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2 years ago

A company issued 70 shares of $30 par value preferred stock for $4,000 cash. The journal entry to record the issuance is:______.

Business

1 answer:

PtichkaEL [24]2 years ago

7 0

Answer:

E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.

Explanation:

Journal Entry for Issuance of 70 shares of $30 par value preferred stock for $4,000 is -

Cash Debited - $4,000

Paid in Capital in excess of Par value Credited - $1,900

Preferred Stock (70 shares × $30 each) Credited - $2,100

The correct option is - E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.

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Christopher, an accounts manager at a mid-sized health care firm, does not have any direct international responsibilities; howev

monitta

Answer:

better understanding how foreign operations affect the company's competitive advantage.

Explanation:

Based on the scenario being described within the question it can be said that Christopher would greatly benefit by better understanding how foreign operations affect the company's competitive advantage. Mostly due to the fact that it would allow Christopher to determine certain aspects or scenarios that the company may not realize and maybe help him climb in the ranks.

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3 years ago

Grouper Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $160,600, and purchases for January thro

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Answer:

$165,670

Explanation:

Cost of goods sold = Sales revenue (1 - Gross profit)

= $669,900 × (1 - 0.30)

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= $468,930

Estimated ending inventory destroyed in fire:

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2 years ago

Pigot Corporation uses job costing and has two production departments, M and A. Budgeted manufacturing costs for the year are as

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Answer:

Department M

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Department A

Manufacturing overhead rate = $400,000/800,000 hrs = $0.5/hr

Manufacturing overhead cost allocated:

Department M = $3 x 8,000 = $24,000

Department A = $0.5 x 12,000 = $6,000

Total manufacturing cost allocated = $30,000

Explanation:

This relates to overhead absorption. The manufacturing overhead rate is calculated as budgeted manufacturing overhead divided by budgeted direct labour hour.

Manufacturing overhead allocated = manufacturing overhead rate x actual labour hour for each department for the job.

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3 years ago

Under a straight life annuity, if the annuitant dies before the principal amount is paid out, the beneficiary will receive?

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Nothing the payments will cease.

Payments:

For the balance of the annuitant's life, a straight or pure life annuity will provide a set sum of income. Regardless of the amount of unpaid principal, this payment will end at death. There are no compensation or refunds made to survivors.

The beneficiary will receive the amount placed into the plan or the cash value, whichever is larger, if the annuitant passes away before the payment term.

Banknotes and coins (cash), deposits, and credit on an account with a financial institution or a comparable entity that can be run using payment instruments are all considered means of payment.

Learn more about Payment here brainly.com/question/25898631

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9 months ago

What are the compromises when crating the constitution

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Answer:

The three major compromises were the Great Compromise, the Three-Fifths Compromise, and the Electoral College. The Great Compromise settled matters of representation in the federal government.

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2 years ago