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A corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 300 shares to its attorneys in payment of a $5,000 charge for drawing up the articles of incorporation. The entry to record this transaction would include: A debit to Organization Expenses for $3,000 A debit to Organization Expenses for $5,000 A credit to Common Stock for $5,000 A credit to Contributed Capital in Excess of Par Value, Common Stock for $5,000 A debit to Contributed Capital in Excess of Par Value, Common Stock for $2,000
What are the differences and similarities between walmart and kamart balance sheets? What classifications are presented?
on june 1 melendez company borrows 90000 from first bank on a 6-month 90000 12 note. required a prepare the entry on
For the fiscal year ended june 30 year 1, ocean oaks levied $2,000,000 in taxes. What would they record for revenue and receivable?
Phipps manufactures circuit boards in Division A, a country with a 30% income tax rate, and transfers them to Division B, a country with a 40% income tax. An import duty of 15% of the transfer price is paid on all imported products.
How do information systems increase the efficiency and effectiveness of business processes in accounting functions? Please explain. What are the advantages and disadvantages of using real time versus batch accounting information architecture? Please..
lockhart corporation is a calendar-year corporation. at the beginning of 2013 its election to be taxed as an s
Beige's earnings and profits are $300,000. Beige redeems 200 of Lois' shares for $100,000. Determine the amount of Lois' recognized gain (1) if she is Sam's mother and (2) if they are unrelated.
A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally??
The stockholders' equity section of Kay Corporation at the end of thecurrent year showed: Calculate the dollar amount to be reported as the preferred stock account balance.
Given the machinery Account for five years writtng off depreciation at 10% on the written down value.
Clancey Inc. issues $2,085,500 of 7% bonds due in 14 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%. What amount will Clancey receive when it issues the bonds?
On January 10, 2012 Badger Co. purchased 30% of the outstanding stock of Crest Co. fir $123,000. Crest paid total dividend to all shareholders of $15,000 on July 15. Crest had a net loss of $25,000 for 2012.
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