Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $14 par value, 22,200 shares authorized Common stock: $12 par value, 51,700 shares authorized During the year, the following transactions occurred in the order given: a. Issued 39,500 shares of the common stock for $16 per share. b. Sold 7,000 shares of the preferred stock for $20 per share. c. Sold 4,400 shares of the common stock for $19 per share and 2,400 shares of the preferred stock for $30 per share. d. Net income for the year was $52,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year.
Answers
The stockholders' equity section of the balance sheet at the end of the year for Witt Corporation is as follows:
Common Stock: $474,000
Preferred Stock: $98,000
Retained Earnings: $52,000
Total Stockholders' Equity: $624,000
In more detail, the explanation elaborates on how these figures were derived. It starts by explaining the calculation for the common stock, which involves multiplying the number of issued shares (39,500) by the par value per share ($12). This results in a total common stock of $474,000.
Next, the explanation moves on to the preferred stock, outlining the calculation based on the number of issued shares (7,000) and the par value per share ($14), which yields a total preferred stock of $98,000.
The retained earnings section reflects the net income for the year, which is stated as $52,000.
Finally, all the components of stockholders' equity, including common stock, preferred stock, and retained earnings, are added together to obtain the total stockholders' equity of $624,000.
This detailed explanation provides a clear breakdown of how the stockholders' equity section is determined based on the given information and calculations.
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Related Questions
wilson electric reports income tax expense of $151,000. income tax payable at the beginning and end of the year are $20,200 and $25,300, respectively. what is the cash paid for income taxes during the year?
Answers
according to the question $104,700 is the cash paid for income taxes during the year.
Why is there an income tax?An individual must pay the individual income tax, sometimes known as the personal income tax, on all of their annual income, including wages, wages, dividends, interests, and other types of income. The state where the income is derived often levies the tax.
How is income tax such a big deal?Taxes are used by the government to pay for a range of social welfare, including measures to create jobs. The government is responsible for covering the administrative expenses for the different departments' thousands of employees.
Briefing:cash paid = income tax expense - (income tax payable at the beginning + end of the year)
= $151,000 - ($20,200 + $25,300)
= $105,500
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Certain brand names, such as Jacuzzi and Crock-Pot, fear they could become __________, because they are so commonly identified with a specific product category that consumers use these names to refer to any product in that category regardless of the manufacturer.
Answers
The brand names which includes Jacuzzi feared they could become generic names because they are so commonly identified with a specific product category.
Generic names refers to the brand name of a product or goods.
Here, Jacuzzi and Crock-Pot are brand name but people assumed the name are the name for the general product in question.
Therefore, the brand of Jacuzzi and Crock-Pot feared that their brand name could become generic names because they are so commonly identified with a specific product category.
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Answer:
generic names
Explanation:
asar1:sajan commerce business with cash rs150000and furniture rs5000
asar5:purchased goods form raj rs5000 on cash and 10000 on credit.
asar11:good sold to hair for rs10000 on credits.
asar15:cash received from hair rs 5000
Answers
Answer: i think its B
Explanation:
a group of firms manufactures writing implements such as pens, pencils, and markers. this group should be referred to as a(n):
Answers
A group of firms manufactures writing implements such as pens, pencils, and markers. this group should be referred to as an industry.
What is Industry?
Industry, a collection of profitable businesses or establishments that create or provide products, services, or income sources. Industries are typically divided into primary, secondary, tertiary, and quaternary categories in economics; secondary industries are then further divided into heavy and light categories. A set of enterprises or manufacturers that generate a specific type of products or services is known as an industry. Fabrication, design, and sales of cloth are all done by textile workers. Every business part of tourism is included in the tourism industry. Industries are those sectors of the economy involved in the transformation of raw materials into finished commodities. Animal breeding and animal husbandry are both aspects of industry that are concerned with the production or processing of goods and resources. Activities requiring technological know-how and mechanical tools are referred to as industries.To know more about Industry visit:
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cornelius vanderbilt made his fortune in what industry?
Answers
Do you like Mr.Beast why or why not.
Answers
Answer:
yes i do
Explanation:
What is improved oven? in your own words.
Answers
Answer:
improved oven means improved cooking
true or false: minimum legal capital is the least amount that the buyers of stock must contribute to the coporation or be at risk to pay creditors at a future date
Answers
False. Minimum legal capital is the minimum amount of capital that a company must have to legally operate and transact business.
It is typically set by the company's jurisdiction and is considered the company's "legal capital" or "statutory capital". The minimum legal capital is not necessarily related to the stockholders' contributions, and is not at risk to pay creditors at a future date.
The amount of minimum legal capital is used to protect creditors and investors from the risks of company insolvency. It is important for companies to maintain the minimum legal capital, as failure to do so can result in fines, legal action, or even dissolution of the company. Minimum legal capital does not guarantee the success of the company, but it helps to ensure that all stakeholders have a certain level of protection.
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a corporate manager wants to convert the after-tax profit to before-tax profit. which of the following should she do?
Answers
To convert after-tax profit to before-tax profit, the corporate manager should add the amount of taxes paid to the after-tax profit.
After-tax profit represents the profit remaining after deducting taxes from the total profit. To reverse this calculation and obtain the before-tax profit, the taxes paid need to be added back to the after-tax profit. By doing so, the manager can determine the original profit amount before any taxes were subtracted. This is important for various financial analyses and comparisons, such as evaluating pre-tax profitability, assessing tax liabilities, or conducting performance evaluations based on pre-tax figures.
Therefore, to convert after-tax profit to before-tax profit, the manager should add the amount of taxes paid to the after-tax profit.
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An explanation of how your monthly money is getting into the investments (automatic transfers into your investments? Saving up lump sums to invest? Executing a different strategy each month? Something else?)
Answers
The monthly money is getting into investments is through automatic transfers. Many investment platforms offer the option to set up recurring transfers from a checking or savings account to an investment account. This allows for a consistent and disciplined approach to investing.
Some individuals may also choose to save up lump sums to invest, but this strategy can be less effective as it may delay the potential for earning returns on investments. Others may execute a different strategy each month, but this approach can be more difficult to maintain and can potentially lead to inconsistent investment decisions. Overall, automatic transfers are a reliable and efficient way to consistently invest money each month.
1. Automatic transfers: You can set up an automatic transfer from your bank account to your investment account on a specific day each month. This way, a fixed amount of money is regularly invested without any manual intervention.
2. Saving up lump sums: In this approach, you save a certain amount of money each month and then invest it as a lump sum after a specific period (quarterly, bi-annually, or annually). This allows you to time your investments based on market conditions.
3. Executing a different strategy each month: This method involves changing your investment strategy every month, such as investing in different asset classes, varying the amount you invest, or using different investment platforms. This can help diversify your investments and adapt to market changes.
4. Something else: There are various other methods to invest your monthly money, such as using a robo-advisor, investing in employer-sponsored retirement plans, or following an investment strategy recommended by a financial advisor.
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What is NOT a reason why ERP systems are expensive?a) The software is expensive.d) They need organizational changes and change how people work.b) There is an immense amount of work required to implement. e) They do not require business process redesign.c) There are a variety of covert costs like support, training, and project management.
Answers
Answer:
e) They do not require business process redesign.
Explanation:
Enterprise resource planning is a software management system that aims at unifying data in modern businesses thus ensuring a smooth flow of information. Since ERP's do not require a redesign of the business process, but rather improve on them, they in effect save cost for the organizations.
When ERP's are introduced in businesses, the staff will need to be trained on how to use the software. This training and support will come with financial costs. Also, the software itself costs a lot of money and will change the way the business is run.
i need friend on brainly asaPPPPPPPPPPPPPPPPPPPPPPPPPP
plessssssssssssss i neeedd 10000000000kkkkkk
Answers
Answer: can i be your friends
Explanation:
Trade discount is given to encourage buyers make purchases in ____ quantities.
Answers
Answer:
Bulk
Explanation:
Trade discount is the reduction in the retail price of products that arises from bulk sales or purchases.
wang wants to purchase a new computer from best buy. after he purchases the computer, the local best buy store notifies the buyer at corporate headquarters through the:
Answers
Answer:
Wang wants to purchase a new computer from Best Buy. After he purchases the computer, the local Best Buy store notifies the buyer at corporate headquarters through the
Explanation:
The Gourmand Cooking School runs short cooking coutses at its small campess. Menagement has hoemelfied two cont drvers it iners in its budgeting and pertormance reports- the number of cormses and the fotal number of sturdents, Fot example, the cchool might rion two courses in a month and have a total of 65 students enrolled in those two courses. Dota concerning the conpanys cost turitialiss appear below: should average $870 per student: The company planned to fun four coursets with a total of 65 students: however, it actually ran foul courses with a totat of only 59 students. The aclual operating results for September appear below: Required: 1. Preparethe company's planning budget for Septembet 2. Prepare the company's fextble budget for September. 3. Calculate the revenue and spending variances for September:
Answers
1. Company's planning budget for September is $113,400
2. Company's flexible budget for September is $202,920
To prepare the company's planning budget for September, we need to determine the number of courses and the total number of students. The company planned to run four courses with a total of 65 students. The cost per student is $870. Therefore, the total planned revenue for September can be calculated as follows:
Number of courses: 4
Total number of students: 65
Revenue per student: $870
Planned revenue = Number of courses × Total number of students × Revenue per student
Planned revenue = 4 × 65 × $870
Planned revenue = $113,400
2. To prepare the company's flexible budget for September, we need to consider the actual number of courses and students. In September, the company actually ran four courses with a total of 59 students. The cost per student remains the same at $870. Therefore, the total flexible budget revenue for September can be calculated as follows:
Number of courses: 4
Total number of students: 59
Revenue per student: $870
Flexible budget revenue = Number of courses × Total number of students × Revenue per student
Flexible budget revenue = 4 × 59 × $870
Flexible budget revenue = $202,920
3. To calculate the revenue and spending variances for September, we compare the actual results with the flexible budget.
Revenue variance = Actual revenue - Flexible budget revenue
Revenue variance = Actual revenue - $202,920
Spending variance = Actual spending - Flexible budget spending
Spending variance = Actual spending - (Flexible budget revenue / Number of students)
Please provide the actual revenue and spending figures to calculate the variances accurately.
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Complete Question:
4-Strategy should focus PRIMARILY on the organization's: a. shareholders b. customers c. products d. employees
Answers
Answer:
b. customers
Explanation:
The organizational strategy can be understood as a plan that aims to develop action plans so that a company can achieve its objectives and goals, so it is correct to state that the strategy should focus primarily on the organization's customers.
A company exists to satisfy the desires and needs of potential customers, so that is the substantial reason for its existence and where its focus must be, of course, a strategy must understand the organizational whole, its internal and external environment including shareholders, products and employees, but the focus on the customer must be a priority, so that the company has acceptance, value and market positioning.
trout lumber yard has a current accounts receivable balance of $447,016. credit sales for the year just ended were $4,950,605.
Answers
The accounts receivable turnover ratio is calculated by dividing the net credit sales by the average accounts receivable balance. In this case, we first need to calculate the average accounts receivable balance. We can do this by adding the beginning and ending accounts receivable balances for the year and dividing by 2:
Beginning accounts receivable balance = ?
Ending accounts receivable balance = $447,016
Average accounts receivable balance = (Beginning + Ending)/2
Since we don't have the beginning accounts receivable balance, we cannot calculate the average accounts receivable balance or the accounts receivable turnover ratio.
However, if we assume that the beginning accounts receivable balance was zero, then we can calculate the accounts receivable turnover ratio as follows:
Accounts receivable turnover ratio = Net credit sales / Average accounts receivable balance
= $4,950,605 / ($447,016/2) = 22.11
This means that Trout Lumber Yard collects its accounts receivable approximately 22 times per year. However, this calculation is based on the assumption that the beginning accounts receivable balance was zero.
