BUSINESS COLLEGE

A corporation originally issued $13 par value common stock for $15 per share. Which of the following is included in the entry to record the purchase of 300 shares of treasury stock for $11 per share? A. Treasury Stock-Common is debited for $3,300.
B. Treasury Stock-Cormmon is debited for $1,650.
C. Retained Earnings is debited for $1,660.
D. Treasury Stock-Common is oodied for $46.

Answers

Answer 1
Answer:

Answer:

A. Treasury Stock-Common is debited for $3,300.

Explanation:

Cost of the treasury stock purchased = 300 shares of treasury stock * $11  per share

Cost of the treasury stock purchased = $3,300

Related Questions

Jensen Company uses the percentage of credit sales method for calculating Bad Debt Expense. The company reported $216,000 in total sales during the year; $178,000 of which were on credit. Jensen has experienced bad debt losses of 6% of credit sales in prior periods. What is the estimated amount of Bad Debt Expense for the year
A customer has sold short 100 shares of ABC stock in a margin account. ABC declares and pays a 10% stock dividend. How many shares must be purchased to close out the short position? A. 90 B. 100 C. 105 D. 110
Wilson, Inc., has a current stock price of $46.00. For the past year, the company had net income of $6,800,000, total equity of $21,690,000, sales of $40,100,000, and 5.2 million shares of stock outstanding.1. What are eamings per share (EPS)? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g. 32.16.) 2. What is the price-eamings ratio? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
The Victor Company sells two products. The following information is provided: Product A Product BUnit selling price$100 $150 Unit variable cost$30 $70 Number of units produced and sold 20,000 60,000 What is the weighted average contribution margin per unit?A. $75.00B. $80.00C. $77.50D. $72.50
What can I do to make money with no money and no credit?

Kitchens Sales Inc. is approached by Mr. Louis Cifer, a new customer, to fulfill a large one-time-only special order for a product similar to one offered to regular customers. The following per unit data apply for sales to regular customers: Direct materials $554 Direct labor 364 Variable manufacturing support 56 Fixed manufacturing support 120 Total manufacturing costs 1,094 Markup (50%) 547 Targeted selling price $1,641 Kitchens Sales inc. has excess capacity. Mr. Cifer wants the cabinets in cherry rather than oak, so direct material costs will increase by $66 per unit. The average marketing cost of Kitchens Sales product is $173 per order. Other than price, what other items should Kitchens Sales consider before accepting this one-time-only special order

Answers

The following information should be considered:

  • Costs not considered to calculate the minimum acceptable price of a one-time-only special order are fixed manufacturing support of $120 per unit and marketing cost of $173 per order.
  • The reason behind this is that there is excess capacity available to Kitchens Sales Inc.
  • Hence, fixed mfg. support cost would continue to incur even if the special order from Louis Cifer is not accepted by Kitchens Sales Inc.
  • Similarly, since the order from Cifer is a one time special order,
  • Therefore, there is no need to incur any marketing cost separately.
  • Both these above costs are not relevant while arriving at the decision of computing minimum price of this order.

Learn more: brainly.com/question/17429689

Answer:

1. Is it an order outside normal market.

2.other orders at the going price.

Explanation:

Decision making in managerial accounting should focus on both the quantitative (dollars) and qualitative (other factors) effects of a decision.

Kitchens Sales Inc. should also consider if it is an order outside the normal market for cherry cabinets.Reducing prices in Normal Market in an attempt to unload spare capacity may lead to a fall in market price.

Also they should consider if accepting the special order may prevent company from accepting other orders that may be obtained during the period at the going price.

Kiera’s dog walking business is booming, and she is interested in expanding. In order to expand, her company needs more customers, and the demand for dog walking in her neighboring communities must increase in order for her to generate a profit. Her best friend, a local celebrity, suggests that she should consider marketing her services. Because Kiera understands that there are specific challenges associated with developing advertising objectives for services, she is very careful about how to advertise her dog walking services. In the end, she decides to develop a logo for her company so customers can associate it with the services she provides. ​ How did Kiera make her intangible services more marketable?​

Answers

Answer:

The correct answer to the following question will be "S​he enhanced her brand image".

