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Alenkasestr [34]
2 years ago
13

Grouper Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first ye

ar of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb. 1 Issued 41,600 shares for cash at $105 per share.
July 1 Issued 123,000 shares for cash at $58 per share.

Required:
Journalize the transactions.
Business
1 answer:
Fynjy0 [20]2 years ago
3 0

Answer:

Feb-01

Dr Cash $4,368,000

Cr Prefered stock $2,080,000

Cr Paid-in capital in excess of par value-Preferred $2,288,000

Jul-01

Dr Cash $7,134,000

Cr Prefered stock $6,150,000

Cr Paid-in capital in excess of par value-Prefered $984,000

Explanation:

Preparation of the journal entries

Feb-01

Dr Cash(41,600 shares*$105) $4,368,000

Cr Prefered stock(41,600 shares*$50) $2,080,000

Cr Paid-in capital in excess of par value-Preferred $2,288,000

($4,368,000-$2,080,000)

Jul-01

Dr Cash(123,000 shares*$58) $7,134,000

Cr Prefered stock(123,000 sahres*$50) $6,150,000

Cr Paid-in capital in excess of par value-Prefered $984,000

($7,134,000-$6,150,000)

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Answer:

$8.2 million

Explanation:

As per given data

EBITDA         $22.5

Net Income    $5.4 Million

Interest Expense = $6 million

Tax rate = 35%

As we know the Tax is deducted from the income before tax to calculate the net income. We will calculate the Earning before tax first.

EBT = Net Income x 100% / ( 100% - 35% )

EBT = 5.4 million x 100% / 65%

EBT = $8.3 million

Now we need to calculate the Earning Before interest and Tax

EBIT = EBT + Tax Expense = $8.3 million + $6 million = $14.3 million

The Difference between EBIT and EBITDA is depreciation and amortization expense.

Depreciation and Amortization expense = EBITDA - EBIT = $22.5 million - $14.3 million = $8.2 million

3 0
2 years ago
"A customer holds 10 ABC Jan 60 Call contracts. ABC Corporation is paying a 20% stock dividend. On the ex date, the contracts wi
Viefleur [7K]

Answer:

On the ex date, the contracts will show as:

10 ABC Jan 60 Calls

The customer must exercise call contracts to buy the stock prior to the Ex-Date

Explanation:

The reason is that if the customer is not exercising the call contracts then it will not be able to receive the stock dividend. Furthermore, the OCC doesn't adjust the contract because of the dividend announcement prior to exercise of contract. This means it will only adjust if the contract is exercised.

The settlement of the exercise takes around 2 business working days, hence the customer must exercise the option 2 days earlier to the ex-date.

3 0
3 years ago
General Staff immediately come together and begin developing strategies. General Staff Chiefs are: Evaluating staffing and super
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Select all that apply.

Common Terminology

Management by Objectives

Incident Action Planning

Manageable Span of Control

Unified Command

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Answer:

Management by Objectives

Incident Action Planning

Manageable Span of Control

Explanation:

Considering the information given in the question, the NIMS Management Characteristics I am supporting are:

1. Management by Objectives

This is because, by Management by Objectives, the General Staff are making strategies according to the previous objectives.

2. Incident Action Planning

This is because, by Incident Action Planning, the General Staff are revising planning documents that will comprise staffing and resource necessities.

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7 0
2 years ago
Match, an online dating service, offers you an internship to collect and analyze data. Your primary task is to test the correlat
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Answer:

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3 0
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Explanation:

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In October is $41,500 - $39,460 = $2,040

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Total outstanding checks on 30 Nov is $2,040+$1,046 = $3,086

8 0
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