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4. Write 5 examples for each of small, medium and large occupation categories. help please
Answers
Small and mid-size enterprises are businesses that maintain revenues, assets or a number of employees below a certain threshold. Each country has its own definition of what constitutes a small and medium-sized enterprise Certain size criteria must be met and occasionally the industry in which the company operates in is taken into account as well.
what is 349/36 + 34x6
Answers
Answer:
349/36= 9.694
34x6= 204
9.694 + 204= 203.694
the _____ formulates an idea, encodes it as a message, and sends it to another party.
Answers
The sender formulates an idea, encodes it as a message, and sends it to another party.
Who is a sender in a communication process?The sender is an individual, body, or company who starts the communication. This sender who is otherwise known as source is from the ab initio responsible for the success of the code. The sender's experiences, attitudes, knowledge, skill, perceptions, and culture affect or effect the code.
The sender first develops an idea, which is formulated into a message and then transfered to the other party, who interprets the message and receives meaning.
Therefore, the correct answer is as given above
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Sales tax is calculated by multiplying the price of an item by the
withholding amount
income tax
tax rate
Answers
Explain
I am a tax person
Answer:
tax rate
Explanation:
got it right on test
Larry is assisting a buyer who's making an offer on his client's listing. If Larry is too helpful to the buyer, what might occur
Answers
If Larry is too helpful to the buyer, the thing that might occur is an implied agency and undisclosed dual agency
Who is a Buyer?This refers to the person that is interested in or makes a purchase of a certain product for a given price.
Hence, we can see that based on their assistance of Larry to a shopper that is making an offer on an available listing, it can be noted that this is an Implied agency and an undisclosed dual agency because he would make an offer on behalf of the company.
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If you use a student loan to pay for college and drop out, the student loan:
a) disappears because you did not finish college
b) become proportional to how long you stayed in school
c) doubles
d) stays the same. you have to pay the loan whether or not you finish school
Answers
option D, "stays the same. you have to pay the loan whether or not you finish school" is the correct answer.
Why is it?
You use a student loan to pay for college and drop out, you are still responsible for repaying the loan regardless of whether or not you finished school.
The loan does not disappear, nor does it become proportional to how long you stayed in school or double. When you take out a student loan, you sign a loan agreement with the lender that specifies the terms of the loan, including the repayment terms.
Dropping out of college does not change the terms of the agreement, and you are still obligated to repay the full amount of the loan, plus any accrued interest.
Therefore, it is important to consider the financial implications of taking out a student loan and to have a plan for repayment, even if you do not complete your degree.
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Max is using a search engine to do research on trends in his industry when he comes across a website that isn’t necessarily related to his research–but is interesting and engaging. Without realizing it, Max spends over an hour browsing through the webpage’s numerous articles and links. When his boss asks him if his research report will be ready by the end of the day, Max isn’t sure how to respond. He’s hardly done any work–but it’s not like he was purposely avoiding work. He was using the search engine for the purpose of research, after all. It’s not his fault that the search results weren’t very relevant. Max is considering asking his boss for an extension on his deadline so that he can spend more time researching. What do you think? What should Max do?
Answers
In this situation, Max has to first give his boss some advance notice that he wont be able to complete the report before deadline, explain himself briefly as to why that is, then ask for more time to be able to complete the task.
What is a deadline?A deadline indicates that a task or project is anticipated to be finished by that date and time. There is a clear expectation of what must be provided and by when thanks to deadlines. Employees are able to take charge of their work in this way and include deadlines into their time management techniques.
It's critical to schedule deadlines in advance because your work may be delayed. Recognize that some resources might be delayed and that some people might not be available. You may prevent the disaster of missing a deadline by making plans in advance.
Deadlines are crucial in business for a variety of reasons. They establish standards and encourage productive behavior in the workplace.
