Answer:
the retained earnings balance as on Dec 31,2020 is $72,900
Explanation:
The computation of the retained earnings balance as on Dec 31,2020 is given below:
Ending retained earning balance = Opening retained earnings + net income - dividend paid
= $49,000 + $55,900 - $32,000
= $72,900
hence, the retained earnings balance as on Dec 31,2020 is $72,900
In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information:
Cash balance per company books on January 30 $5,325
Deposits in transit at month-end $1,920
Outstanding checks at month-end $580
Bank service charges $31
EFT automatically deducted monthly, not yet recorded by Maxi $500
An NSF check returned on a customer account $325
The adjusted cash balance per the books on January 31 is:_________
Answer:
$4,469
Explanation:
Calculation for what The adjusted cash balance per the books on January 31 is
Using this formula
Adjusted cash balance = cash balance per books -bank service charges - EFT automatically deducted - NSF Check
Let plug in the formula
Adjusted cash balance= $5325 - $31 -$500 -$325
Adjusted cash balance= $4,469
Therefore The adjusted cash balance per the books on January 31 is $4,469
The decisions of a mediator are?
Explain why effective critical thinking is important for high self-esteem?
Answer:
Critical thinking help you to be active and love what you do. Therefore it call critical thinking
The following events took place when Managers A, B, and C were preparing budgets for the upcoming period:
I. Manager A increased property tax expenditures by 2% when she was informed of a recent rate hike by local authorities.
II. Manager B reduced sales revenues by 4% when informed of recent aggressive actions by a new competitor.
III. Manager C, who supervises employees with widely varying skill levels, used the highest wage rate in the department when preparing the labor budget.
Assuming that the percentage amounts given are reasonable, which of the preceding cases is (are) an example of building slack in budgets?
a. Il only.
b. I only.
c. II and III.
d. Ill only
e. I and II.
Answer:
Assuming that the percentage amounts given are reasonable, an example of building slack in budgets is:
d. Ill only
Explanation:
By using the highest wage rate in the department, Manager C deliberately overestimated her departmental expenses. However, her action is dictated by the need to ensure that there are no budget shortages for wages. By this slack, the actual performance of the department will be better than the budgeted performance because the department will likely spend less than its allotted costs.
The cases that represent an example of the building slacks in budgets should be option III.
Usage of highest wage rate:
Here we use the high wage rate with respect to the department. Also, the manager c should be overestimated the department expenses. The action should be dictated via the need for assurance that there should no shortages with respect to the wages. Also, the actual performance should be more than the budgeted performance since the department should lower than it
Learn more about expenditure here: https://brainly.com/question/24316795
Congratulations! You just won your state lottery and will be receiving a check for $1 million. You have always wanted to own your own business and have noticed the increase in the number of food trucks in your local area. A new food truck with a kitchen and related equipment costs about $100,000. Other fixed costs include salaries, gas for the truck, and license fees and are estimated to be about $50,000 per year. You decide to offer traditional Mediterranean cuisine. Variable costs include food and beverages estimated at $6 per platter (meat, rice, vegetable and pita bread). Meals will be priced at $10. Calculate the break-even for your food truck business. After reviewing your break-even, what changes would you consider? Is this how you want to spend your lottery winnings?
Answer:
Explanation:
woABF
Answer:
no
Explanation:
Hyper Color Company manufactures widgets. The following data is related to sales and production of the widgets for last year. Selling price per unit Variable manufacturing costs per unit Variable selling and administrative expenses per unit Fixed manufacturing overhead (in total) Fixed selling and administrative expenses (in total) Units produced during the year Units sold during year Using absorption costing, what is operating income for last year? (Round any intermediary calculations to the nearest whole dollar.)
Answer: $24,000
Explanation:
Operating income under absorption costing:
= Sales - Cost of goods sold - Selling and admin expenses
Cost of goods sold = Variable production cost + Fixed production cost
= (61 * 1,000 units sold) + (32,000 / 1,500 units produced * 1,000 units sold)
= $82,333
Selling and admin expenses:
= Variable + Fixed
= (6 * 1,000) + 8,000
= $14,000
Operating income = (120 * 1,000) - 82,333 - 14,000
= $23,667
= $24,000
On December 1, 2015, Logan Co. purchased a tract of land as a factory site for $800,000. The old building on the property was razed (torn down), and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds received during December were as follows:Cost to raze old building $70,000Legal fees for purchase contract and to record ownership 10,000Title guarantee insurance 16,000Proceeds from sale of salvaged materials 8,000What amount should be reported as land?
