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larisa86 [58]
3 years ago
11

Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,000 shares of its own common stock

at $35 per share on October 11. Sold 1,250 treasury shares on November 1 for $41 cash per share. Sold all remaining treasury shares on November 25 for $30 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
Business
1 answer:
Andrei [34K]3 years ago
5 0

Answer:

Revised Equity Section of Balance Sheet After October 11

<u>                                                                                                          </u>

Common Stock at par                                                 $820,000

Paid-in capital in excess of Par                    <u>              $266,000</u>

Total Contributed Capital                                        $1,086,000

Retained earnings                                        <u>            $  944,000</u>

Total                                                                          $2,030,000

Less: Treasury Stock                                    <u>           ($  210,000)</u>

<u>Total Stockholder's Equity                                      $1,820,000</u>

Treasury stock = 6,000 * 35

= $210,000

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The starting point for preparing the operating activities section using the indirect method is ______. Multiple choice question.
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2 years ago
The Eccleston Company has the following budgeted sales: January $40,000, February $60,000, and March $50,000. 40% of the sales a
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Answer:

Total cash collection= $53,000

Explanation:

Giving the following information:

Sales:

February $60,000

March $50,000.

Cash:

40% of the sales are in cash.

Credit sales:

50% in the month of sale

50% in the next month

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8 0
3 years ago
Jon is a cash-basis taxpayer and has adjusted gross income of $40,000 in 2018. During the year he incurred and paid the followin
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Complete Question:

Jon is a cash-basis taxpayer and has adjusted gross income of $40,000 in 2018. During the year he incurred and paid the following medical expenses.

Drugs and medicines prescribed by doctors $300

Health insurance premiums $750

Doctors' fees $2,250

Eyeglasses $75

How much medical expense can he deduct as itemized deduction?

Answer:

Jon

Medical expense that Jon can deduct as itemized deduction:

= $375

Explanation:

a) Data and Calculations:

Adjusted gross income = $40,000

Incurred medical expenses:

Drugs and medicines prescribed by doctors $300

Health insurance premiums $750

Doctors' fees $2,250

Eyeglasses $75

Total  = $3,375

Under Tax Cuts and Jobs Act (TCJA), the medical expenses which can be deducted as an itemized deduction on the federal income tax return are only to the extent that they exceed 7.5% of adjusted gross income (AGI).

7.5% of $40,000 = $3,000

Therefore, Jon can itemize deduction of $375 in medical expense.

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