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Westin Corporation had the following transaction.
a) Issued 3,500 shares of common stock with a stated value of $12 for $85,000.
b) Issue 1,600 shares of $90 par preferred stock at $110 for cash.
Instructions:
Prepare the journal entries to record the above stock transactions.
The deferred tax expense is the: a. increase in balance of deferred tax asset minus the increase in balance of deferred tax liability. b. increase in balance of deferred tax liability minus the increase in balance of deferred tax asset.
Compute Dow's earnings per share for the year ended December 31, 2011. (Do not round intermediate calculations. Round your answers to 2 decimal places.
The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.
Compute the depreciation for each of the three years, assuming the use of units-of-production depreciation.
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Explain why the quantity purchased is used in computing the direct materials price variance, but the actual quantity consumed is used in computing the direct materials quantity variance.
Maxey company had current and noncurrent liabilities of $50,000 and $150,000, respectively. The company's current assets were $76,000, out of a total asset figure of $424,000. Calculate the company's debt ratio.
Explain the impact of tax treatment legislation on employee disposable income and employer profits.
Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $2,000 to Jones and $1,500 to Thompson. Capital balances on January..
During 2012, Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Construction Company in Cincinnati, Ohio, and earned $22,000. The state unemployment rate for Rowland is 4.6%.
What are the two methods for accounting for purchase discounts?
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