Description
Discuss the following:
- The difference between the cost, par and constructive retirement method.
- For the cost and par value methods, prepare journal entry examples of each using the following information:
- 1000 shares of $5 par stock were sold for $7.
- 500 shares were repurchased at a price of $6.
- The 500 shares were later sold for $3500.
- For the constructive retirement method prepare the following journal entry:
- The shares were retired.
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Cost, par and constructive retirement method
When a company purchases its own shares, it is then called treasury stock. The
management may decide to retire its stock. The methods that can be used to retire the stock are
cost, par and constructive r...
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(Hint: Select cell A3 before freezing panes.)Change the width of column A to 35.00. (Hint: Do not use AutoFit.)Select the range B5:D5 and, using the Fill Handle, fill the range E5:G5 with consecutive months.In cell H6, create a Line Sparkline based on the data in the range B6:G6. Copy the Line Sparkline you created in cell H6 to the range H7:H10.Using the Format Painter, copy the formatting from the range G6:G10 to the range H6:H10.Copy the contents of range B5:G5 to the range B12:G12.Apply the Percentage number format with zero decimal places to the range B13:G13 and the nonadjacent cell B33.Select the merged range A15:A27, and then rotate the cell content to 0 degrees. 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(Hint: Depending on your version of Office, the Sparkline style may appear as Black, Sparkline Style Dark #4.)In the range A31:A32, increase the indent of the cell contents once.Roz would also like to close 2018 with a net commission totaling $30,000, using the estimate that her gross commission rate will be an average of 3.1% (cell B37) from July through December.In cell B40, insert a formula using the NOW function to enter the system current date into the cell, and then apply the Short Date number format (e.g., 5/18/2019).Use the Recommended Charts tool to create a Clustered Column chart based on the range A30:G32 with the following options:Move the chart to its own chart sheet, and then enter Sales Commissions as the name of the new chart sheet. 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In the stacked column chart (with the title Monthly Sales per Item), add Month as the primary horizontal axis title and Sales Amount as the primary vertical axis title.In the stacked column chart (with the title Monthly Sales per Item), change the number format of the vertical axis to Accounting style with zero decimal places.In the 3-D pie chart (titled Share of Total Sales), change the chart style to Style 7 (7th column, 1st row [Mac Hint: 3rd column, 2nd row] of the Chart Styles palette).Add data labels to the 3-D pie chart using the Outside End style.Roz wants to calculate her gross monthly sales commissions. The rule is that she gets a 2.7% commission on the total sales amount every month, and she receives 3.5% if her sales exceeded $80,000 in a given month.If this condition is true, the function should multiply cell B10 by 3.5% to determine Roz’s commission. 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(Hint: Depending on your version of Office, the Sparkline style may appear as Black, Sparkline Style Dark #4.)In the range A31:A32, increase the indent of the cell contents once.Roz would also like to close 2018 with a net commission totaling $30,000, using the estimate that her gross commission rate will be an average of 3.1% (cell B37) from July through December.In cell B40, insert a formula using the NOW function to enter the system current date into the cell, and then apply the Short Date number format (e.g., 5/18/2019).Use the Recommended Charts tool to create a Clustered Column chart based on the range A30:G32 with the following options:Move the chart to its own chart sheet, and then enter Sales Commissions as the name of the new chart sheet. If necessary, reposition the worksheet so it is located after the 2018 Jan-Jun Sales worksheet.Use Sales Commissions 2018 as the chart title.In the clustered column chart add Month as the primary horizontal axis title and Commission as the primary vertical axis title. Switch to the 2018 Jan-Jun Sales worksheet, and then remove the panes from the worksheet. (Hint: Deselect the Split option from the View tab.) In cell B31, create a formula using the IF function to check whether the value of cell B10 is greater than 80000. Copy the formula in B31 to the range C31:G31. In cell B32, enter a formula that multiplies the value of cell B31 (gross monthly commission) by cell B33 (net commission percentage). Use an absolute reference to cell B33 (because the net commission percentage won’t change) and a relative reference to cell B31. Copy the formula in cell B32 to the range C32:G32. Select cell B39, and then use Goal Seek to determine what value of cell B36 (Estimated July-Dec Sales Total) is necessary to set the value of cell B39 to 30000. Leave the result of the Goal Seek analysis as the new value for cell B36. Your workbook should look like the Final Figures on the following pages. (The value in cell B36 generated by the Goal Seek analysis has been intentionally blurred in Final Figure 1.) Save your changes, close the workbook, and then exit Excel. Follow the directions on the SAM website to submit your completed project. Final Figure 1: 2018 Jan-Jun Sales Worksheet Final Figure 2: Sales Commissions Worksheet
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