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Preferred stock (8%, $50 par value) $ 300,000 $ 150,000 Common stock ($10 par value, 80,000 shares authorized, 80,000 shares issued, 10,000 shares in treasury) 800,000 650,000 Additional paid-in capital: Preferred stock 200,000 175,000 Common stock 525,000 300,000 Retained earnings 679,000 505,000 Less: treasury stock 150,000 - Total shareholders' equity $2,654,000 $1,780,000 Required: a. How many shares of common stock were issued during 2010? What was their average issue price? b. How many shares of preferred stock were issued during 2010? What was their average issue price? c. Give the entry for the company's purchase of treasury stock. What was the average repurchase price? d. What was the company's book value at the end of 2009? 2010?
Explain how an auditor defines or describes what a material misstatement would be for a particular client from both a qualitative and quantitative perspective.What is the audit risk model discuss each of the risk factors in this model and the rela..
Over the past year, you earned 11.9% overall on your investments. During that period, the inflation rate was 2.3% and the risk-free of risk-free rate of return was 3.2%. What real rate of return did you earn?
John Smith started a consulting business and completed the following transactions. Prepare all journal entries related to these transactions.
On September 1, 2010, the Baker Company received $44,940 from 4-Most Finance Company. To pay off this loan, the Baker Company will have to pay 4-Most $10,000 each year for 10 years. The first payment is due September 1, 2011. Which interest rate comp..
Assess two major reasons that the Corporate Federal income tax has not been reformed to date, and elaborate on how likely it is to happen in the future. Provide support for your rationale.
The revenue principle states that revenue should be recognized at a point when:
In a business combination in which the total fair value of the identifiable assets acquired over liabilities assumed is greater than the consideration paid, the excess fair value is.
Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.
Roberto Corporation was organized on January 1, 2011. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2011 What is total shareholders' equity at the end of 2011?
At the beginning of the year, Monroe Company estimates annual overhead costs to be $800,000 and that 200,000 machine hours will be operated. Using machine hours as a base, the amount of overhead applied during the year if actual machine hours for ..
Assuming that the City maintains its books and records in a manner to facilitate the preparation of the fund financial statements, what is the appropriate entry in the General Fund to record this sale?
On 12/31/09, the ABC Co. had Retained Earnings of $400,000. During 2010, dividends of $3,000 were paid. There was a net income of $4,000 for the year 2010. What should be the balance in Retained Earnings on the 12/31/10 Balance Sheet?
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