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Kay [80]
2 years ago
11

1. Day Corp. holds 10,000 shares of its $10 par value common stock as treasury stock reacquired in Year 2 for $120,000. On Decem

ber 12, Year 4, Day reissued all 10,000 shares for $190,000. Under the cost method of accounting for treasury stock, the reissuance resulted in a credit to
2. The changes in account balances of the Vel Corporation during Year 6 are presented below:

Increase

Assets

$356,000

Liabilities

108,000

Capital stock

240,000

Additional paid-in capital

24,000

Vel has no items of other comprehensive income (OCI), and the only charge to retained earnings was for a dividend payment of $52,000. Thus, the net income for Year 6 is
Business
1 answer:
katovenus [111]2 years ago
7 0

Explanation:

According to the accounting cost method , the reissuance of the treasury stock would be credited to the additional paid in capital which represents the remaining amount i.e deduct $120,000 from the $190,000

And, the net income for the year 6 is

= Increase in assets - Increase in liabilities - Increase in capital stock - Increase in additional paid in capital + Dividend payment

= $356,000 - $108,000 - $240,000 - $24,000 + $52,000

= $36,000

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Nation A builds a new highway next to citizens’ properties. In the months following, littering as well as several highway accide
nikitadnepr [17]

Answer:

the government's sovereign immunity

Explanation:

In the US, the federal and state governments have sovereign immunity which means that they cannot be sued unless they agree to it. In the US, the federal government waived their immunity protection from a series of possible torts through the Federal Tort Claims Act. But that law does not include litter or accidents occurring in highways.

Sovereign immunity basically states that the federal government cannot be sued for its actions unless those actions are included in the Federal Tort Claims Act. To be able to sue a state government other rules apply, specially regarding the circumstances around the reason for the claim.

7 0
1 year ago
Throughout the text, Thoreau uses repetition, particularly parallel structure. Identify three or four examples and analyze their
Scorpion4ik [409]

Answer:

Throughout the text, Thoreau uses repetition, particularly parallel structure. Example:

"Simplify, simplify"

Explanation:

Thoreau tends to use embedded repetition to emphazise a point, as urging the readers to stop burying themselves in never-ending impossible tasks and simplify their lives with: "Simplicity, simplicity, simplicity!", or in paragraph 2: maybe creating a mantra-like urging, using also derivatives of words: "live, "life": Simplify, simplify".

4 0
2 years ago
Schuepfer Inc. bases its selling and administrative expense budget on budgeted unit sales. The sales budget shows 2,700 units ar
Fynjy0 [20]

Answer:

Total cash disbursement= $40,210

Explanation:

Giving the following information:

The sales budget shows 2,700 units are planned to be sold in March. The variable selling and administrative expense are $3.20 per unit.

The budgeted fixed selling and administrative expense are $35,770 per month, which includes depreciation of $4,200 per month.

Th<u>e depreciation expense is not a cash disbursement. </u>

Total cash disbursement= total variable cost + total fixed cost

Total cash disbursement= 2,700*3.2 + (35,770 - 4,200)

Total cash disbursement= $40,210

3 0
2 years ago
Sarbanes-Oxley Act requires each of the following: (You may select more than one answer. Single click the box with the question
nordsb [41]

Answer: An effective Internal Control

Auditors must evaluate internal controls

Auditor's work overseen by Public Accounting Board

Explanation:

The early part of the 21st century saw shocking financially improper activities by companies such as WorldCom and Enron exposed to the world. Investor Confidence was shaken and the government needed to do something to restore it.

This was why in 2002, the US Congress passed the Sarbanes-Oxley act that aimed to ensure that the actions of those companies were never repeated.

The act requires the following;

a) An effective Internal Control

The act requires that companies enact very effective Internal controls to detect financial irregularities and even went forward to make it the responsibility of the Top Executives to ensure that this is so.

b) Auditors must Evaluate Internal Controls.

Auditors had to change their auditing strategies that were deemed inefficient. They are now required to properly evaluate in-depth, the internal controls that a company adopts to be able to give an opinion on it and they do this based on the guidelines of the Public Accounting Board.

c) Auditor's work overseen by Public Accounting Board

The Public Company Accounting Oversight Board (PCAOB)  was established by the Sarbanes-Oxley Act with it's main purpose being to monitor and oversee auditors as they audit companies so that they may protect the public from false financial information. They set rules and standards that Auditors must follow and these rules in turn have to be approved by the Securities and Exchanges Commission (SEC).

3 0
2 years ago
Jack has deposited $6,000 in a money market account with a variable interest rate. The account compounds the interest monthly. J
ruslelena [56]

Answer: $13,161.264

Explanation:

interest rate after first 3 months 9% for 3 months.

I = P x R x T / 100

Where;

I= interest

P= principal

R= interest Rate

= Time

$6000 x 9% x 3 / 100

= $ 1620

Interest for next 3 months 12%

P= $6000 + $1620 = $7620

I= 7620 x 12% x 3 /100 = $2,743.2

Interest after for last 3 months 9%

P= $7620 + $2743.2 = $10,363.2

I = $10,363.2 x 9% x 3 / 100

= $2798.064

Principal after 9months

= $13,161.264

4 0
1 year ago
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