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Young corporation issued 2,000 shares of $25 par value common stock and 300 shares of 13% par value preferred stock for cash at par value. How do i record the journal entry?
What are at least 5 considerations you will need to take into account when you make a make-decision versus a buy decision at some point in the future? Explain at least 5 reasons why these risk are important to consider.
On January 3, 2011, Jenkins Corp. acquired 40% of the outstanding common stock of Bolivar Co for $1,200,000. This acquisition gave Jenkins the ability to exercise significant influence over the investee.
Lemay decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to record the redemption on July 1, 2008. (List multiple debit/credit entries in descending order of amount.)
During 2010, Vaughn Corporation sold merchandise costing $1,500,000 on an installment basis for $2,000,000. The cash receipts related to these sales were collected as follows: 2010, $800,000; 2011, $700,000; 2012, $500,000.
What characteristic of absorption costing caused the drop in net operating income for the second quarter and what could the controller have said to explain the problem?
Income statement, Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40 percent.
Prepare journal entries required at December 31, 2010, and December 31, 2011, assuming that the inventory is recorded at cost and an allowance account is adjusted at each year-end under a perpetual system.
What requirements must be met for property to qualify for like-kind exchange treatment? How are like-kind exchanges treated under the federal income tax laws?
Short term debt has a few advantages such as the economical advantages of obtaining it at a short notice, the flexibility of being able to meet financial needs, and the possibility of renewal by extension.
Assuming that the equipment sold on April 5, 2009 what would the accumulated depreciation on equipment and the loss of disposal fixed assets be in April of 2009?
Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 10 percent, compounded annually.
The XYZ has a choice between two warehouses. A lease at location A costs 1000 per month with a payment 2000 upfront to guarantee the 3 year lease. Location B would cost 1200 per month and would be leased from month to month.
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