Answer:
4,700 shares
Explanation:
The computation of the number of shares of common stock outstanding at the end of the period is shown below
= Beginning shares + issued shares - repurchase shares + reissue shares
= 2,000 shares + 3,000 shares - 500 shares + 200 shares
= 4,700 shares
We applied the above equation to find out the number of shares outstanding at the end of the year
Answer:
so they can end up spending less on interest payments and credit card fees.
Explanation:
Answer:
a. $14,200
Explanation:
The computation of the bad debt expense is shown below:
Balance in Allowance for doubtful Accounts = Opening Balance in Allowance for Doubtful Account - Accounts Wrote Off + Bad debts recovered
= $20,000 - $11,400 + $4,200
= $9,800
And, Closing Balance is
= $480,000 × 5%
= $24,000
So, the bad debt expense is
= $24,000 - $9,800
= $14,200
We simply applied the above calculations
Answer:
Explanation:
The journal entries are shown below:
On Jan 1 - Cash A/c Dr $5,000,000
To Bonds Payable A/c $5,000,000,
(Being bond is issued)
On June 30 - Interest expense A/c Dr $150,000
To Cash A/c $150,000
(Being interest paid for cash)
On December 31, Bonds Payable A/c Dr $5,000,000
To Cash A/c $5,000,000
(Being payment of principal is recorded on the maturity date)
Answer:
$200
Explanation:
Reserve ratio is the percentage of a deposit that a bank is supposed to withhold as reserves forming part of deposit that banks make into federal reserve.
It plays a major role in deciding the amount of money available to be lent and supply of money.
<u>Workings</u>
Reserve ratio - 20%
On a deposit of $1000, The reserve is 20% * 1000 =$200
Assuming no excess reserve , the limit on the deposit is $800
The reserve = $200
Therefore , if $600 is lent , the bank can further lend ($800-$600)
$200
