Donielle opened a revolving line of credit with a $4,000 credit limit. How much does she

On January 1, 2020, the Oriole Company had $2,990,000 of $10 par value common stock outstanding that was issued at par and Retai

amm1812

Answer:

Oriole Company

Journal Entries:

July 1:

Debit Cash Account $2,336,000

Credit Common Stock $1,460,000

Credit Paid-in In Excess of Common Stock $876,000

To record the issuance of 146,000 shares of common stock, par $10 at $16 per share.

December 15:

Debit Retained Earnings $445,000

Stock Dividends Payable $445,000

To record the declaration of a 10% stock dividend.

Explanation:

a) Stockholders of record on December 31, 2020:

Number of shares in issue at beginning 299,000

Number of shares issued on July 1 146,000

Total 445,000

10% of 445,000 = 44,500 shares

b) Stock Dividends declared on December 15 will result to the issuance of 44,500 shares to stockholders. To finance this stock dividend, the Retained Earnings account is debited while the Stock Dividends Payable is credited. When the shares are issued on January 15, the Stock Dividends Payable (Distributable) will be debited and the Common Stock credited with the par value. The market price of $17 does not affect the company's records.

8 0

2 years ago

Teagan wants to buy a new refrigerator. The refrigerator costs $1650. Teagan decides to finance the refrigerator for 24 months a

sukhopar [10]

Answer:

$78.06

Explanation:

For computing the monthly payment we need to apply the PMT formula i.e. to be shown in the attachment below:

Given that,

Present value = $1,650

Future value or Face value = $0

RATE = 12.5% ÷ 12 = 1.0416%

NPER = 24 months

The formula is shown below:

= PMT(RATE;NPER;-PV;FV;type)

The present value come in negative

So, after applying the above formula, the monthly payment is $78.06

7 0

2 years ago

Which of the following is NOT a principle of ORM? A ) Make risk decisions at the right level. B ) Anticipate and manage risk by

snow_lady [41]

Answer:

The correct answer to the following question is option D) Eliminate risk through application of ORM( which stands for operational risk management ).

Explanation:

Operational risk management can be defined as the continuous cyclical process which consists of risk decision, implementation of risk controls, risk assessment and risk decision making, which would help in mitigation, avoidance and acceptance of risk.

The four principle included in this are -

1) Accepting risk only when the benefits out weights the cost.

2) Anticipating and managing risk by proper planning.

3) Making right decisions at right time and at right level.

4) Anticipate no unnecessary risk.

8 0

2 years ago

Which of these statements about the production order quantity model is FALSE? The production order quantity model is appropriate

Rzqust [24]

Answer:

Question is written again to add options:

A. The production order quantity model is appropriate when the assumptions of the basic EOQ model are met, except that receipt is noninstantaneous.

B. Average inventory is more than one-half of the production order quantity.

C. Because receipt is noninstantaneous, some units are used immediately and not stored in inventory.

D. All else equal, the smaller the ratio of demand rate to production rate, the smaller is the production order quantity.

E. None of these is false.

The correct answer is option B "Average inventory is more than one-half of the production order quantity."

Explanation:

With an inventory, it is possible to separate parts of the production process , to separate assets from goods are yet to be produced or are already produced that could serve as a source of income for a company.

An average inventory is less than one-half of the production order quantity.

The production order quantity model doesn't make it possible for the ordered quantity to be received at one time.

The production order quantity model helps a company on how to manage inventory holding costs and the average fixed ordering cost, thereby making it possible for a company to check and minimize its inventory cost and to have a guide on what quantity to produce at every point in time.

6 0

2 years ago

Assuming a routine manufacturing activity, present journal entries (account titles only) for each of the following transactions:

trasher [3.6K]

Answer:

Explanation: Journal Entries

a. Purchased material on account

Debit: Materials Purchases

Credit: Account payable

b. Recorded wages payable

Debit: Wages

Credit: Wage payable

c. Requisitioned both direct material and indirect material.

Debit: Manufacturing overhead

Credit: Raw material inventory

d. Assigned direct and indirect labor costs.

Debit: Manufacturing overhead

Credit: Labour costs

e. Recorded factory depreciation

Debit : Depreciation expense

Credit: Accumulated depreciation

-accrued factory property tax.

Debit: Property tax expense

Credit: Accrued Tax

f. Applied manufacturing overhead to production.

Debit: Production expenses

Credit: manufacturing overhead

g. Completed work on products.

Debit: finished goods inventory

Credit: work in process inventory

h. Sold finished goods on account.

Debit: Account receivable

Credit: Sales

i. Paid wages

Debit: Wages

Credit: cash/bank

8 0

2 years ago