Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Journalizing the transactions involving stock issues and purchases.
Garner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2008, its first year of operation, the company has the following stock transactions.
Jan.
1
Paid the state $2,000 for incorporation fees.
15
Issued 500,000 shares of stock at $7 per share.
30
Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000.
July
2
Issued 100,000 shares of stock for land.
The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share.
Sept.
5
Purchased 15,000 shares of common stock for the treasury at $10 per share.
Dec.
6
Sold 11,000 shares of the treasury stock at $11 per share.
Instructions Journalize the transactions for Garner Corporation.
Evaluate operating income for 20X7, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)
What are International Financial Reporting Standards
What is the consolidated cost of goods sold in 2013?
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Difference between ending inventory valuation and cost of goods sold - compute ending inventory and cost of goods sold under each method, and then compare results.
Determine the annual rate of return on investment? Use 360 day year in your calculation and evaluate the annual rate of return on investment? Use 360 day period
Purpose a Master Budgeted Income Statement using Variable costing and Budgeted Income Statement ( static ) and Flexible Budgeted Income Statement Variable Costing , Variance Analysis
Prepare the journal entry to record the acquisition of the assets.
Make a flexible budget for the Beverage Division using production levels of 45,000 units, 50,000 units, and 55,000 units. If required, round per unit amounts to two decimal places
Use this information to prepare a monthly cash budget for Roche City for Jan, Feb, and March of 2006.
What is your choice of the controller and president's reasoning? Is the president's order ethical? Who benefits and who is harmed if the organizer follows the president's order?
Prepare the journal entry that Faulkner may record in 2013 related to the change. (If no entry is needed for a particular event, select "No journal entry required" in the first account field.)
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd