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Prepare journal entries in good form for the following transactions for the Goodland Company. Omit explanations. (So that a line won't be automatically skipped, you may hold the shift & enter.)
a. The owner invested cash of $14,000 and office equipment valued at $6,500 in the business and received common stock in exchange.
b. Supplies were purchased on account for $1,000.
c. Payment of $750 was made for one month's rent on the store.
d. A client was billed $1,500 for services rendered.
e. The company declared and paid a cash dividend of $300.
Assume that a company purchases land for $1,000,000, paying $400,000 in cash and borrowing the remainder with a long-term notes payable. How should this transaction be reported on a statement of cash flows?
Is the WACC an average concept or a marginal concept in your opinion? Should we use the historical WACC or the marginal WACC as the appropriate rate to use in capital budgeting analyses?
What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why?
Section 351 allows the tax-free creation of a corporation, or, rather, the tax free contribution of money or property to a corporation in exchange for stock in that corporation.
The SEC and its European equivalent are trying to merge their respective views of GAAP (Generally Accepted Accounting Principles). What are the easy points and what are the stumbling blocks?
The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for tables and chairs from schools and businesses.
Texark Inc., a calendar year taxpayer, reported $5,210,300 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information.
Which of the following is not acceptable in estimating uncollectible accounts receivable under GAAP?
Swagelok Enterprises is manufacturer of miniature fittings and valves. Over a 5-year period, the costs associated with one product line were given below:
Prepare the journal entry to record each of the following independent transaction. (Use the number of the transaction in lieu of a date for identification purposes.)
Brian purchased 500 shares of the substantially identical stock for $3,000. What is the tax effect fir Brian as well as what will be the basis of each of four batches of new stock?
Illustrate the effect on the account and financial statements of paying and recording the March 17th payroll. Determine the following amounts of the employer payroll taxes related to the March 17th payroll: a) FICA tax payable b)state unemployment t..
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