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During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock.Jan. 10 Issued 80,000 shares fot cash at $6 per share.Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate.July 1 Issued 30,000 shares for cash at $8 per share.Sept. 1 Issued 60,000 shares for cash at $10.a.Prepare the journal entries for these transactions, assuming that the common stock has a par value of $3 per share.b. Prepare the jopurnal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share.
Record the journal entries on Spiniflex Pigeon's books for 2005. Record the journal entries on Waterhole's books for 2005. Record the consolidation working paper elimination entries for the year ended December 31, 2005.
FASB has special rules for reporting on private health care organizations. And of course, if the health care organization is associated with government (as an SPE), then GASB rules. What are the similarities and differences in the accounting pract..
What is the latest date Kelley may reinvest in qualifying replacement property to defer recognition of gain as a result of the involuntary conversion?
Explain how the break-even point and operating leverage are affected by the choice of manufacturing facilities (labor intensive versus capital intensive).
On December 31, 2010, Krypton reported a net income of $735,000 for the year. National Star uses the equity method in accounting for its investment in Krypton Labs.
Cost incurred: $280,000, Billings: $400,000, Collections: $350,000. Calculate the amount of gross profit Muscle Construction should recognize in 2006, using the percentage-of-completion method.
What was the amount of Stoop's earnings that should be included in calculating consolidated diluted earnings per share?
What are the differences in reporting guidance in a for-profit and not-for-profit organization? What are the similarities in reporting guidance in a for-profit and not-for-profit organization?
the sarbanes-oxley act requires that all publicly traded companies maintain a system of internal controls. internal
The main trouble with variable costing is that it ignores the increasing importance of fixed costs in manufacturing companies. Do you agree? Why?
what is the amount of interest expense recorded by Pirate, Inc. in the first year of the asset's life?
Lajod company has an internal audit department consisting of a manager and three staff auditors. The manger of internal audit, in turn, reports to the corporate controller. Copies of audit reports are routinely sent to the audit committee of t..
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