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Journalize the following selected transactions completed during the current fiscal year:Jan 3: The board of directors reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 400,000.Jan 22: Declared a dividend of $1.50 per share on the outstanding shares of common stock.Feb 8: Paid the dividend declared on Jan 22Sep 1: Declared a 5% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $30)Oct 1: Issued the certificates for the common stock dividend declared on Sep 1
What is the relationship between receivables and cash? What is their influence on liquidity and solvency? How do they affect competitiveness? Why are sales revenue and gross margin so important?
How should internal auditors help, if at all, with forensic accounting investigations?
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
Damons uses the allowance method to account for uncollectible receivables. At the beginning of the year, allowance for doubtful accounts had a debit balance of $100. During the year you recorded bad debt expense of $1,800 and wrote off bad receiva..
Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction?
Instructions, (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts. (c) Prepare a post-closing trial balance at April 30.
What accounts does a company debit and credit in a prepaid expense adjusting entry? What accounts are debited and credited in an unearned revenue adjusting entry.
The First Chance Casino has a gambling facilities, bar, restaurant, and hotel. All employees are permited to obtain food from the restaurant at no charge throughtout working hours.
Lewis Production is planning to sell 220 boxes of bricks and produce 200 boxes of bricks during May. Each box of bricks requires 20 pounds of brick mix and a half hour of direct labor.
The stockholder's equity accounts of Lawrence Company have the folowing balance on December 31, 2010. Common stock, $10 par, 274,000 shares issued and outstanding $2,740,000, Paid-in capital in excess of par $1,200,000, Retained Earnings $5,600,00..
Identify the five components that comprise pension expense. Briefly explain the nature of each component. What is a private pension plan? How does a contributory pension plan differ from a noncontributory plan.
Supposing that a linear functional relationship exists, determine the equation that relates total costs to total sales. Describe why the nature of the relationship may change if sales exceed $5,000.
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