The journal entries for the given transactions are recorded as follows:
1) The issue of preferred stock is recorded by debiting the cash account by $14,560,000 and crediting the preferred stock and additional capital by $13,000,000 and 156,000.
2) The repurchase of common stock is recorded by debiting the treasury stock and crediting the cash with the same amount of $223,200.
3) The dividend declared on preferred stock is recorded by debiting the retained earnings and crediting the dividend payable with equal amounts of $910,000 and at the time of making payment of dividends to preferred investors, the dividend payable should be debited and cash should be credited with same amounts of $910,000.
4) The dividend declared on common stock is recorded by debiting the retained earnings and crediting the dividend payable with equal amounts of $2,101,880. The dividends to common investors are recorded by debiting the dividend payable and crediting the cash with equal amounts of 2,101,880.
5) The transfer of net income at year-end is recorded by debiting the net income and crediting the Retained earnings with equal amounts of $3,546,000.
What are the journal entries?Journal entries are used to recognize the transactions of financial nature as and when entered by an entity. It is the primary step in the accounting process.
The journal entries for the provided transactions are as follows:
Date Particulars Debit ($) Credit ($)
Jan 10 Cash Account (130,000 shares X $112 ) 14,560,000
Preferred Stock (130,000 shares X $100) 13,000,000
Additional capital (130,000 shares X $12) 156,000
(To record the issue of preferred stock )
Feb 8 Treasury stock (18,600 shares X $12) 223,200
Cash 223,200
(To record the repurchase of common stock )
May 9 Retained earnings (130,000 X $100 X 7%) 910,000
Dividend payable 910,000
(To record the dividend declared on preferred stock )
Jun 8 Retained earnings(1,255,000-18,600 X $1.70) 2,101,880
Dividend payable 2,101,880
(To record the dividend declared on common stock )
Jun 10 Dividend payable 910,000
Cash 910,000
(To record the payment of preferred dividends)
July 1 Dividend payable 2,101,880
Cash 2,101,880
(To record the payment of common dividends)
Dec 31 Net income 3,546,000
Retained earnings 3,546,000
(To record the transfer of net income at year-end)
Therefore, the journal entries for the provided transactions are recognized as above.
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What economic concept is applied in this statement?
By earning higher levels of education, students learn skills and are more likely to be employed. in their jobs, they use their skills to provide goodsa
and services to others.
OA
equilibrium
O B. law of demand
O c. law of supply
O D.
negative externality
O E. positive externalit
Answer:
positive externality
Explanation:
positive externality is defined as benefitting a third party, so education helps the student and then others which would be a 3rd party
how does the CBN affect/determine the supply of money
Answer:
Central banks affect the quantity of money in circulation by buying or selling government securities through the process known as open market operations (OMO). When a central bank is looking to increase the quantity of money in circulation, it purchases government securities from commercial banks and institutions.
How to write a product description?
Answer:
1. Focus on your ideal buyer.
2. Entice with benefits.
3. Justify using superlatives.
4. Appeal to your readers' imagination.
5. Cut through rational barriers with mini-stories.
6. Seduce with sensory words.
7. Tempt with social proof.
8. Make your description scannable.
Explanation:
Hope it help you
A _____ is limited to a select group of suppliers who provide critical high value items to the firm.
Answer:
The answer is partnered supplier
Explanation:
A partnered supplier is limited to a select group of suppliers who provide critical high value items to the firm.
what are the impact of retail shop fitting strategy?
The impact of a retail shopfitting strategy is that it ensures that the retail store attracts and engages the customers.
What is retail shopfitting?Retail shopfitting is the use of colors, displays, and various fittings as a strategic business move and attractively fitting the retail shop, ensuring:
Increased visual impactCustomers find your storeIncreased customer salesThe communication of retail brandImproved business performance and profitability.Thus, the impact of a retail shopfitting strategy is that it ensures that the retail store attracts and engages the customers.
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What's the difference between 1 worker trying to get something vs many workers.
Answer:
You don’t have to share the money.
Explanation:
I’m sorry if I’m wrong this is just my opinion but I think it’s a pretty good one i only ask someone if they want something once if they say maybe later I just take it.
What are the other names commonly used for the balance sheet and income statements?
Thanks ~
Answer:
statement of financial position
Explanation:
1. What is a product description?
Answer:
its where you can see the qualities of the product like a label
(PLEASE ANSWER FAST) (15 POINTS)
Clubs, organizations, and CTSOs can help you narrow down what you want to do with the rest of your life.
A. True
B. False
(CAREER)
The given assertion about the role of clubs, organizations, and CTSOs to help narrow down a career choice is true.
What is a CTSO?This refers to an acronym that means Career and Technical Student Organizations and they help students to pick a career choice.
Hence, we can see that because of the various importance of both clubs, organizations, and CTSOs, they can help to give real-life solutions and also helps them to develop problem-solving skills.
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What is the equilibrium price
The equilibrium price refers to the cost of goods and services for the consumer where the forces of market supply are equal to the forces of market demand.
What do you mean by Price?A price refers to the money that needs to be paid for acquiring a particular good, product, or service.
When the supply of goods and services is equal to the demand of goods and services, it is known as an equilibrium price.
The market is in a state of equilibrium when the forces of supply and demand are equal.
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Each of these is a key topic to consider when researching a potential employer:
- company customers
- company's community service
- company’s products or services
- company/industry news
Blossom Corporation’s balance sheet at the end of 2019 included the following items.
Current assets (Cash $82,000) $236,770 Current liabilities $151,770
Land 31,770 Bonds payable 101,770
Buildings 121,770 Common stock 181,770
Equipment 91,770 Retained earnings 45,770
Accum. depr.-buildings (31,770 ) Total $481,080
Accum. depr.-equipment (11,000 )
Patents 41,770
Total $481,080
The following information is available for 2020.
1. Net income was $55,870.
2. Equipment (cost $21,770 and accumulated depreciation $9,770) was sold for $11,770.
3. Depreciation expense was $5,770 on the building and $10,770 on equipment.
4. Patent amortization was $2,500.
5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,770.
6. An addition to the building was completed at a cost of $28,770.
7. A long-term investment in stock was purchased for $16,000.
8. Bonds payable of $51,770 were issued.
9. Cash dividends of $30,000 were declared and paid.
10. Treasury stock was purchased at a cost of $11,000.
Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Prepare a balance sheet at December 31, 2020. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.)
Thanks in advance!
The preparation of a statement of cash flows and balance sheet for 2020 for Blossom Corporation is as follows:
1. BlossomCorporation Corporation
Statement of Cash FlowsFor the year ended December 31, 2020
Operating Activities:Net Income $55,870
Add Non-Cash Expense:
Loss from sale of equipment 230
Depreciation Expenses 16,540
Amortization Expense 2,500
Adjusted cash $75,140
Changes in working capital:
Increase in current assets (29,000)
Increase in current liabilities 14,770
Cash from operations $60,910
Investment Activities:Sale of equipment $11,770
Building cost (28,770)
Investment in stock (16,000)
Cash from investments ($33,000)
Financing Activities:Bonds payable $51,770
Dividends payment (30,000)
Treasury stock (11,000)
Cash from financing $10,770
Net cash flow $38,680
2. Blossom Corporation
Balance Sheet at the end of 2020Current assets $304,450
Land $31,770
Buildigs $150,540
Equipment $70,000
Accum. depr.-buildings ($37,540)
Accum. depr.-equipment ($12,000)
Long-term stock investment 16,000
Patents 41,770
Amortization of Patents (2,500)
Total assets $562,490
Current liabilities $166,540
Bonds payable $153,540
Common stock $170,770
Retained earnings $71,640
Total liabilities + Equity $562,490
What are Statements of Cash Flows and Balance Sheets?Statements of cash flows and balance sheets are two of the main financial statements prepared periodically by an entity.
The statement of cash flows shows the cash flows from operating, investing, and financial activities.
The balance sheet shows the financial position (assets, liabilities, and equity) of an entity at a point.
