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E12-4 On January 1, 2006, the stockholders' equity section of Rowen Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value of $1,000,000; and retained earnings of $1,200,000. During the year, the following treasury stock transactions occurred.
Mar. 1 Purchased 50,000 shares for cash at $16 per share.July 1 Sold 10,000 shares treasury shares for cash at $17 per share.Sept. 1 Sold 8,000 shares treasury shares for cash at $15 per share.
Instructionsa. Journalize the treasury stock transactions.b. Restate the entry for September 1, assuming the treasury shares were sold at $13 per share.
Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for
Fitzgerald Company wrote checks totalling $17,080 during October and $18,650 during November. What was the amount of outstanding checks on November 30?
Crown Industries has the following information about its standards and production activity for December-Assume the allocation base for fixed overhead costs is the number of units to be produced.
Find out the amount of sales revenue dorough will report on the first 2012 quarterly proforma income statement. Prepare cash receipts schedule for the first quarter of 2012
Determine if you should open the retail shop in this vacant space. Include the break-even transactions, CM%, and the break-even dollar amount. Explain your answer (include rationale if your answer is yes or no).
Make the entry to record the partial refunding. Assume Grant Co. makes reversing entries when appropriate. Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.
Suppose that Noven had $49,000 in an inventory of transdermal estrogen delivery patches. These patches are from an initial production run, and will be sold during the coming year.
What is the difference between cash and accrual accounting? Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why?
Identify some additional control procedures that the company might implement to reduce the monthly loss from theft of office supplies by employees.
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Calculate the marginal tax rate and the effective tax rate for each of the C corporations. Explain why the marginal tax rate for a C corporation can exceed 35%, but the effective tax rate cannot.
Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated. Prepare the journal entry recording the scrapping of the truck.
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