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1. Discuss the basic accounting problem that arises in handling each of the following situations.
(a) Assets purchased by issuance of capital stock.
(b) Acquisition of plant assets by gift or donation.
(c) Purchase of a plant asset subject to a cash discount.
(d) Assets purchased on a long-term credit basis.
(e) A group of assets acquired for a lump sum.
(f) An asset traded in or exchanged for another asset.
Nontaxable stock dividends result in: a. A higher cost per share for all shares than before the stock dividend. b. A lower cost per share for all shares than before the stock dividend.
WHAT ARE THE JOURNAL ENTRIES
George Lynch invests $4,394 cash in a small welding business of which he is the sole proprietor.
1. 7550 a year at the end of each of the next 8 years2. 48350 lump sum now3. 100050 lump sum 8 years from nowcalculate
Activities of Sam Club Company for the first quarter of the current yea
Assume that the allowance for doubtful accounts for Wigs Plus has a credit balance of $1,710 before adjustment on December 31, 2009. Journalize the adjustment for uncollectible accounts.
homeguard insurance company takes ten days to make payments oninsurance claims. claims are processed through
Suppose the price level is fixed, the MPC is .5, and the GDP gap is a negative $100 billion. To achieve full-employment output (exactly), government should:
laudermilk produces dairy equipment. most of its jobs have a number of units per job. the company has two different
Kerry Company has 1,000 shares of $100 par value, 9% preferred stock and 10,000 shares of $10 par value common stock outstanding. The preferred stock is cumulative and nonparticipating. Dividends were paid in 2010. Since 2010, Kerry has declared a..
Access the SEC EDGAR database (www.sec.gov) and retrieve Polaris 2011 10-K (filed February 27, 2012).
The partners share equally in partnership capital, income, gain, loss, deduction, and credit and capital is not a material income-producing factor.
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