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Colorado Company uses a job-order costing system. Account balances at the end of the year were:
Raw materials Inventory $200,000
Work-In-Process Inventory 400,000
Finished Goods Inventory 600,000
Cost of Goods Sold 800,000
Manufacturing Overhead (credit: over applied) 90,000
What journal entry(s) are necessary to close the Manufacturing Overhead account if the amount in the account ($90,000) is all materials?
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I n exchange for all of the Quartz stock, Hugh receives 1,000 shares of Turquoise Corporation common stock (value $20,000), and Stacy receives 50 shares of Turquoise preferred (value $20,000). Hugh also receives $160,000 in bonds. The exchange qu..
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Income before taxes earned by the ice cream parlor is taxed at an effective rate of 20 percent. Determine the unadjusted rate of return (use average investment) for each alternative.
Black's additional paid-in capital was $650,000. What should be the balance in Black's additional paid-in capital account immediately after the reverse stock split?
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