Answer: 24 months
Explanation:
The law of the state allows for periods more than 24 months, a 2 years of conversion privilege is required by federal law.
Answer:
one party agrees to purchase the entire production that the other party supplies.
Answer: Debit Accounts receivable for $600.
Explanation:
The customer had not been billed so that means that they still owe the company. This would make them an accounts receivable so the adjusting entry will have to debit the Accounts Receivable account for $600 to show that it is increasing.
This amount will be credited to the Accrued revenue account to show that the cash has not yet been received.
Answer:
Par value of common stock is $2.5
Explanation:
The par value of common stock can determined by dividing the common stock total amount in each of the two years by the shares issued and outstanding in each year as demonstrated below:
2019:
Par value of common stock =Common stock($)/shares issued
common stock($) is $555 million
shares issued and outstanding is 222 million shares
par value of common stock=$555 million/222 million=$2.5
2020:
Par value of common stock =Common stock($)/shares issued
common stock($) is $560 million
shares issued and outstanding is 224 million shares
par value of common stock=$560 million/224 million=$2.5
Ultimately the par value of common stock as shown be computations for both years is $2.5
