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1. Lewelling Company issued 100,000 shares of its $1 par common stock to the Michael Morgan law firm as compensation for 4,000 hours of legal services performed. Morgan's usual rate is $240 per hour. By what amount should Lewelling's paid-in capital-excess of par increase as a result of this transaction?
Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2011. (Ignore income taxes.)
if department k had 2500 units 45 completed in process at the beginning of the period 15000 units were completed during
1) Which of the following is NOT considered cash for financial reporting purposes?
instructionsa journalize the closing entries at april 30.b post the closing entries to income summary and retained
garner company began operations on january 1 2010 and uses the average cost method of pricing inventory. management is
How does the direct method differ from the indirect method? What can creditors, investors, and other users learn from an analysis of the cash flow statement?
If you buy stock in a publicly traded firm and then change your mind and decide to sell, you face modest transaction costs. If you buy a private business and change your mind, it is far more difficult to reverse your decision.
vintage auto company manufactures parts to order for antique cars. vintage auto makes everything from fenders to engine
FocusMore Inc. had the following alphabetical list of accounts taken from its adjusted trial balance at December 31, 2010.
an airfoil of surface area 1ft squared is tested for lift l in a wind tunnel. at an angle of attack of 5 degrees with
During the year 2010, the corporation earned $600,000 after deducting all expenses. The tax rate was 30%. Compute the proper earnings per share for 2010.
The FASB and IASB are working on a proposed format of the statement of comprehensive income. Do you prefer this format to the current formats? Why or why not
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