BUSINESS HIGH SCHOOL

Justin Corp. issues 10,000 shares of $1 par value common stock for $5 per share. The journal entry to record this transaction will include which of the following? (Check all that apply.)

Answers

Answer 1
Answer:

Answer:

The record of the issuance of the stock is debit to cash for $50,000, credit to common stock for $10,000 and credit to excess of common stock of $40,000.

Explanation:

A. Entries of the stock

1. Account(cash)

Cash=10,000 shares at $5 per share

Cash=10,000×5=$50,000

Cash to Debit=$50,000

Credit this account=$0

2. Account (common stock)

Common stock=10,000 shares at $1 per value common stock

Common stock=10,000×1=$10,000

Credit account=$10,000

Debit this account=$0

3. Account (Paid-in Capital in Excess of Par - Common Stock)

Paid in capital in excess of par-common stock=50,000-10,000=$40,000

Credit this account=$40,000

Debit this account=$0

This can be written as;

Account                                                Debit ($)                         Credit ($)

Cash (10,000 shares×$5 price)           50,000  

Common Stock (10,000 shares×$1 par)                                     10,000

Paid-in Capital in Excess of Par - Common Stock                     40,000

The record of the issuance of the stock is debit to cash for $50,000, credit to common stock for $10,000 and credit to excess of common stock of $40,000.


Related Questions

COLLEGE

Consumer credit is considered an important part of modern society. Based on the lessons, list and describe the two types of consumer credit. Include how they are similar, how they are different, and provide at least one example of each type of consumer credit.

Answers

Answer:

The two types of consumer credit

(1) Revolving credit

(2) installmental credit.

Revolving credit is a type of credit that allows you to continue to borrow and pay back and continue again.

Installmental credit is a credit with a fixed amount and the borrower is expected to make continuous installmental payments either monthly or weekly etc.

SIMILARITY: They both involves Borrowing of money to pay in a later date.

DIFFERENCE: Revolving credit is a continuous credit as it is seen with CREDIT CARDS while Instalment credit is not continuous as ONLY A FIXED SUM IS BORROWED AND PAID IN INSTALMENT.

Example of Revolving credit credit card issued by banks etc.

Examples of instalment credit is Mortgage loan,car loan etc

Explanation: Consumer credit is the process or procedures put in place to ensure that consumers can borrow money either from private or Government establishments. It is classified into Revolving credit and installmental credit.

They both involves the borrowing of certain amount to pay at another time.

Credit cards are an example of Revolving credit while Home loan,car loan etc are Installmental credit.

Answer:

The two types of consumer credit are closed-end credit, and open-end credit.

They're alike because in both types of credit, loans are made. However, closed-end credit is a one-time loan that you pay back over time in payments of equal amounts and is typically used for a specific purchase, while open-end credit has loans continuously made with the repayment period not set and is typically used for multiple purchases.

An example of closed-end credit is installment sales credit, where you're given a loan in order to purchase an item, and then later agreeing to pay a set amount of money in installments until you pay off the loan and interest. An example of open-end credit is a credit card.

Explanation:

personal financial literacy flvs

HIGH SCHOOL

Professor Very Busy needs to allocate time next week to include time for office hours. He needs to forecast the number of students who will seek appointments. He has gathered the following data: week #students
6 weeks ago 83
5 weeks ago 110
4 weeks ago 95
3 weeks ago 80
2 weeks ago 65
Last week 50
What is this week's forecast using the least squares trend line for these data?(show me the detail)

Answers

Solution:

Smooth the pattern as well as the arrangement to get the outlook this year.

S(Week 5) = TAF(Week 5) + alpha*(Actual(Week 5) - TAF(Week 5))

                 = 75 + 0.5(65 - 75) = 70

S(Week 6) = TAF(Week 6) + alpha*(Actual(Week 6) - TAF(Week 6))

                 = 65 + 0.5(50 - 65) = 57.5

T(Week 6) = T(Week 5) + beta*(TAF(Week 6) - TAF(Week 5) - T(Week5))

                = -5 + 0.1(65 - 75 - (-5)) = -5 + (-0.5) = -5.5

Therefore, TAF(Week 7) = S(Week 6) + T(Week 6) = 57.5 + (-5.5) = 52.0

MIDDLE SCHOOL

1. How is providing customer information to a law firm different than providing email addresses and symptoms to a pharmaceutical company ?

Answers

Answer:

How is providing customer information to a law firm different than providing email addresses and symptoms to a pharmaceutical company?

Both are live saving professions, every detailed of their clients must be well documented in order to get the best services as far as life is concerned. A law firm must be sure of every details submitted in order to tackle anything that might affect such clients in court of law while a client must provide a detailed information as regards his/her health in order to get the right prescription for health service

Explanation:

HIGH SCHOOL

Suppose an employer can hire four low-skilled workers to move dirt with shovels at $5 an hour, or can hire one skilled worker at $24 an hour to move the same amount of dirt with a skid loader. What will the employer do if the minimum wage increases from $5 per hour to $6.50 per hour?

Answers

Answer:

Hire the one skilled worker.

Explanation:

Oportunity cost is the cost of choice. Is defined as the value or profit of something that must be forgone to aquire something else.

If the oportunity cost increase, you will do less with your resouces.

If the oportunity cost decrease, you will do more with your resouces.

In this case, the oportunity cost decrease when the low-skilled workers minimum wage increases from $5 per hour to $6.50 per hour.

4 workers * $6.50 per hour = $26

1 skilled worker = $24 an hour

Is cheaper to hire one skilled worker.

MIDDLE SCHOOL

What is a federal court

Answers

One of the three branches of the federal government of the United States organized under the United States Constitution and laws of the federal government.It is a Supreme Court that permits the Congress to create other federal courts, and place limitations on their jurisdiction

The federal judiciary of the United States is one of the three branches of the federal government of the United States organized under the United States Constitution and laws of the federal government

COLLEGE

When can two countries gain from trading two goods?

Answers

The scenarios for the two countries to gain are  
1. One country can produce only one good and the other good should be produced by second country. 
2. when country produce both goods but the production of the second good is expensive in the country and in the same way second country produce both goods but the production of the fist good is expensive. 
3. When just one country is great at producing the both goods and other country is bad at producing both goods
COLLEGE

Sean​ quimby, vice president of human resources at​ zipcar, says the company is looking for applicants who embody the value of​ "being a​ zipster." to identify such a​ trait, interviewers might ask applicants questions for which there are no right or wrong​ answers, such​ as, "why do you think​ you'd do a good job​ here?" this is an example of a​ _______ interview.

Answers

I believe this is an example of: nondirective Interview.
A nondirective interview refers to the type of interview that would provide some sort of reward to the applicants if they take initiative to lead the conversation in the interview.
This type of interview often used by employers who do not possess a strict standard on professional interviewing.
COLLEGE

An excise tax of $2 is placed on a jar of Honey. Honey producers end up bearing only $0.40 of the tax. The demand curve for honey is:a. elasticb. unitary elasticc. inelasticd. income elastic

Answers

Answer:

The correct answer is option c.

Explanation:

If the demand for a product is elastic the tax burden will be borne by the producer. This is because elastic demand means that an increase in the price will lead to a more than proportionate reduction in the quantity demanded. So with the imposition of a tax, the sellers will not increase the price as it is likely to reduce demand.

If the demand is inelastic, it means that an increase in price will lead to less than a proportionate decrease in the demand. In this situation, after the imposition of tax, the tax burden can be shared between producer and buyer.

HIGH SCHOOL

In June 2015, a public university bills and collects $45 million in tuition for the summer semester that runs from June 1 through July 15. In addition, in May and June it bills $300 million for the fall semester that runs from September 1 through December 15. Of this amount it collects only $120 million (expecting to collect the balance prior to September 1). In its statement of revenues, expenses, and changes in net position for the fiscal year ending June 30, 2015 it should recognize as tuition revenue Answer is ​$30 million. Show how to get this answer and explain?

Answers

Answer:

$30 million

Explanation:

The university collected $45 million for the summer semester which runs from June 1 to July 15 ( a 45 day period).

The revenue recognition principle states that revenue should only be recognized when the earning process has been substantially completed.

Therefore, the university should recognize revenue proportional to the 30 days of June = ($45 million / 45 days) x 30 days = $30 million

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