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Elroy Corporation repurchased 4,000 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month lat

gregori [183]

Answer:

a.

The journal entry is as follows which is shown below:

b.

Balance in Treasury stock is $93,000

Explanation:

a.

The journal entries which is to be recorded as:

Shares repurchased for $30 per share:

Treasury Stock A/c....................Dr $120,000

Cash A/c.............................Cr $120,000

Shares resold for $32 per share:

Cash A/c.........................................................Dr $28,00

Treasury Stock A/c..............................................Cr $27,000

Paid in capital from Treasury Stock A/c........Cr $1,800

Working Note:

Treasury Stock = Number of shares × Rate per share

= 4,000 × $30

= $120,000

Cash = Number of shares × Rate per share

= 900 × $32

= $28,800

Treasury Stock = Number of shares × Rate per share

= 900 × $30

= $27,000

Paid in capital from Treasury Stock = Cash - Treasury Stock

= $28,800 - $27,000

= $1,800

b.

Balance in Treasury Stock is computed as:

Balance in Treasury stock = Purchase of treasury stock - Cost of treasury stock sold

= $120,000 - $27,000

= $93,000

4 0

4 years ago

Scenario: Mary Ling works for XYZ Corporation, LLC and they have just merged with ABC, Inc. Mary’s job, supervisor, and work loc

Minchanka [31]

Answer: c. Mary will need to send some sort of official documentation regarding the merge or company name change to the DSO, so that her record can be updated.

Explanation:

The options to the question are:

a. This is a new company and new position, Mary will need to compelete a new CPT application.

b. Nothing has changed, Mary does not need to provide any updates.

c. Mary will need to send some sort of official documentation regarding the merge or company name change to the DSO, so that her record can be updated.

d. Mary can call campus and just tell someone.

From the question, we are informed that Mary Ling works for XYZ Corporation, LLC and they have just merged with ABC, Inc. In this case since there is a merger, Mary has to send official documentation to the DAO in order to notify them about the merger and the change of name of the company. When the documents are received by the DSO, it'll be processed and the change will be effected in the student's record.

4 0

3 years ago

The production department is proposing the purchase of an automatic insertion machine. It has identified 3 machines and has aske

cricket20 [7]

Answer: the correct answer is a. Machine B

Explanation:

Machine A average rate return

40000 out of 300000. It means that 300000 is 100% and $ 40000 is X. We apply a simple three rule:

40000 X X= 4000000/300000

300000 100% X= 13.33%

Machine B average rate return

50000 out of 250000. It means that 250000 is 100% and $ 50000 is X. We apply a simple three rule:

50000 X X= 5000000/250000

250000 100% X= 20%

Machine C average rate return

$75,000 out of $500,000. It means that $500,000 is 1005 and $75,000 is X. We apply a simple three rule

$75,000 X X=7500000/500000

$500,000 100% X= 15%

The highest average is the one onf Machine B

4 0

4 years ago

Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method. All sales returns from cust

astraxan [27]

Answer:

Date Description Quantity Unit Cost Total Cost

Jan 1 Beginning inventory 280 $14 $ 3920

Jan 5 Purchase 392 $17 $ 6644

Jan 8 Sale 308 $28 $ 8624

Jan 10 Sale return 28 $28 $ 784

Jan 15 Purchase 154 $20 $ 3080

Jan 16 Purchase return 14 $20 $ 280

Jan 20 Sale 252 $31 $ 7812

Jan 25 Purchase 56 $22 $ 1232

Total Units 868 at $ 14596

Average Cost = $ 16.82

Moving Average Cost Method

Date Description Quantity Unit Cost Balance

Jan 1 Beginning inventory 280 $14 $ 3920

Jan 5 Purchase 392 $17 $ 6644

Units 672 $ 10564 15.72

Jan 8 Sale 308 $28 $ 8624

Units 364 15.72 5722.17

Jan 10 Sale return 28 $28 $ 784

Jan 15 Purchase 154 $20 $3080

Units 546 9586.17 17.55

Jan 16 Purchase return 14 $20 $280

Jan 20 Sale 252 $31 $7812

Units 280 17.55 4914

Jan 25 Purchase 56 $22 $1232

Units 336 6146 $ 18.29

Moving-average cost Ending Inventory= $ 6164

Ending Units 336

FIFO Ending Inventory = $ 6454

56 units at $22 = $ 1232

154 units at $20 = $ 3080

126 units at $17 = $ 2142

LIFO Ending Inventory = $ 4872

280 units at $14 = $ 3920

56 units at $17 = $ 952

Gross Profit Inventory = $ 16.82 * 336= $ 5651.52

Moving Average Cost = 336* 18.29= $ 6146

FIFO Cost of Goods Sold= Total Sales - Ending Inventory FIFO

=8624-784+ 7812- 6454

=15652- 6454= $ 9198

LIFO Cost of Goods Sold= Total Sales - Ending Inventory LIFO

= 15652- 4872=$ 10780

Gross Profit Cost of Goods Sold= Total Sales - Ending Inventory Gross Profit =15652- 5651.52= $ 10,000.48

Moving-average cost Cost of Goods Sold= Sales - Ending Inventory=

15652-$ 6164= $ 9488

Gross Profit:

1) LIFO= 4872

2) FIFO= 6454

3) Moving Average 6164

5 0

3 years ago

Which of the following statements concerning risk are correct? I. Nondiversifiable risk is measured by beta. II. The risk premiu

Arturiano [62]

Answer:

i and iii

Explanation:

Nondiversifiable risk or systemic risk is risk that cannot be eliminated by diversifying investments in a portfolio. It is the risk inherent in the industry. it is measured by beta in the CAPM.

Diversifiable risks are risks that can be avoided by diversifying investments in a portfolio. It is also known as business risk

4 0

3 years ago