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lozanna [386]
3 years ago
14

Concord Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the fi

rst year of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb. 1 Issued 52,500 shares for cash at $53 per share.
July 1 Issued 70,000 shares for cash at $59 per share.

Required:
Journalize the transactions.
Business
1 answer:
babunello [35]3 years ago
6 0

Answer:

FEB 1

Dr Cash $2,782,500

Cr Preferred stock $2,625,000

Cr APIC $157,500

JUL 1

Dr Cash $3,710,000

Cr Preferred stock $3,500,000

Cr APIC $210,000

Explanation:

Preparation of the journal entries

FEB 1

Dr Cash $2,782,500

(52,500 shares* $53 per shares)

Cr Preferred stock $2,625,000

(52,500 shares*$50per shares)

Cr APIC $157,500

($2,782,500-$2,625,000)

JUL 1

Dr Cash $3,710,000

(70,000 shares* $53 per shares)

Cr Preferred stock $3,500,000

(70,000 shares*$50per shares)

Cr APIC $210,000

($3,710,000-$3,500,000)

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If the federal reserve banks mailed everyone in the United States a new $1000.00 bill, what would happen to prices, output, and
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4 0
2 years ago
Safeco’s current assets total to $20 million versus $10 million of current liabilities, while Risco’s current assets are $10 mil
dlinn [17]

Answer:

b. The transactions would lower Safeco's financial strength as measured by its current ratio but raise Risco's current ratio

Explanation:

The formula to compute the current ratio is shown below:

Current ratio = Total Current assets ÷ total current liabilities  

So,

For Safeco, the current ratio would be

= $20 million ÷ $10 million

= 2 times

And for Risco, the current ratio would be

= $10 million ÷ $20 million

= 0.5 times

After borrowing, the current ratio would be

The current assets and the current liabilities would be increased by $10 million in each side.

For Safeco, the current ratio would be

= $30 million ÷ $20 million

= 1.5 times

And for Risco, the current ratio would be

= $20 million ÷ $30 million

= 0.67 times

By comparing the current ratio, we get to know that The Safeco current ratio would be decreased whereas, the Risco current ratio is increased

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3 years ago
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Lelu [443]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

The dinner-dance committee has assembled the following expected costs for the event:

Dinner (per person) $ 18

Favors and program (per person) $ 2

Band $ 2,800

Rental of ballroom $ 900

Professional entertainment during intermission $ 1,000

Tickets and advertising $ 1,300

The committee members would like to charge $35 per person.

1) Break-even point= fixed costs/ contribution margin

Break-evenn point= (Band+rental+professional entertainment+tickets)/[price - (dinner+favors)]

Break-even point= 6000/(35-20)= 400 individuals

2) Q= 300    P=?

300=6000/(P-20)

300*(P-20)= 6000

300P=12000

P=$40

7 0
3 years ago
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