Three years ago shawheen deposited 5,000 in a savings account

On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 77,000 shares authori

Vikki [24]

Answer:

See the explanation below:

Explanation:

1. Prepare journal entries to record the following transactions for Sherman Systems

a. Purchased 5,500 shares of its own common stock at $30 per share on October 11.

Details Dr ($) Cr ($) 

Treasury Stock (5,500 × 30) 165,000

Cash 165,000

To record the repurchase of own common stock

b. Sold 1,125 treasury shares on November 1 for $36 cash per share.

Details Dr ($) Cr ($)

Cash (1,125 × 36) 40,500

Treasury Stock (1,125 × 30) 33,750

Paid-in Capital from Sale of Treasury Stock 6,750

To record the sale of treasury stock.

c. Sold all remaining treasury shares on November 25 for $25 cash per share.

Details Dr ($) Cr ($) 

Cash (4,375 × 25) 109,375

Paid-in Capital from Sale of Treasury Stock 6,750

Retained Earnings 15,125

Treasury Stock 99,000 (4,375 × 30) 131,250

To record the sale of the remaining treasury shares

Kindly note that there is a balance of $6,750 in the Treasury Stock Paid-in Capital account. Since it is utilized, the remaining deficit will show in Retained Earnings.

2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

Details $

77,000 issued authorized common stock–$10 par value 770,000

Paid-in capital in excess of par value, common stock 241,000

Retained earnings 904,000

Treasury stock (165,000)

Total stockholders’ equity 1,750,000

3 0

3 years ago

Why is it relevant that finance tends to attract large amounts of money? a. Money can be used for good or evil b. Finance attrac

SpyIntel [72]

Answer: c. Financial markets are a critical components of economic success

Explanation:

Economic success runs on companies and individuals being able to produce goods and services for the economy. To be able to do so they need capital to invest and most times they don't have that capital.

This is where Finance comes in. It connects people who do not have the capital but want to produce to those that have the capital but do not necessarily want to produce.

The huge amounts of money that finance attracts is channelled to those who need it. They then produce and the economy becomes successful.

6 0

2 years ago

An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement F

yawa3891 [41]

Answer:

The contribution margin for Sam's Bookstore for the first quarter is 0.84 or 84 %

Explanation:

Contribution Margin = Contribution ÷ Sales

Where,

Contribution = Sales - Variable Costs

where,

Sales :

Sales = $ 900,000

Number of Books Sold = $ 900,000 ÷ $50

= 18,000 books

Variable Costs Calculation :

Cost of goods sold $630,000

Variable selling expenses ($5 × 18,000 books) $90,000

Variable administrative expenses( 4% × $ 900,000) $36,000

Total Variable Costs $756,000

Therefore,

Contribution Margin = $756,000÷ $ 900,000

= 0.84 or 84 %

7 0

2 years ago

Which feature is a characteristic of secure access? select one: accounting deception environment simulation compliance

Arte-miy333 [17]

Compliance is a feature of secure access.

<h3>What is secure access?</h3>

This is the term that is used in cyber security to mean the bringing together of secure cloud security into the cloud services.

It works by enabling both security and network together as a service that can be rendered via cloud. What this helps to do is to ensure the safety and the security of the services.

Read more on security of computer systems here:

brainly.com/question/25720881

#SPJ1

5 0

1 year ago

Who among the following is a member of a utilitarian organization: a) Angela, who works as a lawyer at a prestigious law firm an

dimaraw [331]

Of the options given, the most likely member of a utilitarian organization is a. Angela, who works as a lawyer at a prestigious law firm and earns $60,000 annually.

A utilitarian organization is one where:

Employees receive some sort of compensation for their work
Employees are usually contracted to a company to provide a certain service

Angela is receiving a compensation of $60,000 annually and is a lawyer which means that they are probably contracted to the law firm.

We can therefore conclude that Angela is working for a utilitarian organization based on the fact that there is compensation and contract.

Find out more at brainly.com/question/13956837.

7 0

2 years ago