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Presented below is information related to Zonker Company.
1. On July 6 Zonker Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is:
Land $ 400,000
Building 1,200,000
Machinery and equipment 800,000
Total $2,400,000
Zonker Company gave 12,500 shares of its $100 par value common stock in exchange. stock had a market value of $168 per share on the date of the purchase of the property.
Equestrain Roads sold $50,000 of goods and accepted the customer's $50,000 10% 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, what would be the debit in this journal entry to record the sale?
Mancini manufactures embroideered jackets. The company prepares flexible budgets and uses standard cost system to control manufacturing costs. The standard unit cost of a jacket is based on static budget volume of 14,000 jackets per month.
On April 3, 2008, Mark filed his 2007 income tax return, which showed a tax due of $80000. On June 1, 2010, he filed an amended return for 2007 that showed an additional tax of $10000. Mark paid the additional amount. On May 18, 2011, Mark filed a..
Prepare the appropriate journal entry to record the June purchases of shares under the employee share purchase plan.
Set up T accounts for cash, accounts receivable, supplies,merchandise inventory, prepaid expense, , equipment, furniture andfixture, accounts payable, notes payable, contributed capital, sales revenue, cost of good sold (expense), advertising expe..
During 2010, Markel had actual outlay of $48,000 for repairs under warranty. Markel employs the expense warranty accrual method-What amount should the company report for estimated liability under warranties at the end of 2010?
Instructions Prepare the general journal entries necessary to record these transactions. Equity transactions. Presented below is information related to Wyrick Company:
Cairo corporation has municipal bonds classified as available for sale at December 31, 2012. These bonds have a par value of $800,000, an amortized cost of $800,000, and a fair value of $740,000.
A corporation has 40,000 shares of $25 par value stock outstanding. If the corporation issues a 4-for-1 stock split, the number of shares outstanding after the split will be
A government incurred expenditures for its infrastructure as follows: $20 million for general repairs; $21 million to extend the life of existing infrastructure; $22 million for improvements and additions. If depreciation is to be charged, the amo..
Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..
Identify and describe the general formula for calculating the adjusted basis of property.
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