Answer:
$888,000
Explanation:
Calculation to determine What amount should be reported as land
Purchased a tract of land as a factory site $800,000
Add Legal fees for purchase contract ownership $10,000
Add Title guarantee insurance 16,000
Add Cost to raze old building $70,000
Less Proceeds from sale of salvaged materials $8,000
Land $888,000
($800,000 + $10,000 + $16,000 + $70,000 –$8,000)
Therefore The amount that should be reported as land will be $888,000
Gabuat Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 164 Units in beginning inventory 0 Units produced 3,700 Units sold 3,260 Units in ending inventory 440 Variable costs per unit: Direct materials $ 51 Direct labor $ 32 Variable manufacturing overhead $ 6 Variable selling and administrative expense $ 6 Fixed costs: Fixed manufacturing overhead $88,800 Fixed selling and administrative expense $32,600 The total gross margin for the month under the absorption costing approach is:
Answer:
$155,700
Explanation:
Absorption costing
Sales $164 × 3,260 = $534,640
Less cost of goods sold
Opening inventory
Add variable cost of goods manufactured
[3,700 × ($51 + $32 + $6 = $89)] = $329,300
Fixed manufacturing cost
$88,800
Cost of goods available for sale
$418,100
Less ending inventory 440 × $89
$39,160
Cost of goods sold
$378,940
Gross margin
$155,700
Less variable selling and administration expenses $6 × 3,260
$19,560
Fixed selling and administrative expenses
$32,600
The total gross margin for the month under the absorption costing approach is $155,700
The following information is available for Pioneer Company:
Sales price per unit is $100. November and December, sales were budgeted at 2,920 and 3,510 units, respectively. Variable costs are 11 percent of sales (6 percent commission, 3 percent advertising, 2 percent shipping). Fixed costs per month are sales salaries, $5,300; office salaries, $2,700; depreciation, $2,900; building rent, $4,000; insurance, $1,500; and utilities, $700..
Required:
Determine Pioneer's budgeted selling and administrative expenses for November and December.
Answer:
15
Explanation:
Miramar Industries manufactures two products, A and B. The manufacturing operation involves three overhead activities - production setup, material handling, and general factory activities. Miramar uses activity-based costing to allocate overhead to products. An activity analysis of the overhead revealed the following estimated costs and activity bases for these activities:
Activity Cost Activity Base
Production Setup $250,000 Number of setups
Material Handling $150,000 Number of parts
General Overhead $80,000 Number of direct labor hours
Each productâs total activity in each of the three areas are as follows:
Product A Product B
Number of setups 100 300
Number of parts 40,000 20,000
Number of direct labor hours 9,000 12,000
What is the activity rate for General Overhead?
A. $4.00 per direct labor hour
B. $3.81 per direct labor hour
C. $6.71 per direct labor hour
D. $4.20 per direct labor hour
Answer:
General overhead= $3.81 per direct labor hour
Explanation:
Given the following information:
General Overhead $80,000 Number of direct labor hours
Number of direct labor hours 9,000 12,000= 21,000
To calculate the activity rate, we need to use the following formula:
Activity rate= estimated costs / total amount of allocation rate
General Overhead= 80,000 / 21,000
General overhead= $3.81 per direct labor hour
Robin is granted 1,500 shares of restricted stock from her employer when the stock is trading at a fair market value of $25 per share. She is anticipating significant appreciation and wishes to minimize her future tax burden. As a result, she makes a Section 83(b) election. Assuming she is in the 35% marginal income tax bracket, how much income tax that will be due on this transaction in the year of election
Answer: $13125
Explanation:
Firstly, we should note that in section 83(B), tax is being paid based on the stock's fair market value. Therefore, the income tax that will be due on this transaction in the year of election will be:
= Number of shares × Price × Tax rate
= 1500 × $25 × 35%
= 1500 × $25 × 0.35
= $13125
Leading up to the signing of a contract with an integration clause, a buyer sent an e-mail to the seller of a beautiful, new $45,000 boat asking, "You provide financing, right?" The seller responded, "Yes, of course." The contract, which the parties signed yesterday, said nothing about financing. Right after signing, the seller said, "OK, let's get you set up with financing!" He then ran the buyer's credit, which was not good. The buyer was not approved for financing through the seller's only source. The buyer believes that he, therefore, is not liable for the cost of the boat. Is the buyer correct?
