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The following transactions occurred during the year for Sugarland LLC:
1. Incurred an operating loss of $2,800 million
2. Declared and paid the regular dividend to its common shareholders
3. Repurchased 200,000 shares of common stock
4. Executed a 1-for-2 reverse stock split to raise its common share price
5. Issued treasury shares to executives who exercised their stock options
Identify whether each transaction will increase, decrease, or have no effect on total shareholders' equity. Identify which shareholders' equity accounts will be affected by each transaction and indicate whether each account will increase, decrease, or remain unchanged.
In 2016, the Calimari Company used a predetermined manufacturing overhead rate of $5 per machine hour. Information for the year is as follows: Indirect materials $15471 Indirect labor $13,750 Plant depreciation $4,800 Plant utilities and insurance $1..
Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on December 31, 2014. During 2015, Lonergan, Inc., distributes $140,000 to its shareholders, while sustaining an ordinary loss of $..
An investor in Canada purchased 100 shares of IBM on January 1 at $93.00 per share. IBM paid an annual dividend of $0.72 on December 31st. The stock was sold that day as well for $100.25.
The 10,000 balance in long-term note payable account is the balance owing from 100,000, 6% note that requires quarterly payments of 5,000 plus accrued interest on the unpaid balance. The balance sheet (computer aging) method is used to estimate the b..
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Cost classification into R&D, Design, Production, Marketing, Distribution, Customer service and Classify each cost item of Ripon Printers into one of the business functions of the value chain
Schreiner, a cotton farmer, agreed over the telephone to sell 150 bales of cotton to Loeb & Co. Schreiner had sold cotton to Loeb & Co. Four months later, when the price of cotton had doubled, Loeb & Co. sought to enforce the contract. Schreiner argu..
On July 1 of the current year, Marcia purchases a new home and borrows $320,000. Marcia is required to pay two points on the loan. The loan is secured by the residence and the charging of points is an established business practice in the area. The te..
Katherine’s Department Store had net income of $6,028,000. Interest expense was $2,260,500, and the company’s tax rate on income was 30 percent
Identify each cost as direct materials, direct labor, factory overhead, selling expense, or administrative expense.
QM Industries is a large publicly listed company is the market leader in robotic technology. The company is looking to set up a manufacturing plant overseas to produce a new line of domestic robots. This will be a six year project. Calculate the proj..
A well-designed AIS should provide adequate controls in the general ledger and reporting system (or any cycle) to ensure that control objectives are met. Discuss those control objectives. What are the major exposures in the general ledger/financial r..
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