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An individual contracts for the purchase of 200 shares of $10 par common stock at a subscription price of $15. After making paym

Klio2033 [76]

Answer:

D) Credit paid in capital in excess of par on common, $400

Explanation:

The summary journal entry should be:

Dr Cash 1,200

Cr Common stock 800

Cr Additional paid-in capital in excess of par value 400

the subscriber paid $1,200 / $15 per stock = 80 stocks

par value = $10 per stock x 80 stocks = $800

additional paid-in capital = $5 per stock x 80 stocks = $400

4 0

3 years ago

A group of workers normally consists of 60 men, 30 women and 20 boys. They are paid at standard hourly rates as under:

dexar [7]

Labour cost variance = R.s 33,000 (F)
Labour rate variance = R.s 33000 (F)
Labour efficiency variance = 0

Given:

Standard Number of men = 60

Standard Number of women = 30

Standard Number of boys = 20

Standard hour rate for men = R.s 280

Standard hour rate for women = R.s 160

Standard hour rate for boys = R.s 140

Weekly working hour = 40 hours

Expected unit = 5,000 units

Number of men in march week = 70

Number of women in march week = 25

Number of boy in march week = 25

Actual wage for men = R.s 270

Actual wage for women = R.s 165

Actual wage for boys = R.s 130

Actual units = 4,500 units

Find:

Labour cost variance
Labour rate variance
Labour efficiency variance

Computation:

Labour cost variance = [SC for AO] - AC

Labour cost variance = [( 70 × 280) + (25 × 160) + (25 × 140)] - [(70 × 270) + (25 × 165) + (25 × 130)] × 40

Labour cost variance = (27,100 - 26,275 ) × 40

Labour cost variance = R.s 33,000 (F)

Labour rate variance = (SR - AR) × AH worked

Labour rate variance = [(280 - 270)70 + (160 - 165)25 + (140 - 130)25]40

Labour rate variance = [700 - 125 + 250]40

Labour rate variance = [825]40

Labour rate variance = R.s 33000 (F)

Labour efficiency variance = (SH allowed - AH worked)SR

Labour efficiency variance = (0 - 0)SR

Labour efficiency variance = 0

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5 0

3 years ago

Assume the Residential Division of KappyKappy Faucets had the following results last year: Net sales revenue $16,320,000 Operat

Alinara [238K]

Answer:

3.20

Explanation:

The computation of the asset turnover ratio is shown below:

Total asset turnover = (Net Sales revenue ÷ Average Total assets)

= ($16,320,000 ÷ $5,100,000)

= 3.20

It shows a ratio between the net sales revenue and the average total assets.

All other information which is given is not relevant. Hence, ignored it

3 0

3 years ago

Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning

barxatty [35]

Answer:

A. $816,000

B. Dr Inventory $60,000

Cr Retained earning $36,000

Cr Tax payable $24,000

Explanation:

A. Calculation to determine the balance in retained earnings at the time of the change

Using this formula

Retained earnings = Beginning retained earning balance + Adjusted net income

Let plug in the formula

Retained earnings=$780,000+ $60,000 × (1 - 40%)

Retained earnings=$780,000+($60,000×60%)

Retained earnings=$780,00+ $36,000

Retained earnings= $816,000

Therefore the balance in retained earnings at the time of the change is $816,000

2. Preparation of the journal entry at the beginning of 2009 to record the change in principle.

Dr Inventory $60,000

Cr Retained earning $36,000

[$60,000 × (1 - 40%)]

Cr Tax payable $24,000

($60,000-$36,000)

(Being to record the change in principle)

3 0

3 years ago

which composer refused to play facing the audience. a Robert Johnson b Charlie Parker c Duke Ellington d Scott Joplin

Nikitich [7]

D, Scott Joplin. Is the correct choice.

6 0

3 years ago