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Alexxx [7]
2 years ago
7

The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common sto

ck. During its first three years of operation, Maine issued 2,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share. Based on the above information, answer the following questions:
a. How many shares were authorized?
b. How many shares were issued?
c. How many shares are outstanding?
d. What is the balance of the Common Stock account?
Business
1 answer:
Delvig [45]2 years ago
7 0

Answer:

a)3,000,000 shares

b)2,200,000 shares

c)2,170,000 shares

d)$2,200,000

Explanation::

a) Based on the information given 3,000,000 shares were authorized

b) Based on the information given 2,200,000 shares were issued

c) Calculation for many shares are outstanding

Outstanding shares= (2,200,000 issued-30,000 in treasury)

Outstanding shares=2,170,000 shares

d) Calculation for the balance of the Common Stock account

Balance of the Common Stock account = ($1 × 2,200,000 shares

Balance of the Common Stock account=$2,200,000

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Answer:

$46,400

Explanation:

The computation of the absorption costing net operating income last year is shown below:

= Net operating income under variable costing + Fixed overhead deferred in ending inventory - Fixed overhead released in beginning inventory

= $74,000 + $0 - $27,600

= $46,400

All other information which is given in the question is not relevant. Hence, ignored it

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3 years ago
Flint Corporation issued 700 shares of no-par common stock for $7,800. Prepare Flint’s journal entry if (a) the stock has no sta
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Answer:Flint corporation journal $

Date

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Explanation:

Shares can be issued at par, premium or discount. When it's issued at it's nominal value it's said to be issued at par, when it's issued above it's nominal value it's said to be issued at a premium and when it's issued below par it's said to issued at a discount.

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On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life
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Answer:

The correct answer is A.

Explanation:

Giving the following information:

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