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Question 1: Journalize the following selected transactions completed during the current fiscal year:
Mar. 4 The board of directors of New Town, Inc. declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000.
26 The Declared a dividend of $1.75 per share on the outstanding shares of common stock.
Apr. 5 The Paid the dividend declared on March 26.
Nov. 1 Declared a 5% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $25).
Dec. 1 Issued the certificates for the common stock dividend declared on November 1.
If no entry is required, select "No Entry Required" and leave the amount boxes blank. For compound entries, if an amount box does not require an entry, leave it blank or enter "0".
What did the for deferred rent and other liabilities in January 31, 2009? Where did you find this information and what is the difference between prepaid expenses and deferred rent
Monthly payment of $900 starting in May of this year. With regard to the taxation of the $900 monthly payment, which one of the following statements is true?
At the current selling price of $70 per unit, what the contribution margin ratio is? fixed operating expenses are not changed by this reduction in selling price
During the past couple of years, ROCK has taken advantage of bonus depreciation and section 179 deductions and fully remodeled the premises and upgraded its leasehold improvements. This year, ROCK wrapped up its remodel with the purchase of @20,00..
How Closing entries are made?so that all assets, liabilities, and owner's capital accounts will have zero balances when the next accounting period starts.
When preparing a cash flow statement, with limited information, how do you arrive at the "cash at the beginning of the year" and "cash at the end of the year" amounts? What information do you need to obtain those amounts?
Determine the number of pounds of Chemical X purchased. and evaluate the standard cost per pound of Chemical X.
What amount should Lino include as net cash provided by operating activities in the statement of cash flows?
What is the impact of provision made in 2000-01 on the EPS of the company? - Do you feel it is the real EPS of the company for this year?
Assume if PowerPunch sells for $7.25 per bottle, how much profit does the company earn per bottle of PowerPunch that it sells? Illustrate what is the minimum price that the company should set per bottle of SlimLife?
How should Mapletel account for the Eco equipment sale and financing? Show, via journal entries or the balance sheet equation, the effect of the contract on Mapletel's accounts at the time of sale in late 2003 and at the end of 2004 and 2005?
Prepare entries that the buyer records for the purchase, cash payment within the discount period, and cash payment after the discount period
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