The employers who physically move inventory items for storage or shipment are called ____

Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100.000 shares of common

Gnesinka [82]

Answer:

Power Drive Corporation

Stockholders' Equity Section

December 31, 2021

Paid in capital:

Common Stock $1 par $160,000

(160,000 shares authorized, 157,250

shares outstanding)

Additional paid in capital, $8,360,000

in excess of par value

Additional paid in capital, $13,750

from Treasury Stock

Total paid in capital $8,533,750

Retained earnings $2,879,625

Sub-total $11,413,375

Treasury Stock ($165,000)

Total Stockholders' Equity $11,248,375

Explanation:

beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock, $100,000 + $60,000
Additional Paid-in Capital, $5,000,000 + $3,360,000 + $13,750
Retained Earnings, $2,500,000 + $650,000 - $270,375
treasury stock $330,000 - $165,000

Net income for the year ended December 31, 2021, is $650,000.

March 1 Issues 60,000 additional shares of $1 par value common stock for $57 per share.

Dr Cash 3,420,000

Cr Common stock 60,000

Cr Additional paid in capital 3,360,000

May 10 Purchases 5,500 shares of treasury stock for $60 per share.

Dr Treasury stock 330,000

Cr Cash 330,000

June 1 Declares a cash dividend of $1.75 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.)

Dr Retained earnings 270,375

Cr Dividends payable 270,375

July 1 Pays the cash dividend declared on June 1.

Dr Dividends payable 270,375

Cr Cash 270,375

October 21 Resells 2,750 shares of treasury stock purchased on May 10 for $65 per share

Dr Cash 178,750

Cr Treasury stock 165,000

Cr Additional paid in capital 13,750

4 0

4 years ago

A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as e

Elenna [48]

Answer:

Asset is what a business owns anv control and its use generate future economic benefits.

Liability is a present obligation of an entity arising from past events, the settlement which will lead to an outflow of economic benefits.

Equity is the residual interest in an entity after its liabilities have been deducted from assets.

Revenue is income arising from the ordinary activities of a business

Expense arises in the morning course of activities

a. Advertising Expense - expense

b. Rent Revenue - revenue

c. Rent Receivable - asset

d. Patents - asset

e. Rent Payable - liability

f. Furniture - asset

g. Notes Payable - liability

h. Owner, Capital- equity

i. Utilities Expense - expense

Explanation:

a. Advertising Expense - expense

b. Rent Revenue - revenue

c. Rent Receivable - asset

d. Patents - asset

e. Rent Payable - liability

f. Furniture - asset

g. Notes Payable - liability

h. Owner, Capital- equity

i. Utilities Expense - expense

7 0

4 years ago

Garcia Co. owns equipment that cost $81,200, with accumulated depreciation of $43,000. Garcia sells the equipment for cash. Reco

hichkok12 [17]

Answer and Explanation:

The journal entries are as follows

1. For sale of equipment at $50,300

Cash Dr $50,300

Accumulated depreciation $43,000

To Equipment $81,200

To Gain on sale of equipment $12,100

(Being the sale of equipment is recorded)

Since the equipment is sold for $50,300 which increased the assets so cash account is debited along with it the accumulated depreciation is debited and the cost of equipment is credited plus the balancing figure is transferred to gain on sale of equipment because the sale value is more than the book value

2. For sale of equipment at $38,200

Cash Dr $38,200

Accumulated depreciation $43,000

To Equipment $81,200

(Being the sale of equipment is recorded)

Since the equipment is sold for $38,200 which increased the assets so cash account is debited along with it the accumulated depreciation is debited and the cost of equipment is credited

The book value and the sale value is equal so there is no loss or no gain recognized in this case

3. For sale of equipment at $33,100

Cash Dr $33,100

Accumulated depreciation $43,000

Loss on sale of equipment $5,100

To Equipment $81,200

(Being the sale of equipment is recorded)

Since the equipment is sold for $$33,100 which increased the assets so cash account is debited along with it the accumulated depreciation is debited and the cost of equipment is credited plus the balancing figure is transferred to loss on sale of equipment because the sale value is less than the book value

3 0

4 years ago

Beau works for a small pest-control company that has a total of five employees. From his point of view, the primary disadvantage

xz_007 [3.2K]

The question is incomplete:

Beau works for a small pest-control company that has a total of five employees. From his point of view, the primary disadvantage of a small business is the:

-complicated management structure.

-risk of failure.

-limited ability to raise capital.

-personal relationship with his employer.

-limited potential for him to advance

Answer:

Limited ability to raise capital.

Explanation:

The answer is that from his point of view, the primary disadvantage of a small business is the limited ability to raise capital because small businesses tend to have few resources and a small participation in the market and these affect their ability to get capital and their growth potential.

The other options are not right because as small businesses have few employees, they have simple structures, the risk of failure can be high or low as in a bigger company and a personal relationship with his employer is not a disadvantage. Also, a small business can offer opportunities to advance.

8 0

3 years ago

For Monday morning's staff meeting, Jim bought 2 bags of bagels and 3 packages of cream cheese and paid $11.25 (excluding sales

Zielflug [23.3K]

Answer:

$3.68 per bag for bagels; $1.30 per package for cream cheese

Explanation:

In this question we have to assume the things

Like Baggles be X

And. the cream cheese be Y

So, there are two equations which are presented below:

2X + 3Y = $11.25

5X + 2Y = $21

To find out the X and Y value we have to equate the both equations. So, we multiplied by 5 and multiplied by 2 in equation 1 and 2

So, the updated equation would be

10X + 15Y = $56.25

10X + 4Y = $42

Now subtract it, so the value would be

11Y = $14.25

Y = $1.30 per bag

Now put this Y value in any equation

2X + 3Y = $11.25

2X + 3 × $1.30 = $11.25

2X + $3.9= $11.25

2X = $7.35

X = $3.68 per package

4 0

3 years ago

The employers who physically move inventory items for storage or shipment are called _____.