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1. Caribbean Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $27,500 for organization costs. Journalize both issuances, assuming the stock is not publicly traded.
Prepare the journal entries to record these transactions on the books of Bogner Company using a perpetual inventory system.
Describe how the organization impacts the nature of services provided by auditors in regard to the creation of standards and regulations.
a company that was incorporated on january 1 of the current year uses the installment method because it has no
Using the format in Example 13-5, prepare common-size comparative income statements for 2011 and 2010. Use as the base ''Net revenues.'' Round all percentages to the nearest one- tenth of a percent.
For the following situations, indicate whether each involves a deferred expense (DE), a deferred revenue (DR), an accrued liability (AL), or an accrued asset (AA).
For the week in question, Marcia actually produced 1,050 units. In doing so, she purchased 4,000 pounds of material at a cost of $41,000 and used 4,100 pounds of materials. Direct laborers worked 3,000 hours and were paid $16,950. Variable overhea..
The loss will be tax deductible when paid in 2014. The enacted tax rate is 40% in 2013 and future years. There were no other permanent or temporary differences other than those listed above. Z Corp taxable income and enacted tax rates in its first..
On January 23, 2011, a strike was called at one of Coburn's largest plants, which halted 30% of its production. As of today (February 13) the strike has not been settled.
Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.
the 100 number in a common-sized income statement isa. total operating expensesb. gross profitc. net profitd. sales or
the green giant has a 5 percent profit margin and a 41 percent dividend payout ratio. the total asset turnover is 1.6
Five individuals organized Miami Music Corporation on January 1. At the end of January 31, the following monthly financial data are available: Complete the following income statement and balance sheet for the month of January.
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