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The Chase Consulting Group was organized on July 1, 2010 when the two principal owners each contributed $50,000 and received shares of stock in exchange. The following events occurred during Chase Consulting Group's first year of operations. 1. On July 1, acquired a building by paying $50,000 in cash and borrowing $250,000 from the ABC Bank. Information regarding the building: The building has a useful life of 30 years and no salvage value. Chase Consulting uses straight line depreciation. Information regarding the note payable: The note payable will be due in full in five years. Interest is payable annually. The interest rate on the note is 5%. 2. On July 1, paid cash in the amount of $1,200 for a one-year property insurance policy. 3. On August 1, purchased two computers for $4,000 cash each. The computers have a useful life of 5 years and a $100 salvage value. The computers will be depreciated using the straight line method. 4. On October 1, receives $120,000 in cash for services to be provided evenly during the next six months. Required: A. Determine the effect on the accounting equation of the necessary adjustments at December 31 for each of the following: a. Depreciation on the building
The bonds without the warrants would normally sell at 95. On March 1, 2010, the fair market value of Ruiz's common stock was $40 per share and the fair market value of the warrants was $2.00. What amount should Ruiz record on March 1, 2010 as paid..
a company sold an investment in trading securities originally costing 30000 for 28000. at the beginning of the year the
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1. an unexpired cost appears on the balance sheet and expired cost appears on the income statement.true or false2.
On july 2, 2010 Redford issued a 10% stock dividend on its common stock, and paid a cash dividend of $2.00 per share on its preferred stock. Net income for the year ended December 31, 2010 was $780,000. What should be Redford's 2010 basic earnings..
entry for uncollectible accounts traditional bikes co. has determined that the proper balance for the allowance for
Explain why you selected this particular work for your analysis
the lansing community college registrars office is considering replacing some canon copiers with faster copiers
a company has a decision to make between two investment alternatives. the company requires a 10 return on investment.
If the common stock had a market price of $180 per share before the stock split, what would be an approximate market price per share after the split?
Prepare the journal entries to record the pension expense and funding for the year.
Chris Spear invested $16,420 today in a fund that earns 12% compounded annually. To what amount will the investment grow in 3 years? To what amount would the investment grow in 3 years if the fund earns 12% annual interest compounded semiannually..
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