Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of operations: anuary 2 Issue 110,000 shares of common stock for $70 per share. February 14 Issue 60,000 shares of preferred stock for $12 per share. May 8 Repurchase 11,000 shares of its own common stock for $60 per share. May 31 Reissue 5,500 shares of treasury stock for $65 per share. December 1 Declare a cash dividend on its common stock of $0.25 per share and a $36,000 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December

Record each of these transactions

part 2.

Prepare the stockholders’ equity section of the balance sheet as of December 31, 2021. Net income for the year was $490,000.

Net income and owner's equity for four businesses four different proprietorships, jupiter, mars, saturn, and venus, show the same balance sheet data at the beginning and end of a year. these data, exclusive of the amount of owner's equity, are summarized as follows: total assets total liabilities beginning of the year $550,000 $215,000 end of the year 844,000 320,000 on the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year. (hint: first determine the amount of increase or decrease in owner's equity during the year.) jupiter: the owner had made no additional investments in the business and had made no withdrawals from the business. mars: the owner had made no additional investments in the business but had withdrawn $36,000. saturn: the owner had made an additional investment of $60,000 but had made no withdrawals. venus: the owner had made an additional investment of $60,000 and had withdrawn $36,000. jupiter net income $ mars net income $ saturn net income $ venus net income $

If the economy were in the contracting phase of the business cycle, how might that affect your ability to find work?

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.