Answer: No, because of the integration clause
Explanation:
Based on the information given, the buyer isn't correct as a result of the integration clause.
The integration clause, is a clause in a written contract that stipulates that a particular contract is complete and that the parties involved agreed to the contract and it's final.
This contract supersedes every other informal understandings and all other oral agreements relating as well. Therefore, the buyer is liable for the cost of the boat.
What method can help to avoid typos when writing a function that includes a range?
Answer:
clicking and dragging to select the range
7. You are considering the possibility of replacing an existing machine that has a book value of $500,000, a remaining depreciable life of five years, and a salvage value of $300,000. The replacement machine will cost $2 million and have a ten-year life. Assuming that you use straight-line depreciation and that neither machine will have any salvage value at the end of the next ten years, how much would you need to save each year to make the change (the tax rate is 40 percent)
Answer:
$221344.48
Explanation:
Book value of existing machine = $500,000
remaining depreciable life = 5 years
salvage value = $300,000
cost of replacement machine = $2 million
depreciable life = 10 years
Tax rate = 40 %
Difference in the cost of new machine and salvage value of existing machine
= 2,000,000 - 300,000 = $1,700,000
Calculate the depreciation tax benefit of new machine = ( 500,000 / 5 ) * 0.4 = $40,000
next calculate the present value of this tax benefit
= $40000,PVAF(1.10,5years)^5 ------- ( 1 )
where the Annuity of 5 years at 10% = 1/(1.10)5 = 3.7907)
Insert value into equation 1 (to calculate the present value of the tax benefit
= 40000*3.79078676 = $1,51,631.47 ( present value of tax benefit )
Determine the Annual depreciation tax advantage of the new machine
= (2,000,000/10)*0.40 = $80,000
Determine present value of this annuity
= $80,000,PVAF(1.10,10years)^10 ------ ( 2 )
where the Annuity of 5 years at 10% = 1/(1.10)^10 ) = 6.144567
Insert value into equation2 ( to calculate the present value of this annuity )
= 80000 * 6.144567 = $491565.36
Therefore the Net cost of the new machine will be
= $491565.36 - $151631.47 - $1,700,000 = $1,360,066
Annual savings on the new machine in 10 years
= 1,360,066 / 6.144567 = $221344.48
Suppose three engineers come to you with a plan for a disruptive, yet-to-be developed software program that seems compelling. They are asking for $10 million, the amount they think they will need over the next three years to reach cash flow positive. They have a pitch deck that includes a proposed deal. They are offering you 25% of the company. The founders own the remaining 75%. You will buy common stock, and are entitled to one of four seats on the board of directors; they hold the other three seats. One slide in the deck contains a detailed prediction of the value of the company. If you invest $10 million, you will own shares that are worth at least $50 million at the end of the third year.
Required:
a. What do you think of this proposed deal?
b. What counteroffer would you make?
Answer:
Explanation:
The Proposed bargain or deal is supportive of the business visionaries instead of the financial backer(investor) since all the capital is coming from the financial backer and the investor will be receiving just only 25% for the bargain or deal while he faces all the challenges posed or loss of capital. The business visionaries are not placing in any of their own personal capital but only their idea. They likewise have a bigger say in the administration of the business and the financial backer has no power over the choice since he conveys just 25% votes. Consequently, it's not a good bargain or deal for the financial backer considering the risk-reward ratio.
The counter-offer will include raising a proposed equity percent rate to half (i.e 50%). In addition to that, the financial backer needs to demand another seat on the board with the goal that they have equivalent authority over the administration and its choices. The most reduced the financial backer can go down is equity of 40% stake.