Data and Calculations:Blossom Corporation
Balance Sheet at the end of 2019Current assets
(Cash $82,000) $236,770 Current liabilities $151,770
Land 31,770 Bonds payable 101,770
Buildings 121,770 Common stock 181,770
Equipment 91,770 Retained earnings 45,770
Accum. depr.-buildings (31,770 ) Total $481,080
Accum. depr.-equipment (11,000 )
Patents 41,770
Total $481,080
Ending Cash balance = $120,680 ($82,000 + 38,680)
Current assets = $304,450 (236,770 + $29,000 + $38,680)
Land = $31,770
Buildigs = $150,540 ($121,770 + $28,770)
Equipment = $70,000 ($91,770 - $21,770)
Accum. depr.-buildings = $37,540 (31,770 + 5,770)
Accum. depr.-equipment = $12,000 (11,000 - 9,770 + 10,770)
Long-term stock investment 16,000
Patents 41,770
Amortization of Patents (2,500)
Current liabilities $166,540 (151,770 + 14,770)
Bonds payable $153,540 (101,770 + 51,770)
Common stock $170,770 (181,770 - 11,000)
Retained earnings $71,640 (45,770 + $55,870 - 30,000)
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6. Which of the following is not a service quality attribute?
O credence qualities
O search qualities
O experience qualities
O response qualities
Answer:
search qualities
Explanation:
this is the correct answer
Answer:
Response qualities
Explanation:
Response qualities are like when you draw on your ScanTron, or you put a silly answer on a survery. Response qualities is a mechanism in place to kick out the wrong or unreadable answers, so it is not a attribute of a service.
What’s a real GDP in business cycle phase economists expect
When it comes to the business cycle, the Real GDP can be described as the total value of the output of a nation, after this is adjusted for inflation.
What is Real GDP?Real Gross Domestic Product (GPD) refers to the total value of goods and services produced in a year within a nation.
This amount is called "Real" when it has been adjusted for the effect of inflation on the nation and the prices of goods.
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What are three types of advertising?
A. print, signage, and discounts
B. Direct marketing, radio, and press release
C. TV, investment , and signage
D.TV, radio, and print
Answer:
D pon
Explanation:
yung tv, radio, and print
How are traditional economies like free-market economies?
A. Both are agricultural in nature.
B. Both are considered subsistence economies.
C. Both have no government regulation.
D. Both have no international trade.
It is Not D because I already put that and got it wrong. You can see my test below. I received 0 points.
Answer:
B
Explanation:
Both are considered subsistence economies.
to limit your risk during the first six months of unsupervised driving, you should avoid:
Answer:
carrying passengers
Explanation:
trust
Answer:
Speeding, Driving at night, driving with anyone under the age of 21, Drinking and driving (this one is obvious but still) Texting and driving, and if you get distracted easily avoid listening to music that can be distracting, along with don't have little children in the car with you if you are still in your first six months.
Explanation:
I hope this helps we went over this in my driver ed class this is all I really remember hope this helps have a nice day!
If the demand for product A is 30 units, and there are 10 units of B on hand and none of C, how many units of part D will be needed?
Answer:
it's B then C and then D then A
Explanation:
Based on the given information, 70 units of part D of demand will be needed. Thus option C is correct.
What is demand?When the willingness of an individual to buy any product is increased it gives rise to demand. This willingness will shift with a change in the price or quality.
The law of demand is a fundamental principle that claims there is an inverse relationship between the price of a commodity and its demand. This indicates that as the price of a good declines, the consumer will be prepared to consume more of it.
In the given case, it is explained that We'll need 700 units of part D to make 20 units of A. However, because we have 10 units of B on hand, we can use some of the B to make 10 units of A rather than 20.
And a rise in price means less demand for a commodity. The law of demand can be represented visually by a downward-sloping demand curve.
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The complete question is probably
16) Consider the following product structure.
If the demand for product A is 30 units, and there are 10 units of B on hand and none of C, how many units of part D will be needed?
