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A corporation had 50,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is:
Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned
Wishaw, Inc. produces and sells outdoor equipment. On July 1, 2014, Wishaw, Inc. issued $150,000,000 of 20-year, 12% bonds at a market (effective) interest rate of 9%, receiving cash of $191,403,720.
Jell and Dell were partners with capital balances of $600 and $800 and an income sharing ratio of 2:3. They admitted Zell to a 30% interest in the partnership, and the total amount of goodwill credited to the original partners was $700. Illustrate..
Echo Corporation is into farming tractor-manufacturing business.- what will be the Retained Earnings on Echo's Balance Sheet after Year 3? What will be cash after year 3?
Determine the amount of tax liability for the corporation in each of the following cases. Use corporate tax table. (Round your answer to the nearest whole dollar amount.)
Carson Company purchased a depreciable asset for $280,000. The estimated salvage value is $14,000, and the estimated useful life is 10,000 hours. Carson used the asset for 1,500 hours in the current year. The activity method will be used for deprecia..
Aug. 1 Purchased merchandise from Arotek Company for $5,100 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 4 At Arotek’s request, Sheng paid $340 cash for freight charges on the August 1 purchase, reducing the amount owed ..
What expenses (include amounts) should be recognized for this lease on the income statement for the year ended December 31, 2013?
Prepare journal entries to record the following four separate issuances of stock.
Watson's Fish Company buys whole salmon from various fishermen is at $3 per pound and sells the fish to restaurants for $5 per pound. Its fixed costs are $22,800 per month. How many pounds must be sold to break even, and how many pounds must be sold ..
The Hartford Symphony Guild is planning its annual dinner-dance. The dinner-dance committee has assembled the following expected costs for the event: Compute the break-even point for the dinner-dance (in terms of the number of persons who must attend..
Prokina Manufacturing Company reported the following data regarding a product it manufactures and sells. Use the per-unit contribution margin approach to determine the break-even point in units and dollars. Use the per-unit contribution margin approa..
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