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1. Abernathy Corporation was organized on January 1, 2010. It is authorized to issue 10,000 shares of 8%, $50 par value preferred stock, and 500,000 shares of no par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 80,000 shares of common stock for cash at $5 per share.Mar. 1 Issued 5,000 shares of preferred stock for cash at $108 per share.Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000; the fair market value of the land was $80,000.May 1 Issued 80,000 shares of common stock for cash at $7 per share.Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize.Sept. 1 Issued 10,000 shares of common stock for cash at $9 per share.Nov. 1 Issued 1,000 shares of preferred stock for cash at $112 per share.Prepare the journal entries to record the above transactions.
company vgg is thinking of buying a factory to meet the growing demand for its products. the following is the financial
switzer inc has 5 computers which have been part of the inventory for over two years. each computer cost 600 and
on january 2 2013 pod company purchased 25 of the outstanding common stock of jobs inc. and subsequently used the
during the year brightlight inc. produced 60000 units of their specialty lights. the specialty lights sell for 99 each.
The 17,200 hours worked during the period resulted in production of 8,500 units. Manufacturing overhead cost incurred was $136,500.Calculate the following three overhead variances:
in the current year alice reports 150000 of salary income 20000 of income from activity x 35000 and 15000 losses from
Assume the same information in RE112, except that Akron Incorporated purchased the asset on September 1, Year 1 instead of January 1, Year 1. Calculate the depreciation for Year 1 and Year 2 using the sum of theyears'digits method.
you will be reading portions of the 2011 Comprehensive Annual Financial Report (CAFR) issued by Broward County, Florida. You will be asked to prepare "executive summaries" of the information reported.
What is a distributed database system?
How much will Frank have accumulated on the day he retires if he contributes $3,000 a year to (1) a traditional IRA, (2) a Roth IRA, and (3) a regular savings account?
The cost of which of the following expenses is NOT deductible as a medical expense on Schedule A, before the 7.5% of adjusted gross income limitation?
How would your answers to requirements 1-5 differ if management had the intent and ability to hold the investments until maturity?
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