Business
Business, 20.10.2020 21:01, caggh345

The stockholders’ equity accounts of Martinez Corporation on January 1, 2020, were as follows: Preferred Stock (8%, $52 par, 10,000 shares authorized) $416,000
Common Stock ($1 stated value, 2,100,000 shares authorized) 1,450,000
Paid-in Capital in Excess of Par—Preferred Stock 110,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,400,000
Retained Earnings 1,850,000
Treasury Stock (11,000 common shares) 55,000
During 2020, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1 Issued 26,000 shares of common stock for $116,000.
Apr. 14 Sold 5,500 shares of treasury stock—common for $33,900.
Sept. 3 Issued 4,800 shares of common stock for a patent valued at $34,100.
Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,700.
Dec. 31 Determined that net income for the year was $465,000.
No dividends were declared during the year.
A. Journalize the transactions and the closing entry for net income.
B. Enter the beginning balances in the accounts, and post the journal entries to the stockholders’ equity accounts.
C. Prepare a stockholders’ equity section at December 31, 2017.

answer
Answers: 2

Other questions on the subject: Business

image
Business, 22.06.2019 04:40, glenn4572
Select the correct text in the passage. which sentences in the given passage explains the limitations of monetary policies? monetary policies - limitationsmonetary policies are set by the central bank to bring about growth in the economy. de can be achieved these policiesw at anden i sca poit would be fair to say that changes in the economy cannot be brought about instantly by monetary po des. monetary policy can only influence not control, economic growththe monetary policy makers do work on sining the perfect balance between demand and supply of money in the economy
Answers: 3
image
Business, 22.06.2019 08:20, Svetakotok
Onsider the following subscription behavior information from genie, a web site that provides tools for constructing a family tree (ancestor search). subscriptions cost $9.99 per month, but you are charged for the entire year at the time of purchase. there is a one-year minimum term when you sign up for the service. once purchased, subscriptions are set to renew automatically unless the subscriber cancels them. when a membership renews, it renews for a one-year term and again you are charged for the entire year. there are no variable costs associated with providing this service to an individual customer, but genie does engage in customer relationship activities that they believe will increase customer retention. these customer relationship activities cost genie about $10 per year per customer. based on a sample of 1000 customers that joined genie five years ago, near the time when the company was founded, they were able to determine how many of those customers remained subscribers in the second year, third year etc. based on this information, genie calculated the average annual retention rate to be 20%. genie uses an annual discount rate of 8%. a. last year, genie spent $10,000 placing advertisements on google. genie management believes that these advertisements were responsible for about 300 new subscribers. would you recommend to genie management that they purchase more google ads? b. suppose a newly-introduced loyalty program increases the number of customers that remained to 30%. does this new data change your answer to 9.a? c. do you have any hesitations or concerns about making recommendations to management based on your above estimate of customer lifetime value?
Answers: 2
image
Business, 22.06.2019 09:50, niele123
The returns on the common stock of maynard cosmetic specialties are quite cyclical. in a boom economy, the stock is expected to return 22 percent in comparison to 9 percent in a normal economy and a negative 14 percent in a recessionary period. the probability of a recession is 35 percent while the probability of a boom is 10 percent. what is the standard deviation of the returns on this stock?
Answers: 2
image
Business, 22.06.2019 15:00, samanthamunevar7218
Which of the following is least likely to a team solve problems together
Answers: 1
Do you know the correct answer?
The stockholders’ equity accounts of Martinez Corporation on January 1, 2020, were as follows: Pref...

Questions in other subjects:

Konu
History, 14.11.2019 20:31