mma Consulting had previously purchased 2838 shares of treasury stock for $7 per share. Emma then sold 1381 shares of the treasury stock for $13 per are. he credit to treasury stock to record the sale would be $
Q: Seacrest Company uses a process costing system. The company manufactures a product that is processed…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Sales variance is the difference between sales price and ---------- Labour rate variance Sales…
A: Sales variance =Actual sales - budgeted sales = Actual quantity * actual price - budgeted quantity *…
Q: Which of the following should not be taken into account when determining the cost of inventory? A.…
A: As per IAS 2, Inventory Cost of Inventory consists of 1. Purchase cost 2.conversion cost 3.other…
Q: Paradise Company plans the following beginning and ending inventory levels (in units) for June: June…
A: The units required to be manufactured can be calculated units sold plus the change in inventory of…
Q: You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500…
A: Computation of budgeted margin per unit is enumerated as below:
Q: a. Product that should be emphasized b. Maximum amount per hour
A: Limited Factor Technique Limiting factor analysis is a technique which will maximise contribution…
Q: How is the accounting treatment of an event that occurred on the date before the report was…
A: Subsequent events are events occurring after balance sheet but before the issue of financial…
Q: Closing journal entries No. Account Titles Debit Credit 101 Cash $10,100 112 Accounts Receivable…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: .All of the following affect the owner’s equity except
A: given All of the following affect the owner’s equity except is
Q: 70,500 Salary Expense Accounts Receivable 90,000 Accumulated Depreciation-Equipment 14,800 3,600…
A: Income Statement is a part of Financial Statements. It shows the Net Income earned or net loss…
Q: .The focal point of the accounting cycle is the a. financial statements. b. trial balance. c.…
A: Accounting cycle is the process of identifying and recording the accounting transactions of a…
Q: Fill in the blanks. Each case is different. Case Selling Variable Total Units…
A: Since you have posted multiple cases, we will do the first three case for you. To get the remaining…
Q: Pretty Pillows, Mfg., manufactures silk throw pillows. Last month the company produced 3,890…
A: Cost of goods manufactured: It means total manufacturing costs, including all direct materials,…
Q: Using the total cost method what price should Pinkin charge?
A: Fixed costs: Cost which is not affected by change in production Variable cost: Per unit Variable…
Q: Requirement: Journalize the foregoing transactions including issuance of certificates using: 1.…
A: Memo entry is a function that does not contain items posted in the general manual. These entries are…
Q: c/s =25% , prime cost $140, fixed cost $4600 contribution 80 and absorption cost is40. What is the…
A: Given, Contribution/Sales =25%
Q: If Apple won an order to sell 500 of its new minicomputers to Australia, but the Australian…
A: The question is related to find the content required for the given question.
Q: Use the Stockholders' Equity section of FSB's Balance Sheet to answer the questions below. FSB…
A: As per the guidelines, only three sub-parts are allowed to be solved. Please resubmit the questions…
Q: Wildhorse Co. purchases a new delivery van for $83000. The sales taxes are $5250. The logo of the…
A: The costs incurred for assets to make it ready for use, are included in the cost of non cash assets.…
Q: Accounts Receivable of the Fakler Manufacturing Co. on December 31, 1984, had a balance of…
A: The allowance for doubtful accounts is created to record the balance for estimated bad debts…
Q: On July 31, the end of the accounting period of Jigi Company. the unadjusted trial balance showed…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Accounts Receivable less Allowance for bad debts equals Oa Net appraised value Net book value…
A: The balance sheet represents the financial position of the business on year end.
