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During its first year of operations, Pele Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share. July 1 Issued 60,000 shares for cash at $7 per share.
a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
b) Journalize the transactions, assuming that the common stock is no-par value with a stated value of $1 per share.
Zigs Industries had the following operating results for 2011: sales = $27,960; cost of goods sold = $19,360; depreciation expense = $4,940; interest expense = $2,190; dividends paid = $1,050.
During the year, supplies purchased were debited to the supplies inventory account in the amount of $6,500. On December 31, 2009, the inventory count of supplies in the storeroom was $1,750. Give the adjusting entry required at December 31, 2009.
seville company manufactures a product with a unit variable cost of 42 and a unit sales price of 75. fixed
The company uses the FIFO cost flow assumption .
It serves to highlight the importance of audit opinions and reports. This project gives you an opportunity to conduct certain audit procedures and determine the course of action regarding the audit.
if variable cost of goods sold totaled 80000 for the year 16000 units at 5.00 each and the planned variable cost of
ohn wiggins is contemplating the purchase of a small restaurant. the purchase price listed by the seller is 840000.
siness fitness club uses straight-line depreciation for a machine costing 26400 with an estimated four year life and a
north slope realty co. pays weekly salaries of $7900 on Friday for a five day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends on (a) Wednesday, (b) on Thursday
washington company produced and sold 50000 units of product and is operating at 80 of plant capacity. unit information
a companys unit costs based on 100000 units arevariable costs 25fixed costs 10the normal unit sales price per unit is
During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost of merchandise sold is:
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