User Account

All Pages

Post balance sheet events keystone corporation issued

Assignment Help Accounting Basics
Reference no: EM131116962

1. Post-Balance-Sheet Events Keystone Corporation issued its financial statements for the year ended December 31, 2010, on March 10, 2011. The following events took place early in 2011.

(a) On January 10, 10,000 shares of $5 par value common stock were issued at $66 per share.

(b) On March 1, Keystone determined after negotiations with the Internal Revenue Service that income taxes payable for 2010 should be $1,320,000. At December 31, 2010, income taxes payable were recorded at $1,100,000. Discuss how the preceding post-balance-sheet events should be reflected in the 2010 financial statements.

Reference no: EM131116962

Questions Cloud

Briefly explain what learning curve : Name 6 factors you should/would consider when determining a manufacturing facility location and give a 1-2 sentence explanation of each. Briefly explain what a Learning Curve is and how it affects staffing decisions.
Reported on the company balance sheet : A company's Cash account has a balance of $851 as of October 31. The bank statement for this account reports a balance of $1,430 as of October 31. There are outstanding checks totaling $840 and a deposit in transit of $60.
Employee for comments the employee makes about company : Betty Nelson worked as an emergency medical techni-cian for the First Alert Medical Response ambulanceservice in Redfern, Idaho. One day in a meeting withher supervisor, Nelson was asked to write an incidentreport responding to a customer ’ s complai..
Explain how the joint venture can limit the risk : Explain how the joint venture can enable Anheuser- Busch to achieve its objective of maximizing shareholder wealth. Explain how the joint venture can limit the risk of the international business.
Post balance sheet events keystone corporation issued : Discuss how the preceding post-balance-sheet events should be reflected in the 2010 financial statements.
Different facility layouts used to manufacture product : Name three different facility layouts used to manufacture product. Give an example that is applicable for each. Does a products’ characteristics dictate the manufacturing process used to manufacture that product or does manufacturing process define t..
Describe the various methods : Describe the supply chain of a college with all the three segments and describe the various methods that companies use to solve problems along their supply chains.
Arp request packet the host sends : A host with an IPv4 address 130.23.43.20 and MAC address B2:34:55:10:22:10 has a packet to send to another host with IP address 130.23.43.25. Show the entries in the ARP request packet the host sends.
How do communication styles differ across cultures : Discuss how the ACA and NAADAC codes of ethics will inform your practice. Identify and cite the specific ACA and NAADA multicultural codes that you will use to inform your practice.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the necessary journal entries on december 28 and

on december 28 2013 videotech corporation purchased 10 units of a new satellite uplink system from tristar

  Different types of buyers and consumers

What are the different types of buyers and consumers? How does the type of buyer or consumer affect marketing strategy? As part of your response, consider the characteristics of buyers and the factors that influence their purchasing decision. How ..

  Last year farrer corporation had sales of 1500000 variable

last year farrer corporation had sales of 1500000 variable expenses of 900000 and fixed expenses of 400000. what would

  Identify channels for business communication

Identify channels for business communication was the most comfortable topic in week one's objectives. Obtaining a clear understanding of functions of communication, communication process, direction, and various choices of communication channels e..

  Identify the major business processes used by organization

Identify the major business processes used by the organization. What are the most important business processes for the organization's strategic goals and objectives?

  Patton company purchased 400000 of 10 bonds of scott co on

patton company purchased 400000 of 10 bonds of scott co. on january 1 2011 paying 376100. the bonds mature january 1

  Accounting principles for nonprofit organizations

Explain how fund accounting principles for nonprofit organizations affect routine revenue type journal entries.

  Use common ratios for analysis of long-term debt

Use common ratios for analysis of long-term debt to assess Bugant's long-run solvency. Has Bugant's solvency changed much from 2014 to 2015? Bugant's net income in 2014 was $550 and interest expense was $169.

  Overhead rate-packaging-assembly departments

Tanner Bay Inc. has two departments, Assembly and Packaging. The company uses a job-order costing system and computes a predetermined overhead rate in each department. What is the predetermined overhead rate to be used in each department? Show comp..

  Assuming no other changes in accumulated other comprehensive

Assuming no other changes in accumulated other comprehensive income, determine .

  Singular methodology for project management

What obstacles exist in getting marketing and engineering to agree to a singular methodology for project management? What might happen if benchmarking studies indicate that either marketing or engineering are at fault?

  Prepare a schedule starting with pretax financial income

Product warranties were estimated to be $50,000 in 2010. Actual repair and labor costs related to the warranties in 2010 were $10,000. The remainder is estimated to be paid evenly in 2011 and 2012.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd