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A company is authorized to issue 750,000 shares of $5 par value common stock. Prepare journal entries to record, Jan. 10 sold 102,000 shares of commone stock for $8 cash per share. Jan 15 Exchanged 10,000 shares of common stock for equipment with a market value of $80,000. Feb. 1 Exchanged 500 shares of common stock for $3,000 of legal services incrueed during the company's organization.
Roxanne is an aerobics (Jumping Jacks) instructor. She submitted a list of her business expenses to you. The list includes: DVD player $500; CD Music $500; Leotards and Tights $500; Towels $500; Mats $500. Which expenses would you allow?
Of the following statements related to impairments of investments, which is correct?
Eve's Apples opened business on January 1, 2011, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve..
Jerry transfers two assets to a corporation as part of a Sec. 351 exchange. The first asset has an adjusted basis of $70,000 and a FMV of $50,000. The second asset has an adjusted basis of $70,000 and a FMV of $150,000. The FMV of the stock receiv..
Under the FASB-explain the disclosure requirements for share based compensation. This post should include an example of how the standard should be applied.
Critically evaluate the existing compensation plan and recommend any changes.
Provide the circumstances under which each company chose its strategy. Provide information on how the two companies chosen strategies have affected performance and contributed to success or failure.
For the year ended December 31, 2011, Blake reported income of $63,000 and paid cash dividends of $14,000 on its common stock. What is the proper carrying value of Clyde's investment in Blake at December 31, 2011?
Gert requires 60,000 machine hours and 20,000 direct labor hours, while Mill requires 40,000 machine hours and 30,000 direct labor hours. Using activity-based costing, machining costs assigned to each product is ??
Ferron Corporation's net cash provided by operating activities was $81; its income taxes were $36; its capital expenditures were $34; and its cash dividends were $15. The company's free cash flow was:
On Jan1, 2009, Nana Co. paid $100,000 for 8000 shares of Papa Co. common stock. These securities were classified as trading securities. The ownership in Papa Co. is 10%.
Milton Company provides this information for the month of November, 2007: sales on credit $150,000; cash sales $50,000; sales discount $2,000; and sales returns and allowances $8,000. Prepare the sales revenues section of the income statement base..
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