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Recording Journal Entries
Lightning Fast Computer Company recently began operations and had the following transactions related to common stock. Prepare journal entries for each transaction.
a. 16,000 shares of $2 par value common stock were sold at a price of $25 a share.
b. 1,500 shares of common stock were reacquired by the issuing firm at $45 per share.
c. A dividend of $6 per share was declared and paid.
d. a 10% stock dividend was declared and distributed when the market price per share was $40.
Calculate the past service costs included in 2009 net pension expense (or revenue) under IAS 19. Compute the past service costs included in 2009 net pension expense (or revenue) under US GAAP
How many pupils do Molly and Kathleen need to enroll in their class to break even and If Molly and Kathleen want to make a profit of $5,000 for the summer, how many pupils do they need to enroll?
find the reorder point.scrumptious spices manufactures a special blend of beef marinade. the company buys one of the
Why not use trial balance to report financial information internally and externally? What limitations does it have over formal financial statements?
Determine the expected return on Barbaras investment
Assuming that Little uses the straight-line method of amortization and that the bonds are appropriately classified as available-for-sale, what would net carrying value of the bonds be shown as on Little's December 31, 2007, balance sheet?
Discuss d oes your client have a liability that should be recorded at December 31? Prepare a journal entry(ies), if required, to reflect any accounting adjustment required. Assume a perpetual inventory system is used by your client.
Determine the rate and efficiency variances for the variable overhead item power cost and point out whether those variances are unfavorable or favorable.
Inventory at the beginning of the year was 20,400 units. The finished goods inventory at the end of each quarter is to equal 34% of the next quarter's budgeted unit sales. How many units should be produced during the first quarter?
Which qualitative characteristics of financial reporting, as per the IASB Conceptual Framework, appear not to be satisfied by current reporting practices as per IFRS.
Prepare the journal entries to record (1) the application of factory overhead to production during July and (2) the jobs completed during July. What is balance of the factory overhead account on July 31?
Compute the cost of civilian and military versions of Model KV10 using both direct labor dollars and machine hours as alternative allocation bases. Explain why Pelton Instruments may decide to use direct labor as an overhead allocation base.
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