A) 3
B) 40
C) 70
D) 90
E) 110
Where would your client navigate to view the status of a bill payment that was paid using Melio?
Where would your client navigate to view the status of a bill payment that was paid using Melio is: Bill Payment > View online payment.
Melio in QuickbookA client that want to navigate so as to view the status of their bill payment they paid when using Melio in Quickbook will need to navigate through the following steps:
Bill Payment > View online payment+ New > Pay Bills > View online paymentsBill Payment > More > View online payment+ New > Payment statusTherefore Where would your client navigate to view the status of a bill payment that was paid using Melio is: Bill Payment > View online payment.
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A truck costs $8,000 with a residual value of $1,000. The truck is expected to have a useful life of 70,000 miles. Assuming the truck is driven 15,000 miles the first year, the depreciation expense would be
Based on the cost of the truck, the residual value, and the useful life, the depreciation expense for the first year would be $1,500.
What is the depreciation expense?This can be found by the formula:
= Miles driven in first year / Useful life x (Cost - residual value)
Solving gives:
= 15,000 / 70,000 x (8,000 - 1,000)
= $1,500
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Under this market structure, any changes made in price or promotion of products will lead to counter-moves by competition.
A. perfect competition
B. a monopoly
C. monopolistic competition
D. an oligopoly
For 24 hours, criminals placed a device on a credit card reader at a local gas station and stole the credit card account information from every
person who swiped their card that day. They were later caught and arrested. What is the name that BEST describes the tactic these criminals
were using?
O A pretexting
OB. skimming
OC. phishing
OD. pickpocketing
Answer:
oc.
Explanation:
Answer:
The answer is Skimming
Explanation:
I took the test
In the spring of 2021, Jamison Electric was considering an investment in a new distribution center. Jamison's CFO anticipates additional earnings before interest and taxes (EBIT) of 100,000 euros for the first year of operation of the center, and, over the next five years the firm estimates that this amount will grow at the rate of 5% per year.
Just go YT it and it will help youI don't know how to explain it over text, sorry
Lila and Jillian both own small businesses in the town where they live. The women are friends and often get together to discuss their businesses, both the struggles and successes. Evaluate some of the differences that Lila and Jillian may discuss if one of their businesses is product-based and the other is service-based.
The differences between Lila and Jillian's businesses are based on what they offer to the public, since one offers products and the other offers services, which makes their businesses different.
What is a product-based business?A product-based business is a type of business in which the main purpose is to offer a specific product to the public, for example:
Beauty products.Sport products.School products.Construction products.What is a service-based business?A service-based business is a type of business in which the main purpose is to offer a specific service to the public, for example:
Satellite television service.Legal advice service.Sports training service.Nutrition service.Based on the above, it can be inferred that the discussions between Lila and Jillian can include very varied topics because their businesses are different because they involve different value chains.
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A movement along the demand curve for a good generally results from
Answer:
business environmental
need to get all the business sector's
Compute cost of goods sold using the following information.
Finished goods inventory, beginning $ 600
Cost of goods manufactured 5,520
Finished goods inventory, ending 1,500
I need help on this too
Answer:
the answer to this question Is E
One way to meet a savings goal is to schedule automatic _____ of money from a checking to a savings account.
Answer:
One way to meet a savings goal is to schedule automatic transfer of money from a checking to a savings account.
Suppose that you are hired by a producer of wooden pallets to determine what sort of competition the firm faces. Due to a accident at the production plant the firm massively cuts production for a week. During this week of low production the price for pallets does not change at all. Given this observation this firm likely faces...
-Perfect competition
-Oligopoly
-Monopoly
During this week of low production, the price for pallets does not change at all. Given this observation this firm likely faces Oligopoly. Below is further explanation on Oligopoly.
What is Oligopoly?An oligopoly is a market featured by a small number of firms who realize they are interdependent in their pricing and output policies. The number of firms is small enough to give each firm some market power.
Therefore, the correct answer is Oligopoly.
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A single seller with considerable control over supply and prices is called _____.
A. a monopoly
B. an oligopoly
C. monopolistic competition
D. perfect competition
