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On November 19, 2007, Albatross Corporation purchased 30,000 shares of ABC Corporation stock for $480,000, and 10,000 shares of Milken Corporation stock for $250,000. The Albatross Corporation's management intends to hold all 40,000 shares for a short period of time. On December 31, 2007, the price of ABC Corporation's stock was $13. per share, and the price of Milken Corporation stock was #30. per share. Finally, on January 27, 2008, Albatross Corporation sold all 10,000 shares of ABC Corporation's for $320,000.
In Microsoft Excel format, please prepare a journal with Albatross's entries for November 19, December 31, and January 27.
Octagon Co. appropriately uses the installment sales method of accounting for its installment sales. Prepare journal entries to record the sale, collection, and recognition of gross profit.
Prepare the adjusting entries using good form for each of the following situations as of January 31 (measurement date) for the one month of January
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Draw Jim's budget line (throughout, please put coffee on the vertical axis)-Use a budget line-indifference curve map analysis to explain which pricing scheme Jim prefers.
The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Compa..
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Prepare a schedule of cash collections for January, February, and March and for the quarter in total, Prepare a production budget for January, February, and March and for the quarter in total.
Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order cost system and applies overhead to jobs the basis of direct labor-hours. Prepare journal entries to record Quark's transaction for the month of January. Do not close out..
Determine which of the following is not one of the four conditions that normally must be met for revenue to be recognized according to the revenue principle for accrual basis accounting
Is it possible to deviate from Generally Accepted Accounting Principles (GAAP) and the accounting cycle and still prepare financial statements? What are some possible consequences of this course of action?
You are an employee of BusComm Consulting. Begun as a small business just a few years ago, BusComm has outsourced its payroll and tax accounting and return preparation to Accountpreneurs, a company specializing in accounting support for small busi..
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