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Journalizing corporate transactions and preparing the stockholders' equitysection of the balance sheet [20-25 min]B-Mobile Wireless needed additional capital to expand, so the business incorporated.The charter from the state of Georgia authorizes B-Mobile to issue 70,000 sharesof 5%, $100-par preferred stock, and 110,000 shares of no-par common stock.B-Mobile completed the following transactions:
October 2 Issued 19,000 shares of common stock for equipment with a market valueof $110,000.6 Issued 800 shares of preferred stock to acquire a patent with a marketvalue of $80,000.9 Issued 15,000 shares of common stock for cash of $90,000
Requirements1. Record the transactions in the general journal.2. Prepare the stockholders' equity section of the B-Mobile balance sheet atOctober 31. The ending balance of Retained earnings is $92,000
Orbit Airways purchased a baggage-handling truck for $41,000. Suppose Orbit sold the truck on December 31, 2008, for $28,000 cash, after using the truck for two full years and accumulating a depreciation of $16,000.
Explain how shaving 5% off the estimated direct labor hours in the base of the predetermined overhead rate usually results in a big boost in the net operating income at the end of the year.
A is a fixed expense; B is a variable cost. During the current year the level of activity has reduced but is still within the relevant range.
You believe that the market has changed so much that valuation of the underlying asset cannot be based on past performance. What rules and regulations would guide the actions that you would take? What actions would you take, and why?
A certain airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on a 1-hour flight is .02. What is the probability that
Assume that Product Z is made up of two units of A and four units of B. A is made of three units of C and four units of D. D is made of two units of E.
The land contributed by Stephanie was encumbered by a $250,000 nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, the basis of Stephanie's partnership interest is:?
Classify each of these items as an asset (A), liability (L), or stockholders' equity (SE)., True/False Questions
Does a corporation recognize a gain or loss when it distributes property as a dividend or in a redemption? My text just goes on and on regarding these topics. Is there a reference on the above that is more concise?
A fire totally destroyed office equipment and furniture which Monica uses in her business. The equipment had an adjusted basis of $15,000 and a FMV of $10,000 before the fire.
You're a journalist for an up-and-coming online news website. You are inadvertently given some information that you know would increase your website's popularity, but could potentially compromise national security.
Prepare a flexible budget for next year for Signet Jewelers using three different growth rates (assume absorption costing). Explain how you determined the three growth rates to use (the low, the average, the high). Explain how you adjusted all other ..
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