Q: Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500…
A: Income Statement - Income Statement is the statement that contains revenue earned and expense…
Q: The following information is given to you relating to the operations of PrincehallCorporation: The…
A: Income from operations only only the income and expenses which are related to the business…
Q: Orange Corporation has budgeted sales of 26,000 units, targeted ending finished goods inventory of…
A: Number of units to be produced next year = Budgeted sales + Budgeted ending inventory of finished…
Q: On January 1, 2017, NBM Corporation acquired machinery at a cost of ₱500,000. BMB adopted the…
A: As per IAS 8, Accounting policies, changes in Accounting estimates and errors A change in method of…
Q: Journalize the following transactions ( the company is using a perpetual system). 1. On June 1,…
A: Total purchase value = purchased units × price per unit
Q: On January 1, 2020, Toot Company sold a piece of equipment costing P1,500,000 with accumulated…
A: Basic Accounting Non Interest bearing note, Valuation and amortization
Q: 3. System requirements are features that must be included in the new information systems to satisfy…
A: There are different types of requirements, generally confused to differentiate between business…
Q: The following information is given to you relating to the operations of PrincehallCorporation: The…
A: Gross margin means profit earned after deducted the direct costs i.e cost of goods sold from the net…
Q: any (LLC)? A. Complex
A: To explain the feature of LLC as,
Q: Chapter 10: Stockholders' Equity and Appendix D Use the Stockholders' Equity section of FSB's…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500…
A: Calculation of Monthly Net Operating Income Contribution Margin Income Statement Amount…
Q: next month's sales. How many mattresses should be produced in the first quarter of 2019?
A: Production Budget The production budget calculates the number of units of products manufactured by a…
Q: How do you identify the similarities and difference between the corporate income tax formula and…
A: Corporate income tax: It is a tax levied on a corporation's earnings that is known as corporate…
Q: Create a cash budget from April to July based on the following information. Unit sales for April…
A: The question is related to the Cash Budget. Cash Budget is a summary of cash receipts and cash…
Q: If selling price $40 per unit Variable cost $25 per unit…
A: Break even point = fixed cost / contribution per unit Sales = fixed + desired profit / contribution…
Q: You plan on starting a lawn mowing business by investing $700 of your own money and purchase $500 of…
A: Depreciation refers to the reduction in asset value resulting from factors such as wear and tear and…
Q: Suppose the Fed conducts an open market purchase by buying $10 million in Treasury bonds from Acme…
A: An open-market transaction seems to be essentially an order issued by an insider to purchase or sell…
Q: Perry Company sells 3,000 units of its product for $ 500 each in 2021. The selling price includes a…
A: Calculation of Estimated Warranty Liability on December 31, 2021 Amount Estimated Warrant…
Q: On June 1, 2022 Clyde Co. borrows $86 000 on a nine-month, 6.6% note Interest and principal are to…
A: Interest accrued on year end = Face value of the Notes x rate of interest x no. of months for which…
Q: The exchange of goods or services that results in mutual benefit for both parties involved. O a…
A: Exchange means to give something for something else. All the other terminology is discussed below:
Q: influenced by the Congress and the White House, what could be the evidence we can find in the system…
A: The Federal Reserve System (sometimes referred to as the "Fed") is the central bank of the United…
Q: er. (N. Melumad, adapted) Gormley Precision Tools makes cutting tools for metalworking operations.…
A: Operating income refers to the concept which evaluates how much a company's revenue will result in…
Q: Which of the following accounts would be increased with a credit? a Supplies Expense b Supplies c…
A: ACCOUNT get credit whenever there is either the balance is equity and liability or the revenue.…
Q: leavy Products, Inc. developed standard costs for direct material and direct labor. In 2017, All…
A: Budgeted labor hours for 20000 units = 20000 x 0.1 hours = 2000 hours
Q: 16.0n October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: What are the main sources of revenues for the City of Phoenix, including both governmental and…
A: The revenues arise from the operations of the business and the City P has classified its…
Q: FILL - UP THE MISSING AMOUNTS: Sales CGS GP 40% Expenses 421,800 Net Profit 58,200 INSTRUCTIONS: DO…
A: In this reverse calculation needs to be done Gross profit = Net profit + expenses Sales - COGS =…
Q: Goodard Inc. planned to use $154 of material per unit but actually used $148 of material per unit,…
A: Variance is considered as the difference between budgeted value and actual results. The management…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- GENERAL MATHEMATICS Rose bought 400 shares of SBC stock at its 52 weeks low, P781.20 per share, and sold at 52 weeks high, P1 310.00 per share. a. How much did Rose make on this transaction, dividends not included? b. Find the broker's commission if the broker charges 3.2% of the total sale price.Question 6 Deedee's Hair Products decided to issue 97 shares of $3 par common stock. When recording the transaction, Deedee's Hair Products credited "Additional Paid-In Capital" for $8,062. What price did Deedee's Hair Products sell each share at? (Looking for the price per share, NOT the total amount received from the sale). If necessary for your solution, please round to the nearest whole number.Vaughn Corporation sold 390 shares of treasury stock for $55 per share. The cost for the shares was $45. The entry to record the sale will include a O credit to Treasury Stock for $21450. O credit to Paid-in Capital from Treasury Stock for $3900. O debit to Paid-in Capital in Excess of Par for $3900. O credit to Gain on Sale of Treasury Stock for $17550.
