Recording journal entrieslightning fast computer company

Assignment Help Financial Accounting
Reference no: EM13356522

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.

Reference no: EM13356522

Questions Cloud

Bank reconciliation statementthe following information is : bank reconciliation statement.the following information is available to reconcile acme co.s book balance of cash with
Preparation of journal entries for payroll accountinggross : preparation of journal entries for payroll accounting.gross pay for the employees of mr. scott corporation for february
Preparation of journal entriesprepare journal entries to : preparation of journal entries.prepare journal entries to record the following transactionsa. purchased 3500 of
Preparation of journal entries to record stock dividend and : preparation of journal entries to record stock dividend and stock split.klein corporations stockholders equity section
Recording journal entrieslightning fast computer company : recording journal entrieslightning fast computer company recently began operations and had the following transactions
Recording journal entries and preparation of balance : recording journal entries and preparation of balance sheet.the post-closing trial balances of two proprietorships on
Recording journal entriesat the beginning of the current : recording journal entriesat the beginning of the current season on april 1 the ledger of four oaks pro shop showed cash
Make or buy production decision makingassume that a : make or buy production decision making.assume that a division of bose makes an electronic component for its speakers.
Wacc and cost of common equitykahn inc has a target capital : wacc and cost of common equitykahn inc. has a target capital structure of 60 common equity and 40 debt to fund its 10

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Compute the past service costs included in net pension

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

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 pointscrumptious spices manufactures a

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

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

Determine the expected return on Barbaras investment

  What would net carrying value of the bonds

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 does your client have a liability that should record

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

Determine the rate and efficiency variances for the variable overhead item power cost and point out whether those variances are unfavorable or favorable.

  How many units should be produced during the first quarter

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?

  Describe iasb conceptual frameworks perspective of users

Which qualitative characteristics of financial reporting, as per the IASB Conceptual Framework, appear not to be satisfied by current reporting practices as per IFRS.

  What is balance of the factory overhead account on july

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

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.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd