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I need answer for number 40. Thanks 38. Barkley's Resort had 2,000 shares of $20 par value common stock outstanding. On June 1, Barkley's purchased
I need answer for number 40. Thanks
38. Barkley's Resort had 2,000 shares of $20 par value common stock outstanding. On June 1, Barkley's purchased 200 shares of treasury stock for $21 per share and later reissued them for $22 per share. What amount of profit from the re- issuance will be reported on the income statement? A) $400 B) $200 C) $100 D) SO 39.Action Travel has 10 employees each working 40 hours per week and earning $20 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% and unemployment taxes are 3.8% of the first $7,0OC earned per employee. What is the actual direct deposit of payroll for the first week of January? A). $5,404. B). $5,708. C). $4,792. D). $8,000. 40. A corporation had 50,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is: Retained Earnings Common Stock Dividend Distributable 135,000 135,000 AStep by Step Solution
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