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Calculate producer surplus for each producer when the price is $20. Instructions: Round your answers to the nearest whole number, Seller Producer surplus Willingness to sell one unit 21 А $ 0.00 B C $ $ 0.00 30 14 $ $ 12 D E F G 51 $ 0.00 23 $ 0.00 Total producer surplus at this price is
Answers
The producer surplus for each producer when the price is $20 is as follows: Producer A: $0, Producer B: $0, Producer C: $10, Producer D: $0, Producer E: $7, Producer F: $0, Producer G: $3. The total producer surplus at this price is $20.
Producer surplus represents the difference between the price at which a producer is willing to sell a unit of a good and the actual price they receive. To calculate the producer surplus for each producer, we need to find the difference between their willingness to sell (reservation price) and the market price of $20.For Producer A and Producer B, their willingness to sell is below the market price, so their producer surplus is $0.Producer C is willing to sell at a price of $30, which is $10 higher than the market price.
Thus, their producer surplus is $10.Producer D, F, and G have a willingness to sell equal to the market price, so their producer surplus is also $0.Producer E is willing to sell at a price of $23, which is $3 lower than the market price. Therefore, their producer surplus is $7.Adding up the individual producer surpluses, we have $0 + $0 + $10 + $0 + $7 + $0 + $3 = $20. Therefore, the total producer surplus at the price of $20 is $20.
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Magazines make most of their money from?
Answers
Answer:
advertisers
Explanation:
There are many Magazines that are published ion the market and becomes popular. Magazines make most of their money from advertiser.
Who is advertiser?An advertiser is the institution, administration, or any person that pays for an advertising attribute or time to demonstrate a convincing promotion or content to the public. Magazines make most of their money from by the means of advertiser.
Therefore, advertiser advertises the content to the public to publish any information.
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Interest payments on a loan can be a significant cost for a business. What happens if in a free market the demand for loans increases significantly?
Answers
In a free market, an increase in demand for loans can lead to higher interest rates due to the limited supply of loanable funds.
In a free market, interest rates are under pressure to rise if loan demand rises considerably. This is because there is a finite amount of money that can be borrowed, and lenders can raise interest rates on borrowers as demand for loans increases.
Higher interest rates may make borrowing more expensive for firms, which may discourage investment and impede economic expansion. As a result, companies could need to change how they approach borrowing, either by taking on less debt or looking for new funding options with lower interest rates.
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Williams travel service pays $100 cash for salaries expense. how would this transaction affect the accounting equation?
Answers
Williams travel service pays $100 cash for salaries expense. Transaction affects the accounting equation by decreasing.
The accounting equation, also known as the balance sheet formula, describes the relationship between the assets, liabilities and equity of a person or company and is the basis of the double-entry bookkeeping system. The total debits equals the total credits for each transaction.
The accounting equation is the formula that states that the sum of a company's liabilities and equity equals its total assets (assets = liabilities + equity).
The three elements of the accounting equation are assets, liabilities and equity. All three of these factors are essential to understanding a company's financial position.
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the relationship between t-bill interest rates and the federal funds rate can be described best by which of the following statements? group of answer choices the federal funds rate is usually several percentage points higher than t-bills rates. t-bill rates have no relationship with the federal funds rate. t-bills rates and the federal funds rate are nearly the same. t-bill rates are, by definition, always higher the the federal funds rate.
Answers
The relationship between t-bill interest rates and the federal funds rate can be described the best t-bill rates have no relationship with the federal funds rate. t-bills rates and the federal funds rate are nearly the same. Thus, option (c) is correct.
The federal funds rate has a stronger impact on T-bill yields. Only the short-term interest rate known as the federal funds rate, which is located at the extreme left of the curve, is directly under the authority of the Federal Reserve.
The term price of Treasury bonds and the federal funds rate have a strong inverse relationship. Other short-term rates of interest rates across the nation's economy are most directly influenced by the Fed funds rate.
Therefore, option (c) is correct.
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This is a method of evaluation in a credit bureau that assigns points based on several factors to compute credit
scores for consumers.
Answers
Answer:
point system
Explanation: