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Adria Lopez created Success Systems on October 1, 2013. The company has been successful, and Adria plans to expand her business. She believes that an additional $86,000 is needed and is investigating three funding sources. a. Adria's sister Cicely is willing to invest $86,000 in the business as a common shareholder. Since Adria currently has about $129,000 invested in the business, Cicely's investment will mean that Adria will maintain about 60% ownership, and Cicely will have 40% ownership of Success Systems. b. Adria's uncle Marcello is willing to invest $86,000 in the business as a preferred shareholder. Marcello would purchase 860 shares of $100 par value, 7% preferred stock. c. Adria's banker is willing to lend her $86,000 on a 7%, 10-year note payable. She would make monthly payments of $1,000 per month for 10 years. Prepare the journal entry to reflect the initial $86,000 investment under each of the options (a), (b), and (c).
in a year of rising costs and prices the firm reported net income of 480000 and average assets 3600000. if natco had
len is entitled to receive monthly payments of 1,500 over his life from his employer's qualifield pension plan the payments begin january 1, 2011 he contributed 71,500 to the plan prior to his retirement at age 62. using the simplified method, how..
Weaver Company's predetermined overhead rate is $18.00 per direct labor-hourand its direct labor wage rate is $12.00 per hour. Tjhe following information pertains to Job A-200.
the following unadjusted trial balance is for adams construction co. as of the end of its 2011 fiscal year. the june 30
A company recorded sales of $160,000 during march. management expects sales to increase 5% in april, 3% in may, adn 5% in june. cost of goods sold is expected to be 70% of sales. What is the budgeted gross profit for june?
The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by carrying freight to remote areas of the southwest. This year the PSRR needs to replace a 30-mile section of its track. The PSRR has bids from a cont..
Norek Corp. owned 70% of the voting common stock of Thelma Co. On January 2, 2006, Thelma sold a parcel of land to Norek. The land had a book value of $32,000 and was sold to Norek for $45,000. Thelma's reported net income for 2006 was $119,000. W..
A few days before the move, Philip hired a friend to organize his belongings, throwing out stuff that he did not need anymore and also packing some of his belongings in his closet. Philip paid her $7,000.
Which reported expenses would change if these leases were capitalized and by how much? How would your assessment of the firm change in light of this change.
thibodeaux limousine corporation is trying to determine a predetermined manufacturing overhead. estimated overhead for
Describe how revenue is recognized as it pertains to the realization principle.
joe finance has just purchased a stock index fund currently selling at 1200 per share.to protect against losses joe
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