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1.During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 170 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Jan. 9 Issued 80 million common shares for $25 per share. Mar. 11 Issued 5,700 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $25 per share. Record entry to common stock and Record the entry of related to the issued equipment. 2. Penne Pharmaceuticals sold 12 million shares of its $5 par common stock to provide funds for research and development. If the issue price is $16 per share, what is the journal entry to record the sale of the shares? (If no entry is required for an 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 10). Record the sale of the shares. 3. Lewelling Company issued 102,000 shares of its $1 par common stock to the Michael Morgan law firm as compensation for 4,200 hours of legal services performed. Morgan's usual rate is $110 per hour. By what amount should Lewelling's paid-in capital-excess of par increase as a result of this transaction?
Determine the effect on EZ's accounting equation relative to the sale, collections, and write-offs of accounts receivable during 1007. What is the net realizable value of accounts receivable on December 31, 2007, under each assumption in part (2)?
A new sales representative, Mark Yount, has just received this copy of the month-end fincnail reports. He is puzzled by the term "unearned revenue." He left the following email message for you on the company's bulletin board system: What is this?
Quail issued $200,000 of its 10-year 12% bonds for $224,924 on October 1, 2010. The effective rate on the bonds was 10% and interest is paid each October 1 and April 1. Assuming Quail uses the effective interest method, the adjusting entry on Dece..
A useful tool in financial statement analysis is the common-size financial statement. What does this tool enable the financial analyst to do?
Discuss the potential risks of adopting lean production. Does its application depend on company culture and business condition?
For January, February, and March, prepare a schedule of monthly cash receipts, monthly cash payments, and a complete monthly cashbudget with borrowings and repayments.
Cheng Company traded a used truck for a new truck. The used truck cost $30,000 and has accumulated depreciation of $27,000. The new truck is worth $37,000. Cheng also made a cash payment of $36,000. Prepare Cheng's entry to record the exchange.
Lab Kennels, Inc. and Wolman Developers have agreed to exchange two parcels of land and each will assume the other's mortgage on the parcel acquired. Lab owns 500 acres within city limits that has a value of $750,000 and a basis of $300,000.
Why is cost accumulation simpler in a process costing system than it is in a job-order costing system?
Assuming that interest is computed annually, at what carrying value should the total liability for these bonds be reported two years later on December 31, 2012, if the effective-interest method of amortization is used?
If you were given complete authority, how would you propose that generally accepted accounting principles (GAAP) should be developed and enforced in comparison with how the principles are now developed? What issues do you see with the way the curr..
The company places raw materials orders 10 times per month, 2 times for raw materials for sweaters and the remainder for raw materials for jackets. How much of the order processing overhead should be allocated to jackets?
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