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Landon Corporation has issued 2,000 shares of common stock and 400 shares of preferred stock for a lump sum of $72,000 cash.
Instructions
(a) Give the entry for the issuance assuming the par value of the common was $5 and the market value $30, and the par value of the preferred was $40 and the market value $50. (Each valuation is on a per share basis and there are ready markets for each stock.)
(b) Give the entry for the issuance assuming the same facts as (a) above except the preferred stock has no ready market and the common stock has a market value of $25 per share.
During each of the next two years, warner declared and paid cash dividends of $0.85 per share, and its net income was $72,000 and $67,000 for 2007 and 2008, respectively. The January 12, 2009, entry to record the sale of 3,000 shares of warner com..
If the audit engagement team determines that the scope of the investigation is not sufficient to support the preliminary conclusions reached, what additional procedures or inquiries might the engagement team suggest?
Bart transfers land used in his business (held as an investment for 3 years) worth $165,000 (basis of $100,000) and performs managerial services worth $15,000, in return for 30 shares in AB Corp.
Suppose you have been employed into a new firm to oversee the accounting department. Explain what type of financial reports would you expect to see in your department?
The local garden club, an exempt organization, had gross unrelated business income during the year of $15,000. Its costs associated with this income were $9,800. What is its unrelated business income tax?
Upper Darby Park Department is considering a new capital investment. The following information is available on the investment. The cost of the machine will be $200,000.
Suppose that the Lai Jean Co. expects before tax earnings of 5 million this coming year, assuming no liability losses. However, there is a 2 percent chance that Lai will lose a $10 million lawsuit during the year.
If revenues and costs are equally sensitive to exchange rate movements, MNCs may reduce their economic exposure by restructuring their operations to shift the sources of costs or revenues to other locations so that:
When standard manufacturing costs are recorded in the accounts and the cost variances are immaterial at the end of the accounting period, the cost variances should be:
Calculate the multifactor productivity composed of labor and capital units shipped plus finished goods for PCCorp. In place of fixed costs use (sales + finished goods)
Prepare CPA's general journal entry for the cash purchase of CMA's net assets. Do not use implied fair value.
When property is transferred, the gift tax is based on:
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