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Journalizing corporate transactions and preparing the stockholders' equitysection of the balance sheet [20-25 min]B-Mobile Wireless needed additional capital to expand, so the business incorporated.The charter from the state of Georgia authorizes B-Mobile to issue 70,000 sharesof 5%, $100-par preferred stock, and 110,000 shares of no-par common stock.B-Mobile completed the following transactions:
October 2 Issued 19,000 shares of common stock for equipment with a market valueof $110,000.6 Issued 800 shares of preferred stock to acquire a patent with a marketvalue of $80,000.9 Issued 15,000 shares of common stock for cash of $90,000
Requirements1. Record the transactions in the general journal.2. Prepare the stockholders' equity section of the B-Mobile balance sheet atOctober 31. The ending balance of Retained earnings is $92,000
Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2007, to record subscription revenue earned in December 2007. Prepare the adjusting entry at March 31, 2008, to record subscription revenu..
Required: Compute the target cost of a CD player. Loyola International, Inc. is considering adding a portable CD player to its product line. Management believes that in order to be competitive,
Assuming that Seneca starts to supply new customers-large discounters and supermarkets outisde its local region-what ABC systems would be helpful to guide the profitability of the strategy and assist Seneca managers in making decisions?
A rug manufacturer has decided to use 7 compatible colors in her rugs. However, in weaving a rug, only 5 spindles can be used. In advertising, the rug manufacturer wants to indicate the number of different color groupings for sale.
What amount of bad debts expense will Hamilton Company report if it uses the direct write-off method of accounting for bad debts?
Flores Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting.
Calculate the NPV, and the Profitability Index (PI) for this project. Should this project be undertaken?
Describe the process of selecting and evaluating a sample. Why is sampling important to business? Are there situations in business where sampling would not be effective?
Which of the following assets would be considered 1231 property?
Stahl Consulting started the year with total assets of $20,000 and total liabilities of $5,000. During the year, the business recorded $16,000 in catering revenues and $8,000 in expenses.
A friend has $950 that has been saved from her part-time job. She will need her money-Calculate the interest earned on the savings account for six months.
Prepare a pension worksheet for the pension plan in 2008. Prepare any journal entry(ies) related to the pension plan that would be needed at December 31,2008. Prepare a pension worksheet for 2009 and any journal entry(ies) related to the pension plan..
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