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Prepare the issuer's journal entry for each separate transaction.
(a) On march 1, Atlantic Co. issues 42,500 shares of $4 par value common stock for $297,500cash.
(b) On April 1, OP Co. issues no-par value common stock for $70,000 cash.
(c) On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $ 145,000 of machinery, and acceptance of an $94,000 note payable.
An enterprise that holds a variable interest in a variable interest entity (vie) is required to consolidate the assets, liabilities, revenues, expenses, and noncontrolling interest of that entity if:
What are deferral and accruals revenue cash of 18,000 on august1, 2007 for one year recorded translation with credit rent revenue. What should be December 31, 2007 adjusting entry
Splitsville Company has two departments. Factory overhead costs are applied based on direct labor cost in Department A and machine hours in Department B.
On October 31, the stockholders' equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action:
Donkey Company manufactures two products, Standard and DeLuxe. Donkey's overhead costs consist of machining, $2,000,000; and assembling, $1,000,000. Information on the two products is:
A company acquired a new high-tech printing press on January 1, 2011, for $90,000. At that time, the company estimated the press would have a six-year life and salvage value of $6,000.
SCC Bhd needs $4 million to built a new assembly line. The target debt to equity ratio is 1.0. It is expected to generate after tax cashflow of $500,000 per tear forever.
What is meant by verification and how it is different from vouching? What is the importance of verification in audit? Explain the methods to verify the various types of tangible and intangible assets.
King Pin issues $1,000,000 0f 12%. 10 year bonds that are dated Jan. 1, 2009. The first interest payment is due June 30, 2009 (Hint: interest is paid semi-annually). Record the issuance of the bonds and the first interest payment for each situation.
Compute the amount of pension expense to be reported for 2008 (show computations) Prepare the journal entry to record pension expense and the employer's contribution for 2008. Assume no new actuarial gains/losses were experienced and that actual re..
If a real estate company fails to accrue commission revenue.(a).liabilities are overstated, and owner's equity is understated.(b). Assets are understated, and net income is understated. (c). Net income is understated, and stockholders' equity ..
the method of evaluating financial data that change under different courses of action is calleda. financial statement
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