability Credit

8 0

3 years ago

The predetermined manufacturing overhead rate for the year was 140% of direct labor cost; employees were paid $17.50 per hour. I

Aleks04 [339]

Answer:

D. $ 367.500

Explanation:

We have to first compute the total direct labor cost. This is done by multiplying the estimated direct labor hours with the hourly rate.

Total Direct Labour costs $ 17.50 per hour * 15,000 hours = $ 262,500

Estimated manufacturing overhead per the data in the question is 140 % of Direct labor cost,

Estimated manufacturing overhead is $ 262,500 * 140 % = $ 367,500

5 0

3 years ago

The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8

Soloha48 [4]

Answer:

The journal entries for all transactions are as follows;

Explanation:

June 8. Bad Debts Expense Dr.$8,440

Accounts-Receivable-Kathy Quantel Cr.$8,440

Aug 14. Bank Dr.$3,000

Bad Debt Expense Dr. $9,500

Accounts Receivable-Rosalie Oakes Cr.$12,500

Oct 16. Accounts-Receivable-Kathy Quantel Dr.$8,440

Bad Debts Expense Cr. $ 8,440

Cash Dr. $8,440

Accounts-Receivable-Kathy Quantel Cr.$8,440

Dec 31. Bad debt Expense Dr. 24,955

Account Receivable-Wade Dolan Cr.$4,600

A/R-Greg Gagne Cr.$3,600

A/R-Amber Kisko Cr.$7,150

A/R- Shannon Poole Cr.$2,975

A/R-Niki Spence Cr.$6,630

6 0

3 years ago

Carly’s Clips charges for their grooming services based on the following:________.

Novay_Z [31]

Answer: $256

Explanation:

Using time and materials pricing, the total price for a job requiring 3 direct labor hours and $54 of materials will be calculated as:

Materials = $54

Add: Materials markup = 30% × $54 = 0.3 × $54 = $16.2 = $16

Add: Labour = 3 × $62 = $186

Total price of job = $256

7 0

2 years ago