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The following transactions occurred during March, the first month of operations for Quality Galleries, Inc.
* Capital stock was issued in exchange for $360,000 cash.* Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance.* Made a $35,000 cash payment on the note payable from the purchase of equipment.* Sold a piece of equipment for cash of $18,000. The equipment was sold at cost, so there is no gain or loss on the sale.
What is the total owners' equity at the end of March?
In an Excel spreadsheet configured similarly to the journal shown below, prepare year-end adjustments to the following situations. Omit explanations.
fireout inc. manufactures steel cylinders and nozzles for two models of fire extinguishers 1 a home fire extinguisher
Accompanying the bank statement was a debit memorandum for bank service charges. On the bank reconciliation, the item:
from the balance sheetcash.............................................................30000 accounts
the work in process inventory account for clinton company for the month ended september 30 appears below. work in
During the year, Loon Corporation has the following trancastions: $ 400,000 operation income, $355,000 operating expenses, $25,000 municipal bond interest, $ 60,000 long-term capital gain, and $ 95,000 short-term capital loss.
If a parent company and outside investors purchase shares of a subsidiary in relation to existing stock ownership (ratably).
Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%). Round your answers to two decimal places.
Sumter Company uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month:
Canary Corporation has 1,000 shares of stock outstanding. It redeems in a qualifying stock redemption 200 shares for $200,000 at a time when it has paid-in capital of $100,000 and E & P or $800,000. What would be the charge to Canary's E & P as a ..
If the investor holds the bond until it matures and collects the $1,000 par value from the Treasury and his marginal tax rate is 28 percent, what will his after-tax yield to maturity be?
on june 1 melendez company borrows 90000 from first bank on a 6-month 90000 12 note. required a prepare the entry on
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