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Assume that the company’s corporate charter authorized a total of 200,000 shares of $1 par value, common stock. The company issued 50,000 shares of stock in early January for a selling price of $10 per share. Assume that net income for the first year (year 2012) was $300,000. Also assume that the company had declared and paid a cash dividend of $10,000 during this year. Prepare the journal entry to record the issuance of stock. Use the date of Jan 15. Date Account Name Debit Credit Prepare the complete stockholder’s equity section of the balance sheet at the end of the company’s first year based on the information above and impact of net income and cash dividend paid to retained earnings. Use the template below. Make sure you complete all of the items (there are three blanks lines to fill in and dollar amounts for par value, PIC in excess of par, RE and total SE). STOCKHOLDER’S EQUITY: Common stock - ____ par value, _________ shares authorized _________ shares issued and outstanding. Paid in capital in excess of par, common stock Retained earnings ________ Total stockholder’s equity
Mercury Corporation acquired 100 percent ownership of Saturn Corporation. On that date, Saturn reported assets and liabilities with book values of $300,000 and $100,000, respectively, common stock outstanding of $50,000, and retained earnings of $..
Determine the impact of the company's mission, vision, and primary stakeholders on its overall success.
The management team for the adoption of that mode of transfer pricing
What is the WACC (Weighted Average Cost of Capital) of Bickely with its 30/70 capital structure? Bickley’s average borrowing rate with this capital structure is 7.5%. Illustrate what will be Bickley’s WACC with its 15/85 capital structure?
The difference between the historical cost and the net book value (NBV) of a plant asset is the: The use of replacement cost of assets for purposes of calculating return on investment (ROI) has the advantage of:
Develop a thorough understanding of accounting standards and principles and fulfill the core accounting educational requirement to sit for the CPA exam prepare to practice in public and private accounting position.
Every year Kansas Company manufactures 5,300 units of part 231 for use in its production cycle. The per unit costs of part 231 are as follows: Direct materials $ 5 Direct labor 11 Variable manufacturing overhead 8 Fixed manufacturing overhead 10 Tota..
A corporation distributes preferred stock for each 10 shares of common stock outstanding. A corporation incorporates a division and distributes the shares received pro rata to its shareholders.
Harrier repurchases the stock in 2011. On its 2010 corporate income tax return, Harrier plans to deduct a net capital loss of $3,000. Determine the propriety of Harrier's plans.
Estimating future retirement Needs. Assume Jared and Trish Roberts needs 26,792 each year for the first 20 years after their retirement, and 20,000 each year for the next 5 years, re-compute the amounts for Line N and Line Q.
Consider two projects that your company is evaluating. Project A has cash flows of -25, +11, +12, and +10 at time-zero, one year from now, two years from now, and three years from now, respectively. Project B has cash flows of -50, +22.5, +21.5, and ..
Healthy Living Co. is an HMO for businesses in the Seattle area. The following account balances appear on the balance sheet of Healthy Living Co.: Common stock (400,000 shares authorized; 300,000 shares issued), $18 par, $5,400,000; Paid-in capital i..
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