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A company is authorized to issue 750,000 shares of $5 par value common stock. Prepare journal entries to record, Jan. 10 sold 102,000 shares of commone stock for $8 cash per share. Jan 15 Exchanged 10,000 shares of common stock for equipment with a market value of $80,000. Feb. 1 Exchanged 500 shares of common stock for $3,000 of legal services incrueed during the company's organization.
If the bonds are converted into common, what is the amount of paid-in capital in excess of par to be recorded on the conversion of the bonds?
Tim is a Senor audit of Two Be Gone, a large publicly held company. The company recently completed an acquisition of its fifth largest competitor. What risks might this present? How will you, the auditor, respond to these risks (i.e. what actions ..
In deciding whether or not to accept a special order, what is the opportunity cost of using machinery for which the firm has sufficient excess capacity to accept the order?
Boulder City Hospital has just been informed that a private donor is willing to contribute $20,000 per year at the beginning of each year for 15 years. What is the current dollar value of this contribution if the discount rate is 8 percent?
The goggles sell for a retail price of $8.00 per pair. The sports apparel division is doing a promotion whereby each customer that purchases a swimsuit during the month of May receives a free pair of goggles. The apparel division would like to pur..
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. Prepare a bank reconciliation for the month of October. Prepare the necessary..
Which of the following is not considered an advantage of using standard costs?
What would be the flexible budget amounts at an activity level of 12,000 machine hours if indirect materials is a variable cost and factory rent was a fixed cost?
During the year, Oscar travels from Raleigh to Moscow (Russia) on business. His time was spent as follows: 2 days travel (one day each way), 2 days business, and 2 days personal. His expenses for the trip were as follows (meals and lodging reflect..
Dogwood City's water enterprise fund received interest of 10,000 on long term investments. How should this amount be reported on the statement of cash flows?
Folding Squid Technologies initiated a just-in-time inventory system in 2007. Now the production manager, Chan Ziaou, wants to apply the same principles to the entire production process. His recommendation is the firm adopt a:
Discuss how an auditor may go about evaluating the effectiveness of the internal controls of a company.
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