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A corporation had 13,500 shares of $5 par value common stock outstanding when the board of directors declared a stock dividend of 4,995 shares. At the time of the stock dividend, the market value per share was $19. The entry to record this dividend is: Debit Common Stock Dividend Distributable $94,905; credit Retained Earnings $94,905. No entry is needed. Debit Retained Earnings $94,905; credit Common Stock Dividend Distributable $24,975; credit Paid-In Capital in Excess of Par Value, Common Stock $69,930. Debit Retained Earnings $94,905; credit Common Stock Dividend Distributable $94,905.(i picked this on) Debit Retained Earnings $24,975; credit Common Stock Dividend Distributable $24,975.
The same selling price is expected for 2011. Logan's variable cost per unit will rise by 10% in 2011 due to increasing material costs, so they are tentatively planning to cut fixed costs by $10,000. How many units must Logan sell in 2011 to mainta..
Measure product line profitability and wants to include an allocation ofservice department costs in the analysis. How would you recommend the service department costs be allocated?
What are the advantages and disadvantages of using a LIFO inventory system?
Luke Company has an inventory conversion period of 60 days a receivables conversion period of 45 days, and a payments cycle of 30 days. What is the length of the firm's cash conversion cycle?
Future,Inc. reported the following results for the year: Future's taxable income for the year was:
The common shares have a market price of $22.50 per share on the grant date. Suppose Magnetic Optical expected a 10% forfeiture rate on the restricted shares prior to vesting Determine the total compensation cost.
Create the schedule of expected collections from customers for match. Prepare a schedle of expected payments for direct materialsfor match.
Which one of the following should not (would not) be used instead of "Advances from Customers?"?
Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 2005 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000. Prepare a journa..
Calculate the change in the net operating income if an $8,000 increase in the monthly advertising budget would increase monthly sales by $15,000
When using classical variables sampling for estimation, an auditor normally evaluates the sampling results by calculating the possible misstatement in either direction. This statistical concept is known as
What are the elements of the accounting environment? How do they affect the financial statements? Why are these elements important? How do they affect comparability between companies?
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