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Dakota Equipment, Inc issued 4,000 shares of its $1 par value common stock for $20 per share on January 1, 2010. On the same day, the company purchased a piece of land valued at $10,000 and a building valued at $40,000. The yearly depreciation on the building is $2,000. Required: Prepare the general journal entries to record the stock issue and the purchase of the land and building on January 1 and the depreciation expense on December 31, 2010.
A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. What is the cost of the 155 units that remain in ending inventory at January 31
No investment income was included within either of these income totals. How would the 10% investment in Prescott owned by Bell be presented in the consolidated balance sheet?
Brick Company's direct labor is 30% of it's conversion cost. If the direct materials cost last week was $52,500 and the manufacturing overhead cost was $21,000, compute the cost of direct labor for the week.
Streak Merchandising Company expects to purchase $ 60,000 of materials in July and $70,000 of materials in August. Three-quarters of all purchases are paid for in the month of purchase,
The deferred tax expense is the: a. increase in balance of deferred tax asset minus the increase in balance of deferred tax liability. b. increase in balance of deferred tax liability minus the increase in balance of deferred tax asset.
JJ Gargoyle Company is preparing their budget for next year. COGS sold has been estimated at fifty percent of sales. Product purchases and payments are to be made during the month preceding the month of sale.
H owns 50% of the stcok of Y corporation and has a basis for that stock of $25,000. His wife W owns the remaining 50% of the stock at a basis of $25,000. H has all his stock redeemed for its fair market value of $250,000. What is H's tax treatment..
Explain the role of the IFRS Foundation and show how the bodies which make up the Foundation contribute to the fulfilment of that role.the answer should include what is IFRS(International Financial Reporting Standards), the role of the IFRS Founda..
In the first month of operations, the total of the debit entries to the cash account amounted to $700 and the total of the credit entries to the cash account amounted to $300. The cash account has a _________
Which of the following best describes the auditors' approach to the audit of the ending balance of property, plant and equipment for a continuing nonpublic client?
On January 1, 2013, Davie Services issued $20,000 of 8% bonds that mature in five years. They were sold at par. The bonds pay semiannual interest payments on June 30 and December 31 of each year. On June 30, 2013, how much are the total interest p..
Why is accounting for contributions so critical for a not-for-profit entity? For example, what complications can arise if a donor places conditions on a pledged contribution or imposes restrictions on the use of the money by the organization? What..
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