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In June 2013, a company repurchased 10,000 shares of stock at a price of $10 per share. In July 2013, the company sold 5,000 of those treasury shares for $8 per share. What is the correct journal entry for the July 2013 sale of the treasury shares?
Dr. Cash 40,000
Dr. APIC 10,000
Cr. Treasury Stock 50,000
Cr. APIC 40,000
Cr. Treasury Stock 40,000
Dr. Loss on sale 10,000
Dr. Cash 50,000
Compute the gross profit rate. (Round your percentage answers to 1 decimal place. i.e. 0.1234 as 12.3%.) Gross profit rate_______% Compute the net income as a percentage of net sales. (Round your percentage answers to 1 decimal place. i.e. 0.1234 as ..
Toolings reports net sales of $325,000, gross profit of $175,000 and net income of $15,000. The company has a cost of goods sold of:
Finley Corp had income from continuing operations of $11,200,000 in 2014. During 2014, it disposed of its restaurant division at an after tax loss of $206,300. Prior to disposal the division operated at a loss of $393,700 (net of tax) in 2014. Finley..
don is the owner of a large apartment complex that was built 30 years ago. as complex is in serious need of renovation
A piece of equipment costs $38,000, and is expected to generate $8,200 of annual cash revenues and $1,800 of annual cash expenses. The disposal value at the end of the estimated 8-year life is $2,000. Ignoring income taxes, the payback period is:
Would a merger or acquisition affect Mr. Jones’ ability to change Smithon’s fiscal year-end to a calendar year-end? Could Smithon be converted to an S corporation?
Ramirez Corporation sells two types of computer chips. The sales mix is 30% (Q-Chip) and 70% (Q-Chip Plus). Q-Chip has variable costs per unit of $36 and a selling price of $60. Q-Chip Plus has variable costs per unit of $42 and a selling price of $7..
general corporation employs a job order cost system. on may 1 the following balances were extracted from the general
Behind the United States, the world's second largest emitter of energy-related emissions is and which of the following regions has the largest crude oil and natural gas reserves
Which of the following is part of a perform balance sheet. (a) Current asset (b) Gross profit (c) Cost of goods sold (d) Cash flow from investing activities
at 31st december 2012 vermont industries reported three temporary differences between accounting and taxable income
Journalize the entries to record the operations, identifying each entry by letter. Compute the July 31 balances of the inventory accounts. Compute the July 31 balances of the factory overhead accounts.
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