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31. Cash balance per books, 5/31 $4,022 Deposits in transit 248 Notes receivable and interest collected by bank 746 Bank charge for check printing 28 Outstanding checks 1,754 NSF check 164 a.$4,576 b.$994 c.$3,098 d.$2,516
Answer: a.$4,576
Explanation:
Sometimes the cash balance according to the books is not the same as the cash in the bank account and this is due to some transactions not being recorded by either the bank or the firm.
Adjusted cash balance per books = Unadjusted cash balance + Note receivable and interest collected by bank - Bank charge for check printing - NSF Check
= 4,022 + 746 - 28 - 164
= $4,576
During August, Boxer Company sells $354,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 5% of the selling price. The warranty liability account has a credit balance of $11,600 before adjustment. Customers returned merchandise for warranty repairs during the month that used $8200 in parts for repairs. The entry to record the estimated warranty expense for the month is: Question 8 options: Debit Estimated Warranty Liability $8200; credit Warranty Expense $8200. Debit Estimated Warranty Liability $17,700; credit Warranty Expense $17,700. Debit Warranty Expense $6100; credit Estimated Warranty Liability $6100. Debit Warranty Expense $14,300; credit Estimated Warranty Liability $14,300. Debit Warranty Expense $17,700; credit Estimated Warranty Liability $17,700.
Answer:
Debit Warranty Expense $14,300
Credit Estimated Warranty Liability $14,300
Explanation:
With regards to the above, we are matching the warrant cost , which can be anytime in the future.
Expected warranty liability
= 5% of sales
= 5% × $354,000
= $17,700
Less;
Current balance
= $11,600 - $8,200
= $3,400
Adjustment
= $14,300
Here, the returned goods had a cost of $8,200 which is warranted against warrant liability, hence the balance reduces to $3,400
Identify the possible reason or reasons for this stark difference between income inequality and consumption inequality. Intergenerational mobility allows children to consume more than their parents. The poverty line does not reflect relative poverty. The richest quintile has the ability to save a larger percentage of its income. Individuals experiencing temporary fluctuations in their incomes are more likely to maintain moderate spending habits.
Answer:
The richest quintile has the ability to save a larger percentage of its income. Individuals experiencing temporary fluctuations in their incomes are more likely to maintain moderate spending habits.Explanation:
First part of this question reads:
In the United States, the richest quintile of the population receives 13 times as much income as the poorest quintile. However, the richest quintile only spends 4 times as much as the poorest quintile.
The richest quantile can afford to save more than the poorest quantile because they get enough income to manage their daily needs and then save. The poorest quantile on the other hand face a daily struggle and so have to spend all or most of their income to survive.
When the richer quantile goes through temporary fluctuations, they maintain moderate spending because they know it is temporary and so they keep saving. This is not the case for the poorer quantiles who have to spend according to their income - regardless of its fluctuating - to survive.
Braun Company has one service department and two operating (production) departments. Maintenance Department costs are allocated to the two operating departments based on square feet occupied. Listed below are the operating data for the current period:
Department Direct Expenses Square Feet
Maintenance $52,500 23,000
Milling 94,500 46,000
Assembly 123,400 69,000
The total cost of operating the Assembly Department for the current period is:_____.
Answer:
$154,900
Explanation:
The computation of the total cost of operating the assembly department as follows:
= Direct expenses of assembly department + allocated amount
= $123,400 + $52,500 × 69,000 ÷ (69,000 + 46,000)
= $123,400 + $52,500 × 69,000 ÷ 115,000
= $123,400 + $31,500
= $154,900
Generally, a loan obtained from a bank will be a _____ loan.
A. Taxed
B. Term
C. Variable
D. Collateral-free
Answer:
Term
Explanation:
The Mega-Bank is considering either a bankwide overhead rate or department overhead rates to allocate $135,000 of indirect costs. The bankwide rate could be based on either direct labor hours (DLH) or the number of loans processed. The departmental rates would be based on direct labor hours for Consumer Loans and a dual rate based on direct labor hours and the number of loans processed for Commercial Loans. The following information was gathered for the upcoming period:
Department DLH Loans Processed Direct Costs
Consumer 16,000 650 $350,000
Commercial 7,000 400 $250,000
Banc Corp. Trust estimates that it costs $500 to analyze and close a commercial loan. This amount has been included in the $410,000 of indirect costs. How much of the $410,000 indirect costs should be allocated to the Commercial Department?
