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During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock.Jan. 10 Issued 80,000 shares fot cash at $6 per share.Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate.July 1 Issued 30,000 shares for cash at $8 per share.Sept. 1 Issued 60,000 shares for cash at $10.a.Prepare the journal entries for these transactions, assuming that the common stock has a par value of $3 per share.b. Prepare the jopurnal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share.
Farmer Frank's produces items from local farm products anddistributes them to supermarkets. Is Margaret's behavior regarding the cost information she provided to Susan unethical? Explain your answ
For several years, a number of Food Lion,Inc., grocery stores were unprofitable. The company closed, and continues to close, some of these locations.
On April 30,2010, Hackman corporation issued $1 million face value 12% bond dated january1,2010, for $1023,000 plus accrued interest. the bond pay interest semiannually on june 30,and Dec 31, and are due dec 31,2017 the company use the straight li..
Cash flows used for investments in property, plant, and equipment totaled $45,000, of which 60% of this investment was used to replace existing capacity. Determine the free cash flow for Mediterranean Tile Company.
If the relevant tax rate is 34 percent, what is the aftertax cash flow from the sale of this asset? (Do not round your intermediate calculations.)
Which of the following is an internal control activity that could prevent a paid disbursement voucher from being presented for payment a second time?
What effect do subsidiary treasury stock holdings have at the time the subsidiary is acquired? How should the treasury stock be treated on consolidated work papers?
Prepare journal entries for the transactions listed above. Prepare an updated Dec 31st trial balance, reflecting the unrecorded transaction-Prepare a multiple-step income statement for the year ending Dec 31st. Prepare a retained earnings statement f..
A company purchased materials costing $12,000 that, according to standards, should have cost $11,000. They used $8,000 of the materials (at standard cost) in the current period. The journal entry under a standard costing system would include:
Cathy wants to have $28,000 in cash 5 years from now in order to pay for improvements that must be made to her small office at that time. If Cathy finds a savings account that pays annual interest of 4.1% compounded monthly, then how much should s..
An entity that is a franchiser in the quick-service restaurant business also operates company-owned restaurants that are unprofitable in a certain region and, as a result, the entity decides to exit both the quick-service business as well as the c..
Address the current roadmap towards the convergence of one agreed upon global accounting standard. Identify specific reporting differences between the standards. Identify which resource best meets the goals of reporting companies in a given cou..
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