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melomori [17]
2 years ago
6

Hernandez Company had the following transactions during 2020, its first year in business:

Business
1 answer:
Trava [24]2 years ago
4 0

Question Completion:

Prepare Journal Entries.

Answer:

Hernandez Company

Journal Entries:

January 2 Debit Cash $1,512,000

Credit Common stock $630,000

Credit Additional Paid-in Capital-Common stock $882,000

To record the issuance of 42,000 shares of $15 par common stock for $36 per share.

April 3 Debit Cash $ 776,000

Credit Preferred stock $560,000

Credit Additional Paid-in Capital-Preferred stock $216,000

To record the issuance of 8,000 shares of $70 par preferred stock for $97 per share.

October 6 Debit Treasury Stock $30,000

Debit Additional Paid-in Capital-Common stock $28,000

Credit Cash $58,000

To record the repurchase of 2,000 shares of treasury stock for $29 per share.

December 9 Debit Cash $3,850

Credit Treasury stock $1,650

Credit Additional Paid-in Capital-Common stock $2,200

To record the reissuance of 110 shares of treasury stock for $35 per share.

Explanation:

a) Data and Analysis:

January 2 Cash $1,512,000 Common stock $630,000 Additional Paid-in Capital-Common stock $882,000

issuance of 42,000 shares of $15 par common stock for $36 per share.

April 3 Cash $ 776,000 Preferred stock $560,000 Additional Paid-in Capital-Preferred stock $216,000

issuance of 8,000 shares of $70 par preferred stock for $97 per share.

October 6 Treasury Stock $30,000 Additional Paid-in Capital-Common stock $28,000 Cash $58,000

repurchase of 2,000 shares of treasury stock for $29 per share.

December 9 Cash $3,850 Treasury stock $1,650 Additional Paid-in Capital-Common stock $2,200

re-issue of 110 shares of treasury stock for $35 per share.

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The beginning Cash account balance is $38,700. During the period, cash disbursements (outflows) totaled $144,600.
anzhelika [568]

Answer:

D. $157,100

Explanation:

                                                                                  Amount in $

Beginning Cash account balance                           38,700

Cash disbursement (outflows)                                 (144,600)

Cash inflows                                                           <u>     xxxx        </u>

Ending balance                                                      <u>     51,200     </u>

<u />

Cash inflows =  51,200 + 144,600 - 38,700

                      =  $157,100

The right option is D. $157,100.

7 0
3 years ago
The ____ section of the project scope document is where the contractor or project team can state and clarify exactly what is inc
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The<u><em> statement of work </em></u>section of the project scope document is where the contractor or project team can state and clarify exactly what is included in the work scope and provide an opportunity to reconsider items that are not stated but that the customer may have forgotten to include in her requirements or RFP.

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3 years ago
Varmit-B-Gone is a pest control service that operates in a suburban neighborhood. The company attempts to make service calls at
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Answer:

VARMIT B-GONE

BUDGETED INCOME STATEMENT

sales revenue ( 90%*1500*2.4*80%*$80)              $207,360

Service cost :

variable cost                                          $17280

Maintenance and repair                        15,998

Depreciation                                           <u> 42,000</u>      <u>  75,278</u>

Gross profit                                                                 132,082

marketing and administrative cost :

Marketing (variable )                               10,440

administrative (fixed)(55,000*105%)       57,750                      

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Answer:

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