Answer:
The Mega-Bank
The amount allocated to the Commercial Department is:
= $324,810.
Explanation:
a) Data and Calculations:
Indirect costs = $410,000
Department DLH Loans Processed Direct Costs
Consumer 16,000 650 $350,000
Commercial 7,000 400 $250,000
Total 23,000 1,050 $600,000
Allocation Bases:
Bankwide rates:
DLH = $410,000/23,000 = $17.83
Loans processed = $410,000/1,050 = $390.48
Commercial Department Allocated Costs:
Cost to process loans = $500 * 400 = $200,000
Cost based on DLH = $17.83 * 7,000 = 124,810
Total costs = $324,810
Absorption Costing Income Statement
On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept:
Maryville Equipment Company
Variable Costing Income Statement
For the Month Ended October 31
Sales (220,000 units) $7,920,000
Variable cost of goods sold:
Variable cost of goods manufactured$6,360,000
Inventory, October 31 (45,000 units)(1,080,000)
Total variable cost of goods sold (5,280,000)
Manufacturing margin $2,640,000
Variable selling and administrative expenses (330,000)
Contribution margin $2,310,000
Fixed costs:
Fixed manufacturing costs$530,000
Fixed selling and administrative expenses100,000
Total fixed costs (630,000)
Operating income $1,680,000
Prepare an income statement under absorption costing.
Maryville Equipment Company
Absorption Costing Income Statement
For the Month Ended October 31
Cost of goods sold:
Answer:
See below
Explanation:
Income statement under absorption costing:
Sales revenue
$7,920,000
Less:
COGS (220,000 × 26)
($5,720,000)
Gross profit:
$2,200,000
Selling and administration expense
($990,000)
*Variable
$330,000
*Fixed
$630,000
Operating income
$1,210,000
Workings:
Variable cost of goods manufactured $6,630,000
Fixed costs: Fixed manufacturing costs $530,000
Under absorption cost, the company will share the manufacturing cost over the units produced:
Variable manufacturing cost : $6,360,000
Fixed manufacturing cost : $530,000
Total cost : $6,890,000
Units produced
265,000
Units sold
220,000
+ ending inventory 45,000
Cost per units 26
_____are short-term, specific targets which are attainable, measurable, and controllable.
A. Objective.
B. Policies.
C. Goal.
D. Standard operating procedures.
Answer:
A. Objective.
Explanation:
The objectives is the thing or the target that should be achieved it can be short term also there is some particular targets that could be achieved, measured and controlled
So according to the given situation, the correct option is a
Hence, the same would be considered
The United States Postal Service (USPS) is in which type of market structure?
A. Pure Competition
B. Monopolistic Competition
C. Oligopoly
D. Pure Monopoly
if you writte here you are not a helper people of branly
Answer:
sorry just wanted the points
Explanation:
Suppose that you are considering the development of a residential subdivision. The development will require you to spend $300,000 today to acquire the land. You will also have to spend $750,000 in both years 1 and 2 in order to build the houses. You expect to make $1.5 million in year 3 and $2 million in year 4 from sales of the completed homes. What is the internal rate of return of this project
Answer:
32.52%
Explanation:
Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested
IRR can be calculated with a financial calculator
Cash flow in year 0 = $-300,000.
Cash flow in year 1 and 2 = $-750,000
Cash flow in year 3 = $1.5 million
Cash flow in year 4 = $2 million
IRR = 32.52%
To find the IRR using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button.
Hosung Company's Cash account shows a balance of $801.65 as of August 31 of this year. The balance on the bank statement on that date is $1,383.00. Checks for $260.50, $425.10, and $331.00 are outstanding. The bank statement shows a check issued by another depositor for $237.25 (in other words, the bank made an error and charged Hosung Company for a check written by another company). The bank statement also shows an NSF check for $180 received from one of Hosung's customers. Service charges for the month were $18. What is the adjusted ledger balance of cash as of August 31
Answer:
$603.65
Explanation:
The correct and accurate cash balance need to be calculated. This is done by preparing a Bank Reconciliation Statement.
