Business, 13.03.2020 19:15 RickyGotFanz4867

Use the following information for Questions 38 – 40:

Hopeful Company’s balance sheet is as follows:

Hopeful Company

Balance Sheet, pre-quasi-reorganization

Assets

Liabilities and Equity

Cash

$ 60,000

Loans payable

$1,220,000

Inventories

550,000

Common stock, $10 par

550,000

Property (net)

950,000

Additional paid-in capital

400,000

Retained earnings

(610,000)

Total

$1,560,000

Total

$1,560,000

The company enters into a quasi-reorganization. Pursuant to this plan, inventories are written down by $50,000 and property is reduced by $180,000. The par value of the common stock is reduced to $2/share.

38. After the quasi-reorganization, total assets are reported at:

a. $1,560,000

b. $1,790,000

c. $1,330,000

d. $1,270,000

39. At the completion of the quasi-reorganization process, the balance in additional paid-in capital is:

a. $230,000

b. $0

c. $400,000

d. $ 55,000

40. At the completion of the quasi-reorganization process, the balance in the common stock, $2 par account is:

a. $550,000

b. $440,000

c. $ 55,000

d. $110,000

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 10:30

On july 1, oura corp. made a sale of $ 450,000 to stratus, inc. on account. terms of the sale were 2/10, n/30. stratus makes payment on july 9. oura uses the net method when accounting for sales discounts. ignore cost of goods sold and the reduction of inventory. a. prepare all oura's journal entries. b. what net sales does oura report?

Answers: 2

Answer

Business, 22.06.2019 11:00

Using a cps-sample of 7,440 individuals, you estimate the following regression: = 20.91 - 2.61 x female where female is a binary variable that takes on the value of 1 for females and is 0 otherwise. the standard error on the coefficient on female is 0.25. the 95% confidence interval for the gender wage gap, or the amount that females earn less, is: a) [-3.10, -2.12] b) [18.30, 23.52] c) [-3.02, -2.20] d) [-1.96, -1.64]

Answers: 3

Answer

Business, 22.06.2019 12:30

howard, fine, & howard is an advertising agency. the firm uses an activity-based costing system to allocate overhead costs to its services. information about the firm's activity cost pool rates follows: stooge company was a client of howard, fine, & howard. recently, 7 administrative assistant hours, 3 new ad campaigns, and 8 meeting hours were incurred for the stooge company account. using the activity-based costing system, how much overhead cost would be allocated to the stooge company account?

Answers: 1

Answer

Business, 22.06.2019 16:10

Omnidata uses the annualized income method to determine its quarterly federal income tax payments. it had $100,000, $50,000, and $90,000 of taxable income for the first, second, and third quarters, respectively ($240,000 in total through the first three quarters). what is omnidata's annual estimated taxable income for purposes of calculating the third quarter estimated payment?

Answers: 1

Answer

You know the right answer?

Use the following information for Questions 38 – 40:

Hopeful Company’s balance sheet is...

Questions