Explanation:

  • Keira dramatically improved her brand reputation by getting ready a logo to promote her unquantifiable facility of various dog walking the dog. Designed to enhance the brand identity requires connecting with the clients regarding your brand as well as trying to make your provider or good extra attractive to the users. That is among the most powerful advertising moves.
  • Keira aims to grow its market here by generating more competition for its intangible growing organization. For all of this she chooses to help improve her brand value so that she can get so many requirements for her provider as well as make higher revenue.

So that the above is the right answer.

Suppose that Portugal and Switzerland both produce fish and olives. Portugal's opportunity cost of producing a crate of olives is 3 pounds of fish while Switzerland's opportunity cost of producing a crate of olives is 11 pounds of fish. By comparing the opportunity cost of producing olives in the two countries, you can tell that _____________ has a comparative advantage in the production of olives and _________ has a comparative advantage in the production of fish. Suppose that Portugal and Switzerland consider trading olives and fish with each other. Portugal can gain from specialization and trade as long as it receives more than ___________of fish for each crate of olives it exports to Switzerland. Similarly, Switzerland can gain from trade as long as it receives more than __________ of olives for each pound of fish it exports to Portugal. Based on your answer to the last question, which of the following prices of trade (that is, price of olives in terms of fish) would allow both Switzerland and Portugal to gain from trade?

a. 6 pounds of fish per crate of olives
b. 2 pounds of fish per crate of olives
c. 8 pounds of fish per crate of olives
d. 18 pounds of fish per crate of olives

Answers

Answer:

Portugal has comparative advantage in producing olives.

Switzerland has comparative advantage in producing fish.

Portugal can gain from trade if it receives more than 3 pounds of fish per crate of olives.

Switzerland can gain from trade if it receives more than 1/11 of olives for each pound of fish.

d. 18 pounds of fish per crate of olives.

Explanation:

Switzerland and Portugal both countries can produce Olives and fish. One country has advantage in producing fish while other has advantage in producing olives. Both countries can gain from trade if they find a intermediary way so that both countries can be in win win situation. It is beneficial for Portugal if it trades with Switzerland if it receives more than 3 pounds of fish.

Final answer:

Portugal has a comparative advantage in producing olives while Switzerland in producing fish. For mutual benefits, Portugal should receive more than 3 pounds of fish per crate of olives and Switzerland should receive more than 1/11 crate of olives per pound of fish. The optimal price of trade is a. 6 pounds of fish per crate of olives.

Explanation:

Comparative advantage is an economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners. In this case, Portugal has a comparative advantage in the production of olives given that its opportunity cost (3 pounds of fish) is lower than that of Switzerland's (11 pounds of fish). Consequently, Switzerland has a comparative advantage in the production of fish since by concentrating on producing fish, it gives up less in terms of olives than Portugal does.

For trade to be beneficial for both countries, Portugal should receive more than 3 pounds of fish for every crate of olives it exports to Switzerland - this is higher than the opportunity cost of producing olives domestically. Similarly, Switzerland should receive more than 1/11 crate of olives (since its opportunity cost is 11 pounds of fish per crate of olives) for every pound of fish it exports to Portugal.

Considering these conditions, from the available prices of trade, the option that allows both countries to gain from trade is a. 6 pounds of fish per crate of olives. This price is more than Portugal's opportunity cost of 3 and less than Switzerland's of 11.

Learn more about Comparative Advantage here:

brainly.com/question/34399484

#SPJ3

Kirby just inherited $250,000. He would like to hire a financial advisor to provide financial advice and to manage the inheritance. Kirby has interviewed two potential advisors. The first person indicated that he would not charge for his advice but would charge a 4.50% commission on any mutual funds purchased when managing the $250,000. The second person indicated that she would charge $2,500 to write a financial plan and 1% of any asset she manages. Which advisor should Kirby choose if he wants the $250,000 managed and is interested in minimizing his upfront expenses?A. The first advisor because there is no planning fee.
B. The second advisor because the total first-year cost is $5,000.
C. The first advisor because the total first-year cost is $5,000.
D. Because the cost is approximately the same, either advisor could be selected.

Answers

Answer:

The answer is A.

Explanation:

According to the details given in the question on the two financial advisor's approach, the first advisor does not request a payment but a commission on the funds purchased with the inheritance money. The second advisor does request payment for the job and also a share on the assets managed with the inheritance money.

If Kirby wants to minimize the upfront expenses which can be described as the sum that is paid before a service or a job is done, then the first advisor is the better option. So the answer is A.

I hope this answer helps.

9. Which of the following is true regarding the Comprehensive Annual Financial Report (CAFR)? A) The CAFR has three main sections: introductory, financial, and statistical. B) Required supplementary Information includes a Budgetary Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget

Answers

Answer:

The correct answer is Both of the above (A and B).

Explanation:

The CAFR is made up of a group of financial statements that must be reported to local authorities and are reviewed by AICPA certified auditors. This document contains all the budget information from previous years and those that are projected to be completed within the following year, using simple language in order to achieve an easy understanding of the principles applied in its construction.

Answer:

The answer is option A) The CAFR has three main sections: introductory, financial, and statistical.

Explanation:

The purpose of the Comprehensive Annual Financial Report (CAFR) is to provide accurate and meaningful information concerning the City's financial condition and performance.

The CAFR consists of three sections: Introductory, Financial and Statistical. The Introductory section orients and guides the reader through the report. The Financial section presents the entity's basic financial statements as well as notes to the statements and the independent auditors' report.

In the current year, Tim sells Section 1245 property for $28,000 that he had purchased 6 years ago. Tim has claimed $7,000 in depreciation on the property and originally purchased it for $20,000. How much of the gain is taxable as ordinary income

Answers

Answer: $7,000

Explanation:

Section 1245 property refers to property that either could depreciate or has depreciated or been amortized showing that it refers to both tangible and intangible assets.

If this asset is sold and there is a gain, the amount of the gain that is taxable as ordinary income is the amount up to the amount of depreciation.

As there has been a gain in this sale because the sales price is more than the purchase price and the Depreciation is $7,000, that is the amount that will be taxable as ordinary income.

Other Questions
External setup time refers to:______________. a. The time it takes workers to set up a machine during scheduled maintenance b.The time to complete setup activities that do not require that the machine be stopped c.The time it takes equipment vendors to set up the machine d. None of the above
Plush Corporation purchased 100 percent of Common Corporation’s common stock on January 1, 20X3, and paid $450,000. The fair value of Common’s identifiable net assets at that date was $430,000. By the end of 20X5, the fair value of Common, which Plush considers to be a reporting unit, had increased to $485,000; however, Plush’s external auditor made a passing comment to the company’s chief accountant that Plush might need to recognize impairment of goodwill on one or more of its investments.Prepare a memo to Plush’s chief accountant indicating the tests used in determining whether goodwill has been impaired. Include in your discussion one or more possible conditions under which Plush might be required to recognize impairment of goodwill on its investment in Common Corporation.In preparing your memo, review the current accounting literature, including authoritative pronouncements of the FASB and other appropriate bodies. Support your discussion with citations and quotations from the applicable literature.
Maria's Food Service provides meals that nonprofit organizations distribute to handicapped and elderly people. The following is her forecasted income statement for April, when she expects to produce and sell 3,000 meals. Amount Per Unit Sales revenue $ 18,000 $ 6.00 Costs of meals produced 13,500 4.50 Gross profit $ 4,500 $ 1.50 Administrative costs 2,100 0.70 Operating profit $ 2,400 $ 0.80 Fixed costs included in this income statement are $4,500 for meal production and $600 for administrative costs. Maria has received a special request from an organization sponsoring a picnic to raise funds for the Special Olympics. This organization is willing to pay $3.50 per meal for 300 meals on April 10. Maria has sufficient idle capacity to fill this special order. These meals will incur all of the variable costs of meals produced, but variable administrative costs and total fixed costs will not be affected. Required: a. What impact would accepting this special order have on operating profit? (Select option "higher" or "lower", keeping Status Quo as the base. Select "none" if there is no effect.)
Landis received $90,000 cash and a capital asset (basis of $50,000, fair market value of $60,000) in a proportionate liquidating distribution. His basis in his partnership interest was $120,000 prior to the distribution. How much gain or loss does Landis recognize, and what is his basis in the asset received?a. $0 gain or loss; $30,000 basis.b. $0 gain or loss; $50,000 basis.c. $0 gain or loss; $60,000 basis.d. $20,000 gain; $50,000 basis.e. $30,000 gain; $60,000 basis.