At december 31, 2015, the balance sheet of meca international included the following shareholders' equity accounts:

shareholders’ equity ($ in millions)

common stock, 95 million shares at $1 par $ 95

paid-in capital—excess of par 470

retained earnings 580

required: assuming that meca international views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. enter your answers in millions (i. e., 10,000,000 should be entered as

1. on february 12, 2016, meca reacquired 2 million common shares at $17 per share.

2. on june 9, 2017, meca reacquired 3 million common shares at $12 per share.

3. on may 25, 2018, meca sold 3 million treasury shares at $20 per share—determine cost as the weighted-average cost of treasury shares.

4. for the previous transaction, assume meca determines the cost of treasury shares by the fifo method.

Transactions on april 1 of the current year, andrea byrd established a business to manage rental property. she completed the following transactions during april: opened a business bank account with a deposit of $45,000 from personal funds. purchased office supplies on account, $2,000. received cash from fees earned for managing rental property, $8,500. paid rent on office and equipment for the month, $5,000. paid creditors on account, $1,375. billed customers for fees earned for managing rental property, $11,250. paid automobile expenses for month, $840, and miscellaneous expenses, $900. paid office salaries, $3,600. determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450. withdrew cash for personal use, $2,000. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300)

Which of the following characteristics are emphasized in the accounting for state and local government entities? i. revenues should be matched with expenditures to measure success or failure of the government entity. ii. there is an emphasis on expendability of resources to accomplish objectives. a. i only b. ii only c. i and ii d. neither i nor ii

Large public water and sewer companies often become monopolies because they benefit from although the company faces high start-up costs, the firm experiences average production costs as it expands and adds more customers. smaller competitors would experience average costs and would be less