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Nikitich [7]
2 years ago
15

Alt Corp. issues 3,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made

to:
Business
1 answer:
storchak [24]2 years ago
8 0

Answer:

Credits are made to Common Stock $30,000 and Paid in capital in excess of Par value $12,000

Explanation:

The journal entry is shown below;

Cash $42,000 (3,000 shares at $14)

         To Common Stock $30,000 (3,000 shares at $10)

         To Paid in capital in excess of par value $12,000 (3,000 shares at $4)

(Being issuance of the common stock is recorded)

Here cash is debited as it increased the assets and credited the common stock & paid in capital as it also increased the stockholder equity

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Underground Clothing is a zero growth firm that has expected earnings before interest and taxes of $56,700, an unlevered cost of
koban [17]

Answer:

$230,825

Explanation:

VU = [$56,700 × (1 - .35)] / .162

VU= $56,700×0.65/.162

VU=36,855/.162

VU = $227,500

VL = $227,500 + .35($9,500)

VL= $227,500+$3,325

VL= $230,825

7 0
3 years ago
Adidea Corp. Estimates that $5,670 of its accounts receivables are uncollectible. How will the company record the transaction? T
muminat

Answer and Explanation:

The journal entry to record the given transaction as follows:

Uncollectible account expense or bad debt Dr $5,670

        To Account receivable $5,670

(being uncollectible account expense is recorded)

Here the expense is debited as it increased the expenses and credited the account receivable as it decreased the asset

5 0
3 years ago
This section of the VITA/TCE certification Foreign Student test covers determining residency status, the use of Form 8843, and f
Goshia [24]

Answer:

1. Hans entered the U.S. on December 15, 2012 in F-1 immigration never been to the United States before and he did not change immigration status during 2017. For federal income tax purposes, Hans is a non-resident for 2017.

B. False

F-1 immigration visas are given to students. They are required to pay taxes on any income that they earn, but they are not required to pay FICA taxes.

2. Abshir is a visiting professor at the local university. Abshir was a graduate student from August 2011 to July 2013 in F-1 immigration status. He re-entered the United States on December 20, 2017 in J-1 immigration status. For federal income tax purposes, Abshir is a resident alien for 2017.

A. True

Since Abshir holds a J-1 immigration visas and returned to the US to live, the IRS considers him a resident alien.

3. Juan served as a visiting scholar in F-1 immigration status from December 2011 through June 2014. In January of 2016, Juan returned to the United States as a graduate student. For federal income tax purposes, Juan is a resident alien for 2017.

A. True

Juan is responsible for paying both income and FICA taxes.

4. Emil came to the United States in F-2 immigration status with his wife on August 20, 2016. He has not changed his immigration status. For federal income tax purposes, Emil is a resident alien for 2017.

B. False

Emil is not a resident alien and must file form 8843.

5. Tamera lived with her parents in F-2 immigration status in the United States from August 2007 to June 2011. She returned to the U.S. to attend college in F-1 immigration status on May 1, 2016. Tamera does not need to file Form 8843 for 2017.

A. True

Tamera will be considered a resident alien for tax purposes, so she doesn't file form 8843.

7 0
2 years ago
High self-monitors respond more to _____ advertising.
scZoUnD [109]

The answer is image oriented advertising. This type of advertising tends to focus more on the products of which they assume of which are more presentable and are favorable for their consumers that will be worth trying or buying of by the consumers.

6 0
3 years ago
The following expenditures were incurred by Tamarisk, Inc. in purchasing land: cash price $74,000, accrued taxes $4,400, attorne
Stels [109]

Answer:

$87,800

Explanation:

The following expenditures were incurred by Tamerisk incorporation when purchasing a land

Cash price = $74,000

Accured taxes = $4,400

Attorneys fee= $4,300

Real estate brokers commission = $1,500

Clearing and grading = $3,600

Therefore the cost of the land can be calculated as follows

= $74,000 + $4,400 + $4,300 + $1,500 + $3,600

= $87,800

Hence the cost of the land is $87,800

5 0
3 years ago
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