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Minor Company, is authorized to sell 1,200,000 shares of $10 par value common stock and 60,000 shares of $100 par value 6 percent preferred stock. As of the end of the current year, the company has actually sold 550,000 shares of common stock at $12 per share and 40,000 shares of preferred stock at $110 per share. In addition, of the 550,000 shares of common that have been sold, 25,000 shares have been repurchased at $23 per share and are currently being held in treasury to be used to meet the future requirements of a stock option plan that the company intends to implement. a. Prepare the general journal entries required to record all of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
a. dryer manufacturing produces and sells containers designed to hold liquid beverages. the sales budget for 2011 is as
western wood products has two production departments cutting and assembly. the company has been using a single
Wyoming Sports Equipment issued a $3 cumulative preferred stock issue. In 2007, the firm's board of directors voted to omit dividends for both the company's common stock and its preferred stock issues. Also, the corporation's board of directors vo..
Battle Tank, Inc. had net sales in 2004 of $1,200,000. At December 31, 2004, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,100 credit.
J-mart and Buy-Lo are two companies that sell identical products. They are located in different parts of the same city. During September, J-mart sold $25,000 of goods, while Buy-Lo sold $19,000.J-mart's profit was $9,000, and Buy -Lo profit was $3..
paint more llc has organized a new division to manufacture and sell specialty paint. the divisions monthly costs are
clopack company manufactures one product that goes through one processing department called mixing. all raw materials
explain where each of the following items would appear on a multiple-step income statement. gain on disposal of plant
on january 1 2014 hammer company listed the following shareholders equity section of its balance sheetcontributed
are the stocksof different companies equally risky? ifnot what are some factors that would cause a companys stockto be
supreme sales company which sells only on account had a 100000 balance in its accounts receivable and a 4000 balance in
The management of Crail Corporation is considering a project that would require an initial investment of $51,000. No other cash outflows would be required. The present value of the cash inflows would be $60,180. The profitability index of the proj..
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