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belka [17]
3 years ago
15

On January 22, Zentric Corporation issued for cash 342,000 shares of no-par common stock at $20. On February 14, Zentric issued

at par value 9,000 shares of preferred 6% stock, $80 par for cash. On August 30, Zentric issued for cash 31,000 shares of preferred 6% stock, $80 par at $85. Journalize the entries to record the January 22, February 14, and August 30 transactions. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
Iteru [2.4K]3 years ago
7 0

Answer:

Journal Entries

January 22

Dr. Cash                  $6,840,000  

Cr. Common stock  $6,840,000

February 14

Dr. Cash                  $720,000  

Cr. Preferred stock $720,000

August 30

Dr. Cash                                                                   $2,635,000

Cr. Preferred stock                                                  $2,480,000

Cr. Paid in capital excess of par-Preferred stock $155,000

Explanation:

January 22

Common Stock = Numbers of shares issued x Issue price per share

Common Stock = 342,000 shares x $20

Common Stock = $6,840,000

February 14

Preferred stock = Numbers of preferred shares x Price per preferred share

Preferred stock = 9,000 shares x $80 per share

Preferred stock = $720,000

August 30

Cash Received = Numbers of shares x issuance price = 31,000 x $85 = $2,635,000

Cash Received = Numbers of shares x par value = 31,000 x $80 = $2,480,000

Paid in capital excess of par  = $2,635,000 - $2,480,000 = $155,000

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inysia [295]

Answer:

$1,890,000

Explanation:

Calculation to determine what income (loss) is reported in 2021

2021 Reported Income loss=[$2,700,000-($2,700,000 × 30%)]

2021 Reported Income loss=($2,700,000-$810,000)

2021 Reported Income loss=$1,890,000

Therefore the income (loss) that is reported in 2021 will be $1,890,000

8 0
3 years ago
At a price of $2,000 per unit, the demand for Rancho 60 mountain bikes from Peyton Bike's Inc. is 300 units, which is the number
Citrus2011 [14]

The statement "bikes shortage should be developed" is correct.

The following information should be considered:

  • In the case when the firm wants to sell the product at a lower price so there should be a product shortage.
  • The demand and supply should not achieve at equilibrium.
  • There is no inelastic demand that should be developed.
  • The no of bikes generated should not be increased.

Therefore we can conclude that The statement "bikes shortage should be developed" is correct.

Learn more about the product shortage here: brainly.com/question/12596577

6 0
3 years ago
n computing the current period's manufacturing cost per equivalent unit, the FIFO method of process costing considers: (CPA adap
kykrilka [37]

Answer:

C. current period costs less cost of beginning work-in-process inventory

Explanation:

While calculating the current period manufacturing under FIFO method the cost of beginning work in process will be deducted as was incurred in previous period, for the current period only the current period cost will be considered.

Though the FIFO method is based on first in first out principle where opening inventory will be sold first, but the cost incurred earlier in previous period will not be considered.

Correct statement is C

3 0
3 years ago
If the variable overhead efficiency variance is $500 unfavorable and the variable overhead spending variance is $100 favorable,
Vera_Pavlovna [14]

Answer:

a. Debit to variable overhead efficiency variance

d. Credit to variable overhead spending varian

Explanation:

Based on the information given in a situation where a variable overhead efficiency variance is UNFAVORABLE it will be DEBITED and variable overhead spending variance that is FAVOURABLE will be CREDITED.

Therefore the journal entry will include a:

a. Debit to variable overhead efficiency variance

d. Credit to variable overhead spending Variance

7 0
3 years ago
In any collaboration, data ownership is typically determined by:(A) The research team with access to the best lawyers.(B) The ty
Tatiana [17]

Answer: (B)

The type and source of funds used to support the project.

Explanation:

In a research collaboration, the type and source of funding used, determines ownership of the data in most cases.

In situations where the research is quite expensive to conduct, researchers tend to enter into agreements with firms or institutions that fund the data in exchange for ownership rights.

7 0
4 years ago
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