User Account

All Pages

Journalize the transactions for m corporation

Assignment Help Financial Accounting
Reference no: EM132912569

1. M Corporation received a machine as a gift from X, a shareholder of M. The machine has a cost of P150,000 with accumulated value depreciation of P50,000. The replacement value of the machine is P200,000 for a brand new-one, but P90,000 for a second-hand. Prior to the use of the machine, M Corporation incurred P30,000 for transfer of title.

2. M Corporation received from its own shareholders 1,000 shares of its own share capital with P100 par and market value of P150 per share. The shares were subsequently reissued for P180 per share.

Required:

Question 1: Journalize the above transactions.

Reference no: EM132912569

Questions Cloud

Which would indicate whether or not johnson should accept : Johnson Corporation has annual sales of $800 million.Show computations which would indicate whether or not Johnson should accept First National Bank's proposal.
Determine dollar amount of fy cost of goods manufactured : The December 31, 2020 balance of Work-in-Process Inventory is $115,000. Use this information to determine the dollar amount of the FY 2020 Cost of Goods
Determine the dollar amount of the fy cost of goods : Cost of goods purchased for resale FY 2020 was $210,000. Use this information to determine the dollar amount of the FY 2020 cost of goods sold.
Which plan is the more aggressive : Which plan is the more aggressive? Which plan would you recommend? Monte Corporation wishes to analyze the joint impact of its working capital investment.
Journalize the transactions for m corporation : Journalize the above transactions. M Corporation received a machine as a gift from X, a shareholder of M. The machine has a cost of P150,000.
Journalize the transactions for x company : Journalize the above transactions. Before the end of the year, X declared 20% share dividend where is selling price was 20% above par.
Why is emotional intelligence an important quality : Why is emotional intelligence an important quality to be a successful leader, especially in this current time (2021)?
Compute the outstanding shares after the above transactions : Compute the total equity section after the above transactions assuming that there are no other transactions affecting the shareholders equity.
Calculate the expected return for holding the share for year : Calculate the expected return for holding the share for a year. An investor buys 1 share of Zephyr Ltd at the price of $34.5 on July 1, 2021.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

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 .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd