Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 235,000 Fixed manufacturing overhead cost $ 3,760,000 Variable manufacturing overhead cost per machine-hour $ 2.00
Required:
1. Compute the plantwide predetermined overhead rate.
2. During the year, Job P90 was started, completed, and sold to the customer for $3,900. The following information was available with respect to this job: Direct materials $ 1,794 Direct labor cost $ 1,287 Machine-hours used 86
Compute the total manufacturing cost assigned to Job P90.

Answers

Answer 1

Answer:

Results are below.

Explanation:

To calculate the predetermined manufacturing overhead rate we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (3,760,000 / 235,000) + 2

Predetermined manufacturing overhead rate= $18 per machine hour

Job P90:

Direct materials $ 1,794

Direct labor cost $ 1,287

Machine-hours used 86

We need to allocate overhead costs:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 18*86= $1,548

Total manufacturing costs= 1,548 + 1,794 + 1,287

Total manufacturing costs= $4,629


Related Questions

The calculation for annual depreciation using the straight-line depreciation method is:____.A. Initial cost × Estimated useful life.B. Initial cost / Estimated useful life.C. Depreciable cost × Estimated useful life. D. Depreciable cost / Estimated useful life.

Answers

Answer:

D.

Explanation:

D. Depreciable cost/estimated useful life

you don’t use initial cost because you subtract the salvage value from initial value to get the depreciable costs. And you divide not multiply by the estimated useful life.

Because this market is a monopolistically competitive market, the firm's average cost in long-run equilibrium is the long-run average cost it would achieve as a firm operating in a perfectly competitive market. The production level of a monopolistically competitive firm in long-run equilibrium is the production level of a perfectly competitive firm. This difference in output is predicted by the

Answers

Answer:

The correct answer is "Higher than, Lower than and Excess production theory".

Explanation:

Under Monopolistic Competition:

Average cost = 70

Production level = 50

Under perfect competition:

Average cost = 65

Production level = 70

Excess capacities are a circumstance where an economic performance would be less than the commodity that somehow a company might offer to that same marketplace.Throughout terms of long-lasting balances, the commodity demand of such a monopolistic competition corporation is lesser than that of a complete business entity.

Item 12 Firm X is being acquired by Firm Y for $35,000 cash which is being provided by retained earnings. The synergy of the acquisition is $5,000. Firm X has 2,000 shares of stock outstanding at a price of $16 a share. Firm Y has 10,200 shares of stock outstanding at a price of $46 a share. What is the value of Firm Y after the acquisition

Answers

Answer:

$471,200

Explanation:

Value of firm Y before acquisition = $46 * 10,200 shares

Value of firm Y before acquisition = $469,200

Book value of firm X = $16 * 2,000

Book value of firm X = $32,000

Cash provided to firm X = $35,000

Synergy of the acquisition = $5,000

Value of firm Y after acquisition = $469,200 + ($32,000 - $35,000) + $5,000

Value of firm Y after acquisition = $469,200 - $3,000 + $5,000

Value of firm Y after acquisition = $471,200

Demand is forecast for the next five months as 200, 300, 500, 300, 200. If the production planner decides to adopt a level strategy over the next five months, what quantities of products should be produced?

Answers

Answer:

The quantities of products that should be produced each month are:

300, 300, 300, 300, and 300 respectively.

Explanation:

a) Data and Calculations:

Production Scheduling Based on Level Strategy:

                                  Month 1  Month 2  Month 3  Month 4  Month 5  Total

Beginning Inventory         0         100         100           -100        -100             0

Production                    300        300         300           300        300      1,500

Forecast Demand        200        300         500           300       200       1,500

Ending Inventory          100         100         -100          -100            0              0

b) The implication is that the firm will be running in shortage for two months within the five months period.  This is not ideal to meet customers' demands.  It appears very costly with the holding and shortage costs throughout the period.

On June 30, Collins Management Company purchased land for $640,000 and a building for $960,000, paying $800,000 cash and issuing a 7% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $40,000 on the principal plus the interest accrued from the date of the preceding payment.a. Journalize the entry to record the transaction on June 30. June 30.b. Journalize the entry to record the payment of the first installment on December 31. Dec. 31.c. Journalize the entry to record the payment of the second installment the following June 30. Assume a 360-day year

Answers

Answer:

hhd

soon after the following URLS

Journalize the following transactions.a. On December 1, $13,250 was received for a service contract to be performed from December 1 through April 30. b. Assuming the work is performed evenly throughout the contract period, journalize the adjusting entry required on December 31.