Bank Reconciliation Statement.
Balance as per Bank Statement $1,383.00
Add Outstanding Lodgments $0
Less Unpresented Checks ($260.50 + $425.10 + $331.00) ($1,016,60)
Add Error on Bank Statement $237.25
Balance as per Cash Book $603.65
therefore,
the adjusted ledger balance of cash as of August 31 is $603.65
Refer to Table 28-2. The labor-force participation rate of Aridia in 2012 was
O a. 88.9%.
O b. 53.3%
O c. 50%.
O d. 56.25%.
Answer: 56.25%
Explanation:
The labor force participation rate refers to the active workforce of a country. The following information can be derived from the question:
Adult population = 3200
Number of employed = 1600
Number of unemployed = 200
The labor-force participation rate of Aridia in 2012 will be:
= {(Number of employed + Number of unemployed) / Adult population} × 100
= (1600 + 200) / 3200 × 100
= 1800/3200 × 100
= 0.5625 × 100
= 56.25%
In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 6,000,000 shares of common stock carrying a $1 par value, and 2,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 4,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 2,000,000 shares of preferred stock are issued at $20 per share.
Required:
1. Prepare journal entries to record these transactions.
2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,750,000.)
Part B
During 2021, the Nicklaus Corporation participated in three treasury stock transactions:
On June 30, 2021, the corporation reacquires 250,000 shares for the treasury at a price of $12 per share.
On July 31, 2021, 25,000 treasury shares are reissued at $15 per share.
On September 30, 2021, 25,000 treasury shares are reissued at $10 per share.
Required:
1. Prepare journal entries to record these transactions.
2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2021. (Assume net income for the second and third quarter was $3,250,000.)
Part C
On October 1, 2021, Nicklaus Corporation receives permission to replace its $1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,800,000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new par value is one-half the amount of the old, this represents a 2-for-1 stock split. That is, the shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1 par stock they own. The $1 par stock will be collected and destroyed by the issuing corporation.
On November 1, 2021, the Nicklaus Corporation declares a $0.18 per share cash dividend on common stock and a $0.35 per share cash dividend on preferred stock. Payment is scheduled for December 1, 2021, to shareholders of record on November 15, 2021.
On December 2, 2021, the Nicklaus Corporation declares a 1% stock dividend payable on December 28, 2021, to shareholders of record on December 14. At the date of declaration, the common stock was selling in the open market at $10 per share. The dividend will result in 76,000 (0.01 Ã 7,600,000) additional shares being issued to shareholders.
Required:
1. Prepare journal entries to record the declaration and payment of these stock and cash dividends.
2. Prepare the December 31, 2021, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the fourth quarter was $2,750,000.)
3. Prepare a statement of shareholders' equity for Nicklaus Corporation for 2021.
Answer:
Nicklaus Corporation
1. Journal Entries:
Debit Cash $40 million
Credit Common Stock $4 million
Credit Additional paid-in capital- Common stock $36 million
To record the issue of 4 million shares at $10 each.
Debit Cash $40 million
Credit Preferred stock $10 million
Credit Additional paid-in capital - preferred $30 million
To record the issue of 2 million share at $20 per share.
2. Shareholders' equity as of March 31, 2021:
Capital
Authorized:
Common stock 6 million, $1 par value
Noncumulative, nonparticipating preferred stock, 2 million, $5 par value
Issued and outstanding:
Common stock 4 million, $1 par value $4 million
Additional paid in capital - common stock 36 million
Preferred stock 2 million, $5 par value 10 million
Additional paid in capital- preferred stock 30 million
Retained Earnings 1.75 million
3. Journal Entries:
June 30, 2021:
Debit Treasury stock $3 million
Credit Cash $3 million
To record the purchase of 250,ooo shares of treasury stock at $12.
July 31, 2021:
Debit Cash $375,000
Credit Treasury stock $375,000
To record the reissue of 25,000 shares of treasury stock at $15 per share.
Sept 30, 2021:
Debit Cash $250,000
Credit Treasury stock $250,000
To record the reissue of 25,000 shares of treasury stock at $10 per share.
