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Part A
Antonuis Ltd directors have decided to issue a prospectus on 25th April, 2011 for 10 million shares at $8.00
It closes on 28th May and requires payment of $2.60 per share on application. Directors allocate shares on 10th June and upon allotment, a further payment of $2.60 per share is required (assume paid in fourteen days from allocation). First and final call is on 17th August when the balance is to be paid, amount to be paid within 14 days (assume all received and recognised on that date).
Prepare all journal entries assuming all application monies recognised on 28th May (including ALL notations and dates). There was an oversubscription for another 300,000 shares and the directors decided to issue share son a "first-come, firstserved" basis
Part B
What is the difference between an "Associate" and a "Subsidiary"? Give an example in your answer. And what is Goodwill and when is that applie
Implement one of the subsequent accounting information system processes:
A company allocates overhead at a rate of 140% of direct labor cost. Actual overhead cost for the current period is $745,000, and direct labor cost is $500,000. Prepare the entry to close over- or underapplied overhead to cost of goods sold
What effect would this have on the firm's output. Finally, suppose that MCL =$20 and P=$50 but that labor productivity (output per labor hour) is expected to increase by 25%over the next 5 years. What effect would this have on the firm's optimal ..
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During this year, Topflight purchased $8,250 worth of store supplies. On December 31, $1,125 worth of store supplies remained. Calculate amount of Topflight Company's store supplies expense for the current year.
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