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On March 4, Breen Corporation acquired 7,800 shares of the 200,000 outstanding shares of Melton Co. common stock at $41 plus commission charges of $200. On June 15, a cash dividend of $2.20 per share was received. On October 12, 2,600 shares were sold at $46, less commission charges of $160.
Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 2,600 shares. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
Prepare an Income Statement, Statement of Retained earnings, balance sheet
Voytek Corporation bases its budgets on the activity measure customers served. During October, the company planned to serve 31,000 customers, but actually served 29,000 customers. The company has provided the following data concerning the formulas it..
If fixed costs decrease 10 percent, how many units must be sold to achieve the target profit?
One of your wealthy clients, Cecile, invests $100,000 for sole ownership of an electing S corporation's stock. The corporation is in the process of developing a new food product. Have the corporation borrow the $100,000 from a local bank. Cecile is r..
Its contribution margin (price minus variable cost) for each unit is $24. Explain how many units does the firm need to sell to reach the cash break-even point?
The accounting staff of Usher Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tas..
An accountant of an audit client made the following statement: “It is important to read the notes to financial statements, even though they are presented in technical language and are incomprehensible. areas of misconception, incompleteness, or falla..
Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $58 million. Construction costs incurred in the first year were $48 million and estimated remaining costs to complete at the end of the year were $29 mil..
In 1777, Jacob DeHaven loaned George Washington's Army $450,000 in gold and supplies. Due to a disagreement over the method of repayment 9gold vs. Continental money), DeHaven was never repaid, dying penniless.
Several fields that might appear in DSG’s “accept customer order / inventory” table are listed below. Choose those fields that should appear in the table; indicate primary and foreign keys in the usual way.
In 2001, Ellen purchased a house for $60,000 to use as her personal residence. She paid $12,000 and borrowed $48,000 from the local savings and loan company. In 2005, she paid $15,000 to add a room to the house. In 2007, she paid $625 to have the hou..
What is the new equilibrium price level and level or real output? I need answers with charts
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