Answers

Answer:

hello didi the code on their own lives r

Answer:

On December 1

$18000 To unearned revenue AC

Explanation:

$18000÷5months

=$3600

1: Một nhà máy khi đầu tư K (đơn vị: nghìn USD), sản phẩm cận biên theo vốn là
Q’(K) = 100K – 1/3
.
Biết rằng với mức đầu tư 8, sản lượng ở mức 4000 đơn vị. Cần đầu tư bao nhiêu để đạt mức sản lượng
8800 đơn vị?
A. 218; B. 212; C. 214; D. 216;

Answers

Mia ski aid kae w sos 241 som 213

Salado Inc. provides cleaning services through its Residential and Commercial divisions. Support services of the company are provided by Personnel and Administration areas. Costs of these two areas are allocated to the revenue producing departments. Personnel costs are allocated using number of employees; administration costs are allocated using direct department costs. The following 2013 budgeted information (presented in a benefits-provided ranking) is available:

Personnel Administration Residential Commericial
Direct costs $140,000 $180,000 $480,000 $800,000
Number of employees 12 30 72 48
Direct labor hours 60,000 90,000
Square feet deaned 450,000 570,000

Required:
a. Using the direct method, allocate the costs of Personnel and Administration to the Residential and Commercial divisions.
b. Using the step method, allocate the costs of Personnel and Administration to the Residential and Commercial divisions.
c. Salado prices jobs by the direct labor hour for Residential services and by the square foot cleaned for Commercial services. Compute the full cost of providing one direct labor hour of service for Residential and for one square foot cleaned for Commercial using (1) the direct method and (2) the step method. (Round cost per hour and cost per square foot to nearest cent.)

Answers

Answer:

Salado Inc.

a. Direct Method Allocation:

                                     Personnel Administration Residential Commercial

Direct costs                   $140,000       $180,000     $480,000   $800,000

Personnel costs             (140,000)                                84,000       56,000

Administration costs                             (180,000)        67,500       112,500

Total allocated costs                                               $631,500   $968,500

b. Step Method Allocation:

                                     Personnel Administration Residential Commercial

Direct costs                   $140,000       $180,000     $480,000   $800,000

Personnel costs             (140,000)          28,000         67,200        44,800

Administration costs                            (208,000)        78,000      130,000

Total allocated costs                                              $625,200   $974,800

c. Full Cost of providing one direct labor hour of service for Residential and Commercial:        

                                         Residential       Commercial

(1) the direct method          $631,500         $968,500

Direct labor hours                 60,000

Square feet cleaned                                     570,000

Unit cost =                            $10.53              $1.70

(2) the step method         $625,200         $974,800

Direct labor hours                60,000

Square feet cleaned                                    570,000

Unit cost =                           $10.42              $1.71

Explanation:

a) Data and Calculations:

                                     Personnel Administration Residential Commercial

Direct costs                   $140,000       $180,000     $480,000   $800,000

Number of employees             12                   30                 72                48

Direct labor hours                                                        60,000        90,000

Square feet deaned                                                  450,000      570,000

Explain the importance of a cross-cultural understanding for international businesses success.​

Answers

Answer:

Cross-cultural communication has become strategically important to companies due to the growth of global business, technology, and the internet. Cross-cultural communication in an organization deals with understanding different business customs, beliefs and communication strategies.

Blanchard Company manufactures a single product that sells for $ 180 per unit and whose total variable costs are $ 126 per unit . The company's annual fixed costs are $ 842,400 . ( 1 ) Prepare a contribution margin Income statement for Blanchard Company showing sales , variable costs , and fixed costs at the break even point . ( 2 ) Assume the company's fixed costs increase by $ 141.000 . What amount of sales ( dollars ) is needed to break even

Answers

Answer:

Part 1

Income Statement at 15,600 units

Sales ($ 180 x 15,600)                                     $2,808,000

Less Variable Costs ($126 x 15,600)             ($1,965,600)

Contribution                                                        $842,400

Less Fixed Costs                                               ($842,400)

Net Income                                                                    $0

Part 2

$3,278,000

Explanation:

Break even (units) = Fixed Cost ÷ Contribution per unit

                               = $ 842,400 ÷ ($ 180 - $126)

                               = 15,600 units

Assume the company's fixed costs increase by $ 141.000

Break even (units) = Fixed Cost ÷ Contribution per unit

                               = ($ 842,400 + $ 141.000) ÷ ($ 180 - $126)

                               = 18,212 units

Break even Revenue = 18,212 x  $ 180 =  $3,278,000

Sturbridge Company manufactures fine furniture and grandfather clocks. Sturbridge has an excellent reputation, and each grandfather clock sells for several thousand dollars. Which of the following should not be treated as direct costs, assuming the cost object is individual clocks?

a. The clock face
b. The timing mechanism for each clock
c. Wood
d. Depreciation on dock-making equipment

Answers

Answer:

D)depreciation on clock making equipment

Explanation:

From the question we are informed about Sturbridge Company manufactures who fine furniture and grandfather clocks. Sturbridge has an excellent reputation, and each grandfather clock sells for several thousand dollars. In this case, all the following should be treated as direct costs, assuming the cost object is individual clocks;

✓ The clock face

✓The timing mechanism for each clock

✓Wood

A direct cost can be regarded as price which can be tied directly to manufacture of particular goods or services. Direct and indirect costs can be regarded as two major types of costs that can be incurred by companies. Direct costs are been regarded as variable costs often, i.e this cost could fluctuate as q result of production levels like inventory.

Assume the risk-free rate is 4%. You are a financial advisor, and must choose one of the funds below to recommend to each of your clients. Whichever fund you recommend, your clients will then combine it with risk-free borrowing and lending depending on their desired level of risk.

Expected Return Volatility
Fund A 10% 10%
Fund B 15% 22%
Fund C 6% 2%

Required:
a. Which fund would you recommend to a client seeking the highest possible expected return with a maximum volatility of 22%?
b. Which fund would you recommend to a client seeking the highest possible expected return with a maximum volatility of 22%?
c. Which fund would your recommend without knowing your clients risk preference?

Answers

Answer:

Following are the solution to the given point.

Explanation:

Calculate each fund's Sharpe ratio. It Fund is the best danger reward with the highest Sharpe ratio.

[tex]\text{Sharpe Ratio} = \frac{\text{(Fund return - \text{risk free return)}}}{Volatility}\\\\\to Fund A= \frac{(10\%-4\%)}{10\%} = 0.6\\\\\to Fund B= \frac{(15\%-4\%)}{22\%} = 0.5\\\\\to Fund C = \frac{(6\%-4\%)}{2\%}=1.0\\\\[/tex]

Fund C consequently offers the best risk-benefit. and without understanding client risk preference, we will advise Fund C for any clients. If a client wants to have a 22 percent minimum volatility, we'll nevertheless propose that Fund C instead of Fund B is available, because an investor can take risk-free rates to the degree that the total portfolio volatility stands at 22 percent and deposit it in Fund C.

Auto Industries Company reported the following on its income statement:
Income before income taxes $420,000
Income tax expense (120,000)
Net income $300,000
If the income statement also shows interest expense equal to $80,000, what is the company's times interest earned ratio?
a. 5 times.
b. 6.25 times.
c. 5.25 times.
d. 8 times.

Answers

Answer:

Option c. 5.25 times is the correct answer.

Explanation:

Below is the calculation:

Income before income tax = $420000

Income tax expenses = 120000 dollars

Net income = $300000

Interest expense = $80000

Interest earned ratio = Earning Before Interest and Taxes / Interest Expenses

Interest earned ratio = 420000 / 80000

Interest earned ratio = 5.25 times

Option c. 5.25 times is the correct answer.

Consumers' Willingness to Pay Musashi: $25 Jacques: $40 Kyoko: $35 Rina: $10 Firms' Costs Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10 Each firm has the capacity to produce only one haircut. For efficiency, should be given. Which businesses should cut hair

Answers

Answer:

For efficiency, 4 haircuts should be given.

If a haircut is to be given, the cost of the haircut to a firm should be less than or equal to the willingness to pay of the customer going there.

