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1.During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 170 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Jan. 9 Issued 80 million common shares for $25 per share. Mar. 11 Issued 5,700 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $25 per share. Record entry to common stock and Record the entry of related to the issued equipment. 2. Penne Pharmaceuticals sold 12 million shares of its $5 par common stock to provide funds for research and development. If the issue price is $16 per share, what is the journal entry to record the sale of the shares? (If no entry is required for an event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Record the sale of the shares. 3. Lewelling Company issued 102,000 shares of its $1 par common stock to the Michael Morgan law firm as compensation for 4,200 hours of legal services performed. Morgan's usual rate is $110 per hour. By what amount should Lewelling's paid-in capital-excess of par increase as a result of this transaction?
Two years ago your corporate treasurer purchased for the firm a 20-year bond at its par value of $1,000. The coupon rate on this security is 8 percent. Interest payments are made to bondholders once a year. Currently, bonds of this particular risk..
Given the cash flow stream and lump-sum amounts associated with each, and assuming a 9 percent opportunity cost, which alternative (X or Y) and in which form (cash flow stream or lump-sum amount) would you prefer?
The purchase of a U.S. stock or bond by a foreign investor is: a. A credit item in the current account. b. A debit item in the current account. c. A credit item in the capital account. d. A debit item in the capital account.
Explain procedures for collecting accounting evidence, Explain the use of sampling in performing an examination Evaluate accounting evidence using analytical and inferential tools.
Which of the "decision" are relevant to the auditor's evidence accumulation?
Why is it not possible simply to add together the separately computed earnings per share amounts of individual affiliates in deriving consolidated earnings per share? Explain.
Which of the following statements concerning consolidated financial statements is true?
In a manufacturing company the proper journal entry (without numbers) to record the purchase of direct materials would be:
Carly Manufacturing Company's accounting records reflect the following inventories:
Which audit procedure is most effective in testing credit sales for overstatement?
When a change in the tax law or rates occurs, the effect of the change on a deferred tax liability or asset must be recognized as an adjustment as of the:
The United States' Financial Reputation on an International Level
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