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Question: Prepare journal entries to record the following four separate issuances of stock.
1. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,000. The stock has no stated value.
2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,000. The stock has a $1 per share stated value.
3. A corporation issued 4,000 shares of $10 par value common stock for $70,000 cash.
4. A corporation issued 1,000 shares of $100 par value preferred stock for $120,000 cash.
Prepare a comparative condensed income statement for 2001 under FIFO and LIFO. Which cost flow method (FIFO or LIFO) produces the most meaningful inventory for the balance sheet? Why? Which cost flow method produces the most meaningful net income? Wh..
If a taxpayer has tentative AMT of $60,000 and AMT of $15,000, what is the regular income tax liability?
Montgomery Corporation has 6% convertible preferred stock outstanding. It declared preferred dividends of $4,800 during the year. The preferred shares are convertible into 2,000 shares of common stock.
lu villena an employee of etrain.com leases a car at ohare airport for a three-day business trip. the rental cost is
Identify these cash flows as either investing activities (I) or financing activities (F).
the capitial accounts of johnathan faber and faheem ahmad have balances of 114000 and 82000 respectively. lauren wells
Youngblood Inc. plans to issue $500,000 face value bonds with a stated interest rate of 8%. They will mature in ten years. Interest will be paid semiannually. At the date of issuance, assume that the market rate is (a) 8%, (b) 6%, and (c) 10%.
Evan Erman transferred inventory to a corporation in a Code Sec. 351 transaction. His basis in the inventory was $10,000 and its value was $8,000. If he received $2,000 in cash and 100 shares of stock, the resulting bases are:
The company is planning its cash needs for the third quarter of 2012, and the following information is available to assist in preparing a cash budget. Budgeted income statements for July through October 2012 are as follows:
norman companys income statement for the year ended december 31 2012 contained the following condensed
toft corporation produces one product. its cost includes direct materials 10 per unit direct labor 12 per unit variable
Htech Corp. started its operation in 2010 and has a $550,000 net operating loss when the tax rate is 35%. In 2011, the company has $680,000 taxable income and the tax rate is revised to 40% in early 2011.
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