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Viefleur [7K]
3 years ago
9

Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 150 shares of its common st

ock on May 1 for $7,500. On July 1, it reissued 75 of these shares at $53 per share. On August 1, it reissued the remaining treasury shares at $48 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2?
Business
1 answer:
Sati [7]3 years ago
7 0

Answer:

$150

Explanation:

The computation is shown below:

Repurchase rate per share

= $7,500 ÷  150

= $50 per share

On july 1 paid in capital , treasury stock = $450 [150 × ($53 - $50)]

On August 1 paid in capital ,treasury stock = ($300) [150 × ($48 - $50)]

So on august 2 it would be

= $450 - $300

= $150

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Answer:

Please find the complete solution in the attached file.

Explanation:

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2 years ago
"Consider the following data: Cost of goods sold $70 Direct labor $20 Direct materials used $15 Cost of goods manufactured $80 W
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Answer:

Schedule of cost of goods manufactured & Sold

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Direct materials used              $15

Direct labor                                 $20

Factory overhead Applied         <u>$30</u>

(150% of DL Cost)

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Less: Ending WIP                         <u>$10</u>

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Particulars                                                  Amount

Cost of goods manufactured                       $80

Add: Beginning finished goods inventory   <u>$5</u>

Cost of goods available for sale                 $85

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<u />

3 0
2 years ago
Logan Corporation has 30 employees, 10 in "A-line," and 20 in "B-line." Logan incurred $180,000 in fringe benefits costs last ye
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Answer:

The correct answer is A.

Explanation:

Giving the following information:

Logan Corporation has 30 employees, 10 in "A-line," and 20 in "B-line." Logan incurred $180,000 in fringe benefits costs last year.

First, we need to calculate the allocation rate based on number of employees:

Estimated allocation rate= total estimated fringe costs for the period/ total amount of allocation base

Estimated allocation rate= 180,000/30= $6,000 per employee.

Now, we can allocate fringe costs to the A-line:

Allocated fringe costs= Estimated Estimated allocation rate* Actual amount of allocation base

Allocated fringe costs= 6,000*10= $60,000

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3 years ago
MC Qu. 6 Physical goods can be differentiated ... Physical goods can be differentiated from services in the operations managemen
swat32

Answer:

The answer is: Longer lead times and they can be inventoried.

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Physical goods or products usually have longer lead times than services (although not necessarily) but the main difference between them is that they can be inventoried.

For example, a company that produces chairs can produce chairs during the week and then store them in a warehouse. But if a hotel only rents 30 of its 50 available rooms today, it cannot rent 80 rooms tomorrow, only 50. A service by definition cannot be inventoried, or stored for later use.

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