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Preferred stock (8%, $50 par value) $ 300,000 $ 150,000 Common stock ($10 par value, 80,000 shares authorized, 80,000 shares issued, 10,000 shares in treasury) 800,000 650,000 Additional paid-in capital: Preferred stock 200,000 175,000 Common stock 525,000 300,000 Retained earnings 679,000 505,000 Less: treasury stock 150,000 - Total shareholders' equity $2,654,000 $1,780,000 Required: a. How many shares of common stock were issued during 2010? What was their average issue price? b. How many shares of preferred stock were issued during 2010? What was their average issue price? c. Give the entry for the company's purchase of treasury stock. What was the average repurchase price? d. What was the company's book value at the end of 2009? 2010?
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
Once the convergence of US GAAP and IFRS has been completed, should US companies restatement their financials for a better comparsion for prior years? Why/why not?
The standard hours allowed for actual output of month totaled 7,070 machine-hours. What was the variable overhead efficiency variance for the month?
Recognized gains and losses must be properly classified. Proper classification depends on three characteristics, including the tax status of the property and the holding period of the property. What is the third characteristic?
Compute the total cost per ton of ore mined in the first year. (Show computations by setting up a schedule giving cost per ton.)
Prepare a journal entry for the taxes of Winston County's General Fund on July 1, 2005, the date on which the property taxes for the fiscal ending June 30, 2006, were billed to taxpayers.
1. What are the three primary causes of cash flow problems faced by a small business? Explain cash flow management using the cash-to-cash cycle. What are the three sources from which cash can be obtained for a business?
Prepare the stockholders' equity section of the balance sheet at December 31, 2009. Amounts in parentheses do not require a minus sign in front of them.
Aspen Co. expects to maintain the same inventories at the end of 2008 as at the beginnign of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various depart..
Identify the basic forms of conducting business, and distinguish and explain the tax implications for income earned and losses incurred by a sold proprietor, partnership, and corporation.
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.
Swan a calendar year corporation has a deficit in current E & P of 200,000 and a %580,000 positive balance in accumulated E&P. If Swan determines that a $1 million distribution to its shareholders is appropriate at some point during the year, what..
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