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Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 60,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 12,000 shares of preferred stock for cash at $54 per share. May 1 Issued 100,000 shares of common stock for cash at $5 per share. Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $56 per share.
Instructions:
(a) Journalize the transactions.
(b) Post to the stockholders' equity accounts. (Use T accounts.)
(c) Prepare the paid-in capital portion of the stockholders' equity section at December 31, 2007.
Determine the present value of the bonds payable, using the present value tables in the above Exhibits. Round to the nearest dollar.
In addition Explain the differences between the "Direct Method" and the "Indirect Method" of presentation of the Statement of Cash Flows and how each differs for the reporting classifications.
Which of the following indicates that a company may benefit from an Activity-Based Costing system?
JC Accounting performs two types of services, Tax and Consulting. JC's overhead costs consist of computer support, $200,000; and legal support, $100,000. Information on the two services is:
Tarrah Company's variable expenses are 72% of sales. The company's break-even point in sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:
The bonds are sold on november 1, 2011 at 13 plus accrued interest. amortization was recorded when interest was received by the straight-line method. prepare all entries required to properly record the sale.
Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?
The CEO of your company has requested that you prepare a written presentation to be given at the next board of directors meeting regarding the continuing impact that the information age has on financial accounting.
Prepare a schedule of future taxable and deductible amounts. Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2007, assuming a tax rate of 40% for all years
The One Stop Print Shop has used the same overhead rate on all jobs. Job 216 was the only job in process at the beginning of the month. At that time it had incurred direct labor costs of $150 and total cost of $570.
What is push-down accounting? Under what conditions is push-down accounting appropriate? What happens to the differential when push-down accounting is used following a business combination?
Hughey Co. as lessee records a capital lease of machinery on January 1, 2011. The seven annual lease payments of $350,000 are made at the end of each year.
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