During the current year, Comma Co. had outstanding: 25,000 shares of common stock, 8,000 shares of $20 par, 10% cumulative prefe
rred stock, and 3,000 bonds that are $1,000 par and 9% convertible. The bonds were originally issued at par, and each bond was convertible into 30 shares of common stock. During the year, net income was $200,000, no dividends were declared, and the tax rate was 30%. What amount was Comma's basic earnings per share for the current year
From the question, we are informed that New Jersey Company owns 80% of the common stock of Newark, Inc. In 2012, New Jersey reported sales of $300,000, and Newark reported sales of $100,000, including sales to New Jersey of $20,000.
Based on the above information, the amount of sales that should be reported in the consolidated income statement for 2012 will be:
The cash proceeds from the issue of common stock is $14*4000=$56,000
Consequently, the cash account is debited with $56,000 and corresponding credit entries would to common stock account with $4,000($1*4000) and paid-in capital in excess of par $52,000($14-$1)*4000))
However,when there is no par amount the $56,000 cash proceeds is debited to cash account and credited to common stock no par value account
Explanation: All the work contained within the work breakdown structure is to be identified, estimated, scheduled, and budgeted
Work breakdown team includes work to be executed by the project team to accomplish the project objectives and create the required deliverables,it also includes a visual tool for defining and tracking a project deliverable and all the small components needed to create it. breakdown structures should include about three levels of detail.