Firm A's cost is less than Musashi's willingness to pay so Firm A can cut.  Firm B's cost is less than Jacques's willingness to pay so Firm B can cut.  Firm C's cost is less than Kyoko's willingness to pay so Firm C can cut.  Firm D's cost is equal to Rina's willingness to pay so Firm D can cut.

That makes 4 firms that can cut therefore 4 haircuts.

The business that should cut as shown above are:

Firm AFirm B Firm C Firm D.

Culler Construction Company agreed with the City of Orange Key to build a road. The project was to begin on December 1. One week after the work began, a hurricane struck the site, washing away so much land that the construction would be twice as expensive. As a result, Culler refused to continue the job, unless Orange Key paid a large sum in addition to the initial contract price. A promise by Orange Key to pay more than the original price is:_______

Answers

Answer: D. Enforceable because Culler encountered unforeseen difficulties.

Explanation:

Contractual obligations can be changed if one or both parties encounter unforeseen circumstances that would significantly alter their ability to fulfil their part of the contract.

In this scenario, Culler Construction would incur a significantly higher cost to carry out their side of the contract than what was agreed. The contract can therefore be changed and this change would be enforceable by law. The higher offer by Orange Key is therefore legal and enforceable.

A bond pays annual interest its coupon rate is 9.2% lts value at maturity is $1,000. lt matures in 4 years. Its yield to maturity is currently 6.2%.What is the duration of this bond in years.A. 3.11B. 4.00C. 3.55D. 3.34

Answers

Answer:

Modified = 3.34

Macaulay = 3.55

Explanation:

Given :

Coupon rate = 9.2%

Value to maturity or face value = $1000

Yield to maturity = 6.2%

Years to maturity = 4 years

The bond duration in years cab be obtained using a financial calculator or excel ;

Inputting the values above into a financial calculator :

The modified duration is : 3.340

Tbe Macauley duration : 3.547

As a manager, Alejandro views his organization primarily as people and believes strongly in treating team members well to help them succeed. Which of the following orientations best describes Alejandro's leader orientation?

a. Symbolic orientation.
b. Human Resource orientation.
c. Structural orientation
d. Political orientation.

Answers

Answer:

b. Human Resource orientation.

Explanation:

It is correct to state that the orientation that most describes Alejandro's leader orientation is human resources, as the issue provides us with the information that Alejandro has an organizational vision based mainly on people and on the good direction of employees to help them succeed.

The orientation of human resources is related to the company's philosophy that will guide the behavior of employees and the organizational culture in accordance with the organizational mission and values. When a leader has this type of orientation focused on people, he encourages this behavior and so there is the dissemination of practices that value interpersonal relationships and collaboration, which can bring several benefits to an organization, such as increasing the value of work, greater innovation and productivity.

Bell Corporation reports that at an activity level of 8,700 units, its total variable cost is $653,109, and its total fixed cost is $658,416.
Required: For the activity level of 8,800 units, assume this level is within the relevant range. Compute: the total variable cost, the total fixed cost, the total cost, the average variable cost per unit, the average fixed cost per unit, and the average total cost per unit.
There is not a word length requirement for this question; however, you must show your work.

Answers

Answer:

Bell Corporation

The total variable cost is = $660,616

The total fixed cost is = $658,416

The total cost is = $1,319,032

The average variable cost per unit is = $75.07

The average total cost per unit is = $149.89

Explanation:

a) Data and Calculations:

Current activity level = 8,700 units

Variable cost based on the current activity level = $653,109

Unit variable cost = $75.07 ($653,109/8,700)

Fixed cost = $658,416

At activity level of 8,800 units, since 8,800 units are within the relevant range:

The total variable cost = $660,616 (8,800 * $75.07)

The total fixed cost = $658,416 (same as at 8,700 units)

The total cost = $1,319,032 ($660,616 + $658,416)

The average variable cost per unit = $75.07 ($653,109/8,700)

The average total cost per unit = $149.89 ($1,319,032/8,800)

Business operations Essay​

Answers

Answer:

The description of the given term "Business operations" is provided below.

Explanation:

Together with all measures essential to manage as well as generate money besides your firm, is considered as business operations.Sometimes a component devoted to the industry would be included throughout the marketing strategies, enough so founding members comprehend or recognize the authoritarian leadership style, machinery, personnel, including procedures.

Jason Ford, the CEO of the Green-Plus Company, was known among businesspeople for his qualities of self-discipline, friendliness, caring, courage, compassion, trust, and humility. This example shows that a _______ is a character trait valued as being good.

Answers

Answer: virtue

Explanation:

Virtue is refered to as the behavior whereby one shows high moral standards. It is the quality posseses by someone when the person is morally good.

Since Jason Ford has qualities such as self-discipline, caring, trust, friendliness, courage, compassion, and humility, then virtue can be said to. Be valued as being good.

A market Group of answer choices always requires face-to-face contact between buyer and seller. reflects upsloping demand and downsloping supply curves. is an institution that brings together buyers and sellers. entails the exchange of goods, but not services.

Answers

Answer:

Option C "is an........sellers" is the right answer.

Explanation:

The market is considered as a location wherever vendors as well as purchasers gather together or enable their exchange of goods and commodities of products or even just providers.It could be like a department shop wherever individuals keep in touch throughout real life or virtually like such an internet market, where other businesses and consumers weren’t directly connected.

The provided situation isn't linked to other alternatives. Thus the above response is the right one.

Identify the following costs as fixed or variable:
Costs related to plane trips between Boston, Massachusetts, and San Diego, California, follow. Pilots are paid on a per-trip basis.
a. Pilots’ salaries relative to the number of trips flown.
b. Depreciation relative to the number of planes in service.
c. Cost of refreshments relative to the number of passengers.
d. Pilots’ salaries relative to the number of passengers on a particular trip.
e. Cost of a maintenance check relative to the number of passengers on a particular trip.
f. Fuel costs relative to the number of trips.

Answers

Answer:

In simple words, fixed cost refers to the cost that remain stable every time whereas the variable cost are the costs that changes with every change in the level of operations. Thus, the given expenditures can be categorized as follows :

1. Variable cost

2. Fixed costs

3. Variable costs

4. Fixed cost

5. Fixed cost

6. Variable cost

Which of the following is true of public goods? Question 9 options: a) The market mechanism helps to signal the quantity that is demanded by the public. b) The public sector is guided to produce the correct quantity by market prices. c) Consumption by one person does not preclude consumption of the same good by another person. d) Payment for consumption is efficiently provided by market prices.

Answers

Answer:

c

Explanation:

A public good is a good that is non excludable and non rivalrous.

For example, if there is a statue in a park, Everyone has assess to the statue and because one person is enjoying the view of the statue does not means another person cannot enjoy the view of the statue

Brian and Crystal Alden live in Swarthmore, PA. Their son, Edison, owns his own plumbing business.
For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M).
Check all that apply.
Transaction C I G X M
Crystal gets a new video camera made in the United States.
Brian's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China.
Brian buys a sweater made in Guatemala.
The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.
Edison buys a new set of tools to use in his plumbing business.

Answers

Answer:

Crystal gets a new video camera made in the United States. ⇒ CONSUMPTION.

This was a purchase to satisfy the needs and wants of a household so will fall under consumption.

Brian's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China. ⇒ EXPORTS.

Exports refer to goods and services being sent to another country. Brian is providing services to another country so this is an export.

Brian buys a sweater made in Guatemala. ⇒ CONSUMPTION AND IMPORTS

This was bought to satisfy a household need so is consumption. It was also imported from another country so falls under imports.

The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore. ⇒ GOVERNMENT SPENDING.  

The state government of Pennsylvania is the one that did the spending here so it falls under government spending.

Edison buys a new set of tools to use in his plumbing business. ⇒ INVESTMENT.

This falls under investments as it is a purchase of capital goods that are intended to help in production of goods and services.

A new coffee machine costs $50,850 and the finance office has quoted you an Annual Percentage Rate (APR) of 5.9%, compounded monthly, for 36 months. What is the Effective Annual Rate (EAR)?

Answers

Answer:

6.062189766%

Explanation:

[tex](1+\frac{.059}{12})^{36}=(1+i)^3\\[/tex]

Example of Coping StrategiesYou have an employee who copes with stressful problems by burying his head in the sand and pretending the problem does not exist. You are concerned this approach just delays the inevitable and want him to cope in a way that better addresses the problem head on. Which of the following would be a problem-focused coping strategy?A. Join a support group.B. Adopt a "glass is half full not empty" mentality.C. Hit a punching bag to release the frustration.D. Ask a coworker to help lighten the load.

Answers

Answer:

Coping Strategies

The problem-focused coping strategy would be:

D. Ask a coworker to help lighten the load.

Explanation:

By asking a coworker to lighten the load, the worker has practically admitted that a problem exists and needs to be solved.  The other listed coping strategies merely postpone the evil day when reality will dawn.  Adopting a "glass is half-full not empty" mentality and "hitting a punching bag to release the frustration" sound pretentious. They do not tackle the problem.

The Timberlake Company has the following information for August:

Cost of direct materials used in production $25000
Direct labor 35000
Factory overhead 20000
WIP, August 1 30000
WIP, August 31 25000

Requried:
a. Cost of goods manufactured
b. Cost of goods sold

Answers

Answer:

See below

Explanation:

1. Cost of goods manufactured

= Cost of direct materials uses in production + Direct labor + Factory overhead

= $25,000 + $35,000 + $20,000

= $80,000

2. Cost of goods sold

= Opening stock + Purchases - Closing stock

Or

Gross income = Gross revenue - Cost of goods sold

Hence we are not able to calculate cost of goods sold with the given information.

The Anson Jackson Court (AJC) currently has $150,000 market value (and book value) of perpetual debt outstanding carrying a coupon rate of 6%. Its earnings before interest and taxes (EBIT) are $89,000, and it is a zero growth company. AJC's current cost of equity is 10%, and its tax rate is 25%. The firm has 10,000 shares of common stock outstanding selling at a price per share of $60.00. Refer to the data for Anson Jackson Court (AJC). AJC is considering moving to a capital structure that is comprised of 25% debt and 75% equity, based on market values. The new funds would be used to replace the old debt and to repurchase stock. It is estimated that the increase in risk resulting from the additional leverage would cause the required rate of return on debt to rise to 6.56%, while the required rate of return on equity would rise to 10.07%. If this plan were carried out, what would be AJC's new WACC and total value

Answers

Answer:

The answer is "8.78%; $760,034"

Explanation:

Please find the complete solution in the attached file.

Which of the following assets purchased in the current year are eligible to be expensed under Section 179 assuming the cost does NOT exceed the limitations?

Rex’s Wrecks purchased $561,000 in new equipment during 2017. Rex wants to use Section 179 to expense the maximum amount of the purchase. How much will Rex get to expense under Section 179 and what will be the adjusted basis of the assets for calculating MACRS depreciation expense?

Answers

Question 1 Completion with Options:

A. used equipment

B. storage warehouse

C. land for future building site

D. new office furniture

E. apartment complex

F. new delivery truck

Answer:

1. The assets purchased in the current year that are eligible to be expensed under Section 179 assuming the cost does NOT exceed the limitations are:

A. used equipment

D. new office furniture

F. new delivery truck

2. $561,000 is the maximum to be expensed with an adjusted basis of 100% for MACRS

Explanation:

There is a maximum deduction of $1,050,000 under section 179. The section affords eligible taxpayers the opportunity to reduce their tax burden in the first year that they purchase eligible properties.

Journalize the entries to record the following transactions for Mountain Realty Inc.:
Aug.26 Issued for cash 128,000 shares of no-par common stock The stock outstanding when a corporation has issued only one class of stock. (with a stated value of $5) at $6.
Oct.1 Issued at par value 41,000 shares of preferred 1% stock, $10 par The monetary amount printed on a stock certificate. for cash.
Nov. 30 Issued for cash 17,000 shares of preferred 1% stock, $10 par at $11

Answers

Answer and Explanation:

The journal entries are shown below"

On Aug 26

Cash Dr $768,000

         To Common stock $640,000

         To Additional paid in capital $128,000

(Being issuance of the common stock is recorded)

On Oct 1

Cash Dr $410,000

        To preferred stock $410,000

(Being the issuance of the preferred stock is recorded)

On Nov 30

Cash Dr $187,000

         To Common stock $170,000

         To Additional paid in capital $17,000

(Being issuance of the common stock is recorded)

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