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Kuchman Kookware issued 40,000 shares of its $8.00 par value common stock for $9 on January 1, Year 1. Kuchman repurchased 1,000 shares at $8 per share on April 1, Year 2, resold 500 shares at $9 per share on July 1, Year 2, and, on October 1, Year 2, resold the final 500 shares at $5 per share. Assuming Kuchman uses the par value method of accounting for its treasury stock, retained earnings at December 31, Year 2 would be reduced by:
a) $0
b) $500
c) $1,000
d) $1,500
Canoe Company's manufacturing accounting system uses direct labor costs to apply overhead to goods in process and finished goods inventories. Canoe Company's manufacturing costs for the year were:
Botkins issued 56,000 new shares of its common stock valued at $3.25 per share for all of the outstanding stock of Volkerson. Assume that Botkins acquired Volkerson on January 1, 2010. At what amount did Botkins record the investment in Volkerson?
Assuming the City maintains it books and records in a manner that facilitates the preparation of the fund financial statements, prepare journal entries, in the Debt Service Fund, for the following transactions.
Calculate the gain or loss on the sale of the spray painter. Calculate the income statement effect, assuming that XYZ instead decided to give the spray painter to a charitable foundation.
The XYZ Corporation has $1000,000 which it plans to invest in marketable securities. The corporation is choosing between the following three equally risky securities: Greenville County tax-free municipal bonds yielding 7 percent;
we are auditing the sales and collection cycle of a non-profit hospital. Just because it is a non-profit organization, that does not eliminate the need for the auditors to assess risk.
On December 31, 20X8, Parent Company purchased one-half of the outstanding bonds for $96,000. Both companies use the straight-line method of amortization. How much interest expense will appear on the December 31, 20X8, consolidated income statemen..
Rodriquez Company budgeted the following sales in units: February production in units is:
What is the amount of the discount, and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?
Lyman Nurseries purchased seeds costing $25,000 with terms of 3/15 net 30 EOM on January 12. How much will the firm pay if it takes the cash discount? What is the approximate cost of giving up the cash discount, using the simplified formula?
A not-for-profit organization receives a restricted gift. When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense? What is the reason for the apparent inconsistency..
V decides to accept an out-of-court settlement of $150,000. The newspaper and its insurer are willing to allocate the $150,000 in any manner that V requests. How should V have the amount allocated?
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