- Question 5 On January 2, 2020, Theodora Company purchased 40,000 shares of Byzantine, Inc. stock at P100 per share. Brokerage fees amounted to P120,000. A P5 dividend per share of Byzantine, Inc. shares had been declared on December 15, 2019, to be paid on March 31, 2020 to shareholders of record on January 31, 2020. The shares are designated as FVTOCI. On December 31, 2020 the investment has a fair value of P4,200,000. How much should be recognized in the 2020 other comprehensive income related to these securities? Group of answer choices P400,000 P200,000 P80,000 P280,000Question 5: Kwun, Inc. purchases 1,000 shares of its own previously issued $5 par common stock for $12,000. Assuming the shares are held in the treasury, what effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total stockholders’ equity?3 eBook Sunshine Clothing Company issues 1,000 shares of $1 par value common stock at $33 per share. Later in the year, the company decides to repurchase 100 shares at a cost of $36 per share. Determine the financial statement effects of the repurchase of treasury stock. Note: Amounts to be deducted should be indicated by a minus sign. If there are no effects for a particular transaction/event, select "There are no financial statement effects" in the first account field. Print References Assets Liabilities Balance Sheet Stockholders' Equity Contributed Capital Retained Earnings Treasury Stock Income Statement Revenues Expenses Net Income
- please prepare the journal entries Q1. Sold 22,500 Treasury shares at $2 each. Q2. Purchased 10% shareholding in Charlie Limited, a supplier, as a long-term investment. The fair value of the 10% shareholding was $2,900,000 as at 1 March. The purchase consideration included a $2,700,000 note receivable due from Charlie Limited and the related interest receivable balance of $144,000, $140,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at $120,000. ( for depreciation details, refer to Q1 of additional information.) Q3. A 10% share dividend was declared when the market value per share was $2.1. Q4. Paid cash to acquired 30,000 shares of its own at $2.3 each. ITI intends to keep the shares for several months for management bonus.Emma Consulting had previously purchased 2,439 shares of treasury stock for $8 per share. Emma then sold 935 shares of the treasury stock for $13 per share. The credit to treasury stock to record the sale would be $_________An investor purchased 542 shares of common stock, $24 par, for $18,970. Subsequently, 111 shares were sold for $28 per share. What is the amount of gain or loss on the sale? a. $777 gain b. $1,221 gain c. $1,221 loss Od. $777 loss
- An investor purchased 567 shares of common stock, $23 par, for $23,814. Subsequently, 116 shares were sold for $31 per share. What is the amount of gain or loss on the sale? a.$1,276 loss b.$2,204 loss c.$2,204 gain d.$1,276 gainProblem 4 On December 29, 2018, Blue Company was registered at the Securities and Exchange Commission with 100,00 authorized shares of P100 par value. The following were Blue's transactions: December 29, 2018 May 14, 2019 August 9, 2019 December 31, 2019 Issued 40,000 shares at P105 per share. Purchased 600 of its ordinary shares at P110 per share. 400 treasury shares were resold at P95 per share. Profit for 2019 is P830,000. Dividends paid P200,000. 34. What is the total outstanding shares? 35. What is the balance of treasury shares? 36. How many shares are entitled to receive dividends? 37. What is the total shareholders' equity? Problem 5 Partners A & B have capital balances of P600,000 and P400,000 and share profits and losses in the ratio of 3:2, respectively, before the admission of C. With the consent of B, A sells one-half of his equity to C, with C paying A the amount of P350,000. 38. What is A's capital balance after the admission of C? 39. What is the total partnership…Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be debited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue