Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The partners who own a Cohen Canoes Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Cohen Canoes Inc. The charter from the state of Utah authorizes the corporation to issue 9,000 shares of $2 no-par prefered stock and a 100,000 shares of $5 par common stock. In its first month Cohen Canoes completed the following transactions:
May 6 Issued 900 shares of common stock to the promotor for assistance of issuance of the common stock. The promotional fee was $22,500. Debit organization expense.9 Issued 10,000 shares of common stock to Ben Cohen and 12,000 shares to Bill Cohen in return for cash equal to the stock's market value of $25 per share. The Cohens were partners in Cohen Canoes Co.10 Issued 800 shares of preferred stock to acquire a patent with a market value of $20,000.26 Issued 1,000 shares of common stock for $25 cash per share.
Directions:
1. Record the transactions in the journal.
2. Prepare the stock holders equity section of the Cohen Canoes Incorporated, balance sheet at May 31. The ending balance of retained earnings is $55,000.
At the beginning of 2011, VHF Industries acquired a machine with a fair value of $6,074,700 by signing a four-year lease. The lease is payable in four annual payments of $2 million at the end of each year.
Many professional accountants believe that the main purpose of accounting standards is to protect the public. With that in mind, what do you think are the main objectives of the AICPA code of professional conduct and how does the code relate to pr..
Why would you use the percentage of sales method for calculating doubtful accounts as opposed to the percentage of receivables method?
New equipment is available that will reduce annual cash operating costs to $21,000. The equipment costs $103,000, has a service life of six years, and has an estimated residual value of $13,000. Company sales will total $430,000 per year with eith..
Use the direct method to allocate support costs to each of the two principal operating departments, Engineering and Computer Sciences. Prepare a schedule showing the support costs allocated to each department.
Which of the following types of organisations: a supermarket, pharmaceutical company, musical instrument retailer, steel company, software company, do you expect to have (a) particularly high or low asset turnover (b) high or low sales margins ? E..
Indicate the account names and adjusted balances that should be reported on Jaworski's year-end balance sheet and income statement.
The stockholders' equity section of Milroy Corporation as of December 31, 2003, was as follows:
The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years...
Prepare a production cost worksheet using weighted-average costing for the finishing department.
Compute the balance in the Accumulated Depreciation account at the end of 2013 using the straight-line method.
Berry Corporation pays 6% for its borrowed funds. Flynn Company, however, pays 8% for its borrowed funds. The product sold is carried on the books of Berry at a manufactured cost of $570,000. Assume Berry uses a perpetual inventory system.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd