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In 2014, Mordica Co. issued 300,000 of its 500,000 authorized shares of $10 par value common at $35 per share. In January 2015, Mordica repurchased 25,000 shares at $30 per share. Assume these are the only stock transactions the company has ever had.
a) Prepare the journal entry to record the purchase of treasury stock by the cost method.
b) 9000 shares of treasury stock are reissued at $33 per share. Prepare the journal entry to record the reisssuance by the cost method.
c) 9000 shares of treasury of stock are reissued at $27 per share. Prepare the journal entry to record the reissuance by the cost method.
The standard wage rate is $12 per hour. ABC manufactured 1,000 fuzzy bears in October. The company used 980 direct labor hours and paid $12.50 per hour. What is labor rate variance? Is the variance favorable or unfavorable?
Elucidate to the management of Fred how to determine whether a writeoff is permitted.
In which fund or funds, would you report the transactions related with the federal grant and school district match? Would they be accounted for in the same fund? What factors influenced your decision?
Determine the current amount of money that must be invested at 12% nominal interest, compounded monthly, to provide an annuity of $10,000 (per year)
there are no bad debts/uncollectibles. What would the schedule of expected cash collections be in this scenario?
Evaluate the amount of gross profit realized each year, assuming Barkly uses the cost-recovery method and uses the installment-sales method.
Selling prices and variable costs per unit are shown below. Based on this information, illustrate what is the Mad Hatter's most profitable sales mix?
Calculate amount of fixed manufacturing overhead that will be included in ending inventory under full costing and reconcile it to the difference between income computed under variable and full costing.
Prepare the stockholders' equity section of Dora Corporation's balance sheet on May 31, 2011. Net income earned during the first quarter was $15,000. What effect, if any, will the cash dividend declaration?
What is the function of account analysis? How can we manage bank balances? How can we preauthorize the debit transactions? What are some other tools we can utilize to create a secure and efficient cash management system?
Net income is $132,000, accounts payable increased $10,000 during the year, inventory decreased $6,000 during the year, and accounts receivable increased $12,000 during the year. Under the indirect method, what is net cash provided by operations?
Idendify the differences between the foreign corporation's financial statements and a typical U.S. corporate financial statement
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