User Account

All Pages

As an auditor for the cpa firm of bunge and dodd

Assignment Help Accounting Basics
Reference no: EM131132096

As an auditor for the CPA firm of Bunge and Dodd, you encounter the following situations in auditing different clients.

1. Desi Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 5,000 shares of its $20 par value common stock. The owners' asking price for the land was $120,000, and the fair market value of the land was $115,000.

2. Lucille Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 20,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $250,000.The stock was selling at $12 per share.

Instructions

Prepare the journal entries for each of the situations above.

Reference no: EM131132096

Questions Cloud

Following treasury stock transactions occurred : Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.
Discuss benefits of using an hr scorecard for organizational : Explain what might be included in your HR Scorecard objectives in regards to the following four dimensions: HR deliverables, high-performance work system, HR system alignment, and HR efficiency measures.
Describe the key benefit and the key drawback of using : How can the firm use currency options to hedge foreign-currency exposures resulting from international transactions? Describe the key benefit and the key drawback of using currency options rather than futures and forward contracts.
How must respond to ceo who suggested wait and see approach : For this Discussion, review this week's Learning Resources. Consider the scenario in which you are the new Human Resources Director. How must you respond to the CEO who suggested the "wait and see" approach? Identify what data or information you s..
As an auditor for the cpa firm of bunge and dodd : Lucille Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 20,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale ..
What role if any do call and put options play in the fund : What is an option? Define calls and puts. What role, if any, do call and put options play in the fund-raising activities of the firm?
Differentiate between a hybrid security and a derivative : Differentiate between a hybrid security and a derivative security. How do their uses by the corporation differ?
Leone corporation had the following transactions during : Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate.
Many economists and accountants argue that expensing : Many economists and accountants argue that expensing of options is not necessary because the dilutive impact of options is accounted for by the increased number of shares. Do you agree with them?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Conglomco corporation manufactures and sells widgets for

cost analysissolve problems 1 and 2 based on the information in the following scenario.conglomco corporation

  Statements related to impairments of investments

Of the following statements related to impairments of investments, which is correct?

  A retail store has three departments and does general

a retail store has three departments and does general advertising that benefits all of its departments. advertising

  Definite contract exists and the revenue

Midwest Advertising Agency handles advertising for clients under contracts that require the agency to develop advertising copy and layouts, as well as place advertisements in various media.

  Journal entries and accounting concepts

It is now July 31st. You are continuing to advise Dr. Leo Krusack on basic accounting procedures. His practice had the following transactions during July.

  History of accounting regulations

Find an article in a professional/peer reviewed journal using the library (do not use just a Google search) that discusses the history of accounting regulations.

  Joy elles vegetable market had the following transactions

joy elles vegetable market had the following transactions during 201x1. issued 50000 of par value common stock for

  Computing net cash provided or used by operating activities

A company's income statement showed the following: net income, $124,000; depreciation expense, $30,000; and gain on sale of plant assets, $14,000. Calculate the net cash provided or used by operating activities

  What can a manager learn from the characteristics and

what can a manager learn from the characteristics and activities of this particular team? how might the factors that

  Always a winner ltd is considering expanding its gambling

always a winner ltd. is considering expanding its gambling network. the managing director of the company mr gg has

  Problem regarding the mechanical processing

The production process for Job 1 is automated. Now Job 1 only requires 5 hours of direct labor but 4 hours of mechanical processing. As a result, total overhead increases to $15,000. How much overhead will be assigned to Job 2 after automation?

  Compute total-price and quantity variances for materials

Compute the total, price, and quantity variances for materials - Benjamin Company purchased

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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