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Roberto Corporation was organized on January 1, 2011. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2011, Roberto had the following transactions relating to shareholders' equity:
Issued 10,000 shares of common stock at $7 per share.Issued 20,000 shares of common stock at $8 per share.
Reported a net income of $100,000.
Paid dividends of $50,000.Purchased 3,000 shares of treasury stock at $10 (part of the 20,000 shares issued at $8).
What is total shareholders' equity at the end of 2011?
A. $270,000.
B. $300,000.
C. 250,000.
D. $200,000.
How much higher (or lower) would the company's first-year net income have been if absorption costing had been used rather than variable costing? Show computations.
Keshena Co. borrows $240,000 cash on November 1, 2009, by signing a 180-day, 10% note with a face value of $240,000. On what date does this note mature?
During 2010 Silas Inc. had sales revenue $564,000, gross profit $264,000, operating expenses $99,000, cash dividends $45,000, other expenses and losses $30,000. Its corporate tax rate is 30%. What was Silas's income tax expense for the year?
A finance company advertise that it will pay kump sum of rs 10000 at the end of 6 years to investor who deposit annually Rs1000. what interest rate is implicit in this offer?
Which of the following is not a disadvantage of using the FIFO cost flow assumption?
What have you learned about how you work as an individual? How have you changed your behaviour or approach to the workplace as a result of what you have learned? How has this helped improve work outputs or business results in your area?
As the U.S considers the adoption of IFRS, changes exist between presentation and disclosure in current U.S GAAP and IFRS. Based on your research, what are some of the similarities and differences between U.S. GAAP and IFRS?
Efficient markets assume that stockholder wealth is affected by the amount and timing of cash flows. Which alternative is more favorable to them: purchasing before year-end or waiting until January? Explain.
On a statement of cash flows that uses the indirect approach, calculation of cash flow from operations treats depreciation as an adjustment to reported net income because:
Where on the balance sheet should a 20 year, 12% bond, due 1/1/2013 for $500,000 be listed. Is it a current liability or a long term liability?
Using property she inherited, Myrna makes a gift of $6.2 million to her adult daughter, Doris. The gift takes place in 2011. Neither Myrna nor her husband, Greg, has made any prior taxable gifts.
Explain the application of the cost principle in determining the acquisition cost of plant assets.
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