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The charter of Cherry Blossom Corporation authorizes the issuance of 900 shares of preferred stock and 3,500 shares of common stock. During a two-month period, Cherry Blossom completed these stock-issuance transactions:Mar. 23 Issued 210 shares of $1 par value common stock for cash of $10 per share.Apr. 12 Received inventory with a market value of $25,000 and equipment with a market value of $16,000 for 350 shares of the $1 par value common stock.17 Issued 900 shares of 6%, $50 par value preferred stock for $50 per share.Requirements:-1. Record the transactions in the general journal.2. Prepare the stockholder sâ€TM equity section of the Cherry Blossom balance sheet as of April 30, 2016, for the transactions given in this exercise. Retained Earnings has a balance of $70,000 at April 30, 2016.
True or False - Pro-forma financial statements are great when preparing budgets, but actual decisions made do not really affect the financial statements.
Complete the flexible budget at the 90,000-unit level of activity. Consider that the cost of goods sold and variable operating expenses vary directly with sales and that income taxes remain at 30 % of operating income.
The company also sold 1,000 shares of $ 100 par value preferred stock for $ 110. Assume the balance in retained earnings is $ 100,000. Prepare the stockholders’ equity section of Beta’s balance sheet.
Chuck, a single taxpayer, earns $168,000 in taxable income and $21,750 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) What is his marginal rate if, instead, he had $47,250 of additional deductions?
Resorts Ltd. has occupied its plant facility for 15 years, about one-third of its expected useful life. Although still very functional, numerous repairs have been required in recent months. Te accounts indicate the original cost of the plant building..
questionit is a wine industry and the matter is inventory valuation. please suppose that wholesale and retail prices
Now suppose that Hunter considers the time value of money for all cash flows that he expects to receive one year or more in the future. Which alternative does this consideration favor? Why?
Its’ annual lease payment is $15,000. What is amount of interest expense from this lease? First Year $ Second Year $
What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock?
An employee has gross earnings of $1,200 and withholdings of $91.80 for Social Security and Medicare taxes and $120 for income taxes. The employer pays $91.80 for Social Security and Medicare taxes, $9.60 for FUTA, and $64.80 for SUTA.
Create the appropriate journal entry to record the purchase on 1 st April, 20X7 and create the appropriate journal entry to record the year-end discount amortization on December 31, 20X7.
q. porter corporation owns all 26000 shares of the common stock of street inc. porter has 60000 shares of its own
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