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Prepare the journal entry to record Autumn Company's issuance of 63,000 share of no-par value common stock assuming the shares;
a. Sell for 29 cash per shares
b. Are exchanged for land valued at 1,827,000
Sabonis Corporation reported net income of $400,000 in 2008 and had 50,000 shares of common stock outstanding throughout the year.
Prepare the journal entries necessary to record the transactions above using the appropriate dates. Prepare the adjusting entries necessary at Dec. 31, 2007 in order to properly report interest expense related to the above transactions. Assume stra..
Explain the difference between the cash basis and accrual basis of accounting. Explain the difference between the cash basis and accrual basis of accounting?
Include tests of transactions after the balance sheet date as well as tests of transactions during the year under audit. Show
Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings.
Preparation of classified balance sheet using given data, From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
Explain the concept of “business ethics”. Critically discuss the term “complex ethical dilemma”. Reviewing the real life situations mentioned in the document Complete Guide to Ethics Management:
Use a selected company or your current work environment to identify at least one cost or expense that would fit under each of the following categories:
Creating a perception of detection can act as a deterrent to fraud. What are some ways companies attempt to create such a perception?
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. Prepare the entries to record the sales transactions and related taxes for (a) Grainger Company and (b) Darby Company.
Brown Corporation, an accrual basis corporation, has taxable income of $150,000 in the current year. Included in its determination of taxable income are the following transactions.
What are the eight steps in the accounting cycle and how do they affect the financial statements? What happens if one is missing?
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