Business, 16.06.2020 19:57 georgehall9515

Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 75,000 shares of 1% preferred stock, $40 par and 250,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. a. Jul. 1. Issued 400,000 shares of common stock at par for cash. b. Jul. 1. Issued 1,000 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. c. Aug 7. Issued 80,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $250,000, $400,000, and $70,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. d. Sep 20. Issued 25,000 shares of preferred stock at $44 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 21:00

Following is a list of various costs incurred in producing replacement automobile parts. with respect to the production and sale of these auto parts, classify each cost as either variable costs, fixed costs, or mixed costs. 1. oil used in manufacturing equipment 2. plastic 3. property taxes, $165,000 per year on factory building and equipment 4. salary of plant manager 5. cost of labor for hourly workers 6. packaging 7. factory cleaning costs, $6,000 per month 8. metal 9. rent on warehouse, $10,000 per month plus $25 per square foot of storage used 10. property insurance premiums, $3,600 per month plus $0.01 for each dollar of property over $1,200,000 11. straight-line depreciation on the production equipment 12. hourly wages of machine operators 13. electricity costs, $0.20 per kilowatt-hour 14. computer chip (purchased from a vendor) 15. pension cost, $1.00 per employee hour on the job

Answers: 3

Answer

Business, 22.06.2019 07:50

Connors academy reported inventory in the 2017 year-end balance sheet, using the fifo method, as $154,000. in 2018, the company decided to change its inventory method to lifo. if the company had used the lifo method in 2017, the company estimates that ending inventory would have been in the range $130,000-$135,000. what adjustment would connors make for this change in inventory method?

Answers: 1

Answer

Business, 22.06.2019 21:00

Which of the following statements is correct? stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. potential conflicts between stockholders and bondholders are increased if a firm's bonds are convertible into its common stock. takeovers are most likely to be attempted if the target firm’s stock price is above its intrinsic value. one advantage of operating a business as a corporation is that stockholders can deduct their pro rata share of the taxes the firm pays, thereby eliminating the double taxation investors would face in a partnership.

Answers: 1

Answer

Business, 22.06.2019 21:50

The third program provides families with $50 in food stamps each week, redeemable for both perishable and nonperishable food. the fourth policy instead provides a family with a box of nonperishable foods each week, worth $50. use two graphs to illustrate that a family may be indifferent between the two programs, but will never prefer the $50 box of nonperishable foods over the $50 in food stamps. state your answer and use a consumer choice model for perishable food and nonperishable food to graphically justify your choice.

Answers: 1

Answer

You know the right answer?

Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current ye...

Questions