2. Shareholders' equity as of September 30, 2021:
Capital
Authorized:
Common stock 6 million, $1 par value
Noncumulative, nonparticipating preferred stock, 2 million, $5 par value
Issued and outstanding:
Common stock 4 million, $1 par value $4 million
Additional paid in capital - common stock 36 million
Preferred stock 2 million, $5 par value 10 million
Additional paid in capital- preferred stock 30 million
Treasury stock - common stock, 200,000 ($2.375 million)
Retained Earnings 5 million
Part C:
1. Journal Entries:
Oct. 1, 2021: Memorandum record to note the change:
Stock-split Common stock, 8 million, $0.50 par value
Nov. 1, 2021:
Debit Cash Dividends:
Common stock = $1,368,000
Preferred stock = $700,000
Credit Cash $2,068,000
To record the payment of dividends.
Dec. 2, 2021:
Debit Stock dividend $38,000
Credit Common Stock $38,000
To record the issue of shares.
Debit Retained Earnings $38,000
Credit Stock dividends $38,000
To record the the declaration.
2. Shareholders' equity as of December 31, 2021:
Capital
Authorized:
Common stock 12 million, $0.50 par value
Noncumulative, nonparticipating preferred stock, 2 million, $5 par value
Issued and outstanding:
Common stock 8.076 million, $0.50 par value $4.038 million
Additional paid in capital - common stock 36 million
Preferred stock 2 million, $5 par value 10 million
Additional paid in capital- preferred stock 30 million
Treasury stock - common stock, 200,000 ($2.375 million)
Retained Earnings 5.644 million
3. Statement of Shareholders' equity:
Common stock 8.076 million, $0.50 par value $4.038 million
Additional paid in capital - common stock 36 million
Preferred stock 2 million, $5 par value 10 million
Additional paid in capital- preferred stock 30 million
Treasury stock - common stock, 200,000 ($2.375 million)
Retained Earnings $5,000,000
Net income 2,750,000
Dividends paid (2,068,000)
Stock dividends ($38,000) 5.644 million
Explanation:
a) Data and Calculations:
Capital
Authorized:
Common stock 6 million, $1 par value
Noncumulative, nonparticipating preferred stock, 2 million, $5 par value
Issued:
Common stock 4 million, $1 par value, issued at $10
Preferred stock 2 million, $5 par value, issued at $20
June 30, 2021 Treasury stock $3 million Cash $3 million
July 31, 2021 Cash $375,000 Treasury stock ($375,000)
Sept 30, 2021 Cash $250,000 Treasury stock ($250,000)
Oct. 1, 2021:
Stock-split Common stock, 8 million, $0.50 par value
Nov. 1, 2021:
Cash Dividends:
Common stock = $1,368,000 ($0.18 * 7,600,000)
Preferred stock = $700,000 ($0.35 * 2,000,000)
Dec. 2, 2021:
Stock dividends:
Additional shares issued = 76,000 (7,600,000 * 1%)
Issued at par $0.50
Stock dividend = $38,000
Example suppose in a country there were 1,00,000,000 total populations ,8,000,000 people were unemployed and 72,000,000 were held jobs . calculate,I.The national employment rate? II.National unemployment rate ?
Explanation:
National employment rate=72%
72,000,000/1,00,000,000
National unemployment rate=0.08% =8%
8,000,000/1,00,000,000
As per the given data-
The national employment rate is 72%
The National unemployment rate will be 8%
What is unemployment?
Situation of unemployment refers to the situation when there is a lack of job opportunities and more qualified individuals or candidates seeking job opportunities with their willingness.
The national employment rate helps individuals to know the ratio of employment in the country whereas the national unemployment rate helps to determine the rate of unemployed in the country.
Calculation-
I. The national employment rate
= (employed people / total populations)*100
= (72000,000/ 1,00,000,000)*100
= 72%
II. National unemployment rate
= (unemployed persons/number of persons in the labor force)*100
=(8,000,000 / 1,00,000,000)*100
=8%
Therefore, the rate of employment is 72% whereas the unemployment rate is 8%.
Learn more about unemployment, here:
https://brainly.com/question/15230373
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