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A company has 20,000 shares of $12 par common stock outstanding. Present entries to record the following:
a. Purchased 3,000 shares of treasurystock at $13. The treasury stock is accountedfor by the cost method.
b. Declared a 1% per share stock dividend.The market price per share at time of declaration was$30.
c. Sold 1500 shares of treasury stock at$15.
d. Issued the stock from (b)above.
e. Purchased equipment for $75,000, paying$25,000 in cash and issuing 4,000 shares of common stock for theequipment.
f. Sold 500 shares of treasury stock at$11.
g. Declared a $1 cash dividend.
On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,193,000 and will take 3 years to complete. The contract price was $3,043,000. The following information pertain..
Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during w..
In August of this year, when the home had a fair market value of $550,000 and he owed $225,000 on the mortgage, he took out a home equity loan for $350,000. David used the funds to purchase a yacht to be used for recreational purposes. What is the..
1. Alpha Co. sold 10,000 shares of common stock, which has a par value of $10, for $13 per share. Their balance in retained earnings in $75,000. Prepare a stockholders' equity section of the company's balance sheet.
Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assured and bad debt losses cannot be reasonably predicted.
On January 31, 2006, the home office of Wall Company collected a trade account receivable of Doris Branch. The accounting for this transaction by Wall Company should include a:
Some, but not all, contributions of goods and services are given accounting recognition. In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognitio..
Explain the areas in which the Adelphia communications engaged in fraudulent financial reporting and the circumstances that led to this
On March 17, Grady Company agrees to accept a 60-day, 9%, $7,200 note from Alert Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the note by Alert Company on the maturity date?
At the end of the year, Roger's share of partnership liabilities increased by $20,000. Roger's basis in the partnership interest at the end of the year is:
Maria Alvarez is investing $300,000 in a fund that earns 8% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 20 years?
Shah, Inc. produces a product that has a variable cost of $6.00 per unit. The company's fixed costs are $30,000. The product sells for $10.00 a unit and the company desires to earn a $20,000 operating profit. What is the volume of sales in units r..
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