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Issued 12,000 shares of 2.00 par common stock for cash of 6.00 per share.
Issued 400 shares of 1.00 no par preferred stock for 54,000 cash
Received inventory valued at $16,000 and equipment with market value of $9,500 for $3,700 shares of the $2.00 par common stock
Journalize the transactions and Prepare the stockholders equity section
What is the amount of depreciation, using the double-declining-balance method, for the third year of use for equipment costing $9,000, with an estimated residual value of $600 and an estimated life of three years?
Merchandise with a sales price of $460 is sold on account with term 2/10, n/30. What does the journal entry to record the sale include?
At the end of the period, the factory overhead control account for Department A had a debit balance of $260,000; actual direct labor hours were 63,000. What was the under- or over applied factory overhead for the period
Determine for each plan, the expected net income and the earnings per share on common stock.
One function of the AIS (accounting information system)is to provide adequate controls to ensure the safety of orgnizational assets, including data. Many people, however, often view control procedures as "red tape." Discuss how controls can improv..
Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?
Delta Life Insurance Co. prepares its financial statements on an accounting basis insurance companies use pursuant to the rules of a state insurance commission. If Wall, CPA, Delta's auditor, discovers that the statements are not suitably titled, ..
Talmadge Company is acquiring the target Tyler, Inc in a merger. Tyler's market valuation is $6.0 bln , and its equity value on the balance sheet before any adjustments is 3.0 bln.
Dobbs Wholesale Antiques makes all sales under terms of FOB shipping point. The company usually receives orders for sales approximately one week before shipping inventory to customers.
Eric lives in a home with a six-plex located at the rear of the property. On his tax returns, he allocates 60% of all expenses to the apartment building.
Greene Sisters has a DSO of 20 days. The company's average daily sales are $20,000. What is the level of its accounts receivables? Assume there are 365 days in a year.
Upton Company issues $3 million, 10-year, 6% bonds at 99, with interest payable on December 31. The straight-line method is used to amortize bond discount.
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