On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21. Required:
a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.
b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?

Which one of the following is never part of recording the requisition and issuance of raw materials in a job order cost system? debit finished goods inventory debit manufacturing overhead credit raw materials inventory debit work in process

Aquatic marine stores company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. aquatic uses standard costs to prepare its flexible budget. for the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: direct materials: 3 pounds per unit; $ 6 per pound direct labor: 4 hours per unit; $ 19 per hour during the first quarter, aquatic produced 5 comma 000 units of this product. actual direct materials and direct labor costs were $ 65 comma 000 and $ 330 comma 000, respectively. for the purpose of preparing the flexible budget, calculate the total standard direct materials cost at a production volume of 5 comma 000 units.

Brian has been working for a few years now and has saved a substantial amount of money. he now wants to invest 50 percent of his savings in a bank account where it will be locked for three years and gain interest. which type of bank account should brian open? a. savings account b. money market account c. checking account d. certificate of deposit