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Leokris [45]
3 years ago
9

The Vernon Corporation was formed on January 2, 2018. The company sold 20,000 shares of $8.00 par value stock for $20.00 per sha

re. On July 1, 2018, Vernon bought back 4,000 shares of stock for $24.00 per share. The treasury stock was resold on September 1, 2018 for $32.00 per share.
Which one of the following is the correct entry to record the resale of treasury stock?
Multiple Choice
A) DR Cash 128,000 CR Common stock 128,000
B) DR Cash 128,000 CR Treasury stock 96,000 CR Paid-in capital from treasury stock 32,000
C) DR Cash 128,000 CR Treasury stock 96,000 CR Gain on sale of treasury stock 32,000
D) DR Cash 128,000 CR Treasury stock 96,000 CR Retained earnings 32,000
Business
1 answer:
Ksivusya [100]3 years ago
6 0

Answer:

B) DR Cash 128,000 CR Treasury stock 96,000 CR Paid-in capital from treasury stock 32,000

Explanation:

Based on the information given the correct journal entry to record the resale of treasury stock is to Debit Cash $128,000 Credit Treasury stock $96,000 and Credit Paid-in capital from treasury stock $32,000

DR Cash $128,000

(4000*$32)

CR Treasury stock $96,000

(4000*$24)

CR Paid in capital in excess of par $32,000

(4000*$8)

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You have a list of 250 'hot leads' who clicked on a link in your email. Your click rate is 7%. How many emails did you originall
pychu [463]

We have originally sent 3571 emails.

<u>Solution:</u>

Let  x be the number of emails originally sent.

We know that, 7 \%-\frac{7}{100}=0.07

Therefore, x \times 0.07=250

On solving for x , divide by 0.07 both sides

\Rightarrow\frac{x \times0.07}{0.07}=\frac{250}{0.07}

\Rightarrow x\times0.07=250

\Rightarrow x=\frac{250}{0.07}=3571.428\approx3571

Therefore, number of mails sent 3571.

6 0
3 years ago
A change in company policy now means that employees have to gather a lot more information from a customer before dealing with a
Natalka [10]

Answer:

Option A Apologize for any trouble and explain the change to each customer.

Explanation:

The reason is that it is ethicaly correct because the change in policy is not minor, neither involves unethical practice of leg pulling of seniors nor agreeing all the complaints of the customer because he might be totally wrong. The sales person will have to explain the customer what actually the changes are in the policies and why it has adopted it. For the inconvenience caused to the customers, the company must apologize.

3 0
3 years ago
List any 2 merits and demerits of a company
egoroff_w [7]

Answer:

Merits

• limited liability

• Perpetual existence

Demerits

•Company mismanagement

•Lack of secrecy

Explanation:

Merits

° limited liability. The liabilities of the shareholders are limited to the value of investment they have in the company. This means that should the company becomes insolvent, the shareholders will only loose their investment in the firm and not their personal properties.

°Perpetual existence. This is based on the principle of separate legal entity , which means that the death of any shareholder or director would not in any way affect the existence of the company.

Demerits

° Company Mismanagement . One of the demerits of company is Mismanagement. The directors sometimes mismanage company's fund for their personal and selfish benefits which oftentimes throw the company into debt.

° Lack of secrecy. There is no secrecy in company as annual reports are given to the shareholders hence enable the competitors know it's performance and also provide company statements to registrar of companies.

3 0
3 years ago
Hewitt Company expects cash sales for July of S15.000, and a 22% monthly increase during August and September. Credit sales of $
larisa [96]

Answer:

b) $22, 326 and $16, 900

Explanation:

The computation is shown below:

Budgeted cash sales

July cash sales

=  $15,000

August sales

= July sales +  July cash sales × monthly increase

= $15,000 + $15,000 × 22%

= $15,000 + $3,300

= $18,300

September sales

= August sales + august sales × monthly increase

= $18,300 + $18,300 × 22%

= $18,300 + $4,026

= $22,326

Budgeted credit sales

July cash sales

=  $10,000

August sales

= July sales +  July cash sales × monthly increase

= $10,000 + $10,000 × 30%

= $10,000 + $3,000

= $13,000

September sales

= August sales + august sales × monthly increase

= $13,000 + $13,000 × 30%

= $13,000 + $3,900

= $16,900

5 0
3 years ago
Which statement best describes how problem solving can lead to important inventions?
Leto [7]

What is fascinating about his story is that he invented the stethoscope because he was shy. At that time doctors generally listened to heartbeats by placing an ear directly on a patient’s chest. When he was examining a young woman complaining of heart problems, he thought it was improper to place his ear on her chest, especially as she was overweight.

7 0
3 years ago
Read 2 more answers
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