Reference no: EM132944378
Accounting Principles Exercises
Nevada Corporation was created on January 2, 2019. The articles of incorporation from the Government of Canada authorize Nevada Corporation to issue an unlimited number of common shares and 500,000 shares of $0.50 preferred shares.
The company had the following transactions:
2019
Jan. 2 Issued (sold) 5,000 common shares to the corporation's legal firm for incorporating the business. The total legal fee was $5,000.
Jan. 3 Issued (sold) 200,000 common shares for cash at $1 per share.
Jan. 4 Issued (sold) 10,000 preferred shares for cash at $10 per share.
Jan. 4 Issued 200,000 common shares for $210,000 for a building with a market value of $260,000.
Instructions (Show all calculations):
Problem I. Journalize the above transactions.
Problem II. December 31, close Income Summary to Retained Earnings assuming that Nevada had $63,000 of net income for the year
Case study models a mobile phone company
: Case study models a mobile phone company. The company has a number of phones that are sold by staff to various clients
|
What the amount of the cash discount allowable
: Merchandise is sold on account to a customer for $18,000. The terms are 1/10, n/30, FOB shipping point. What the amount of the cash discount allowable
|
How much in preferred dividends was paid
: During the current year, common shareholders received a dividend distribution. How much in preferred dividends was paid during the current year?
|
Nature of an evolutionary development methodology
: What is the nature of an evolutionary development methodology? In what ways are evolutionary methods different to those that are used for large-scale enterprise
|
Make december close income summary to retained earnings
: Make December 31, close Income Summary to Retained Earnings assuming that Nevada had $63,000 of net income for the year
|
What are the monthly breakeven revenues
: If variable costs are reduced by $3 and fixed costs increase by $72,000 annually, what are the monthly breakeven revenues
|
Prepare the journal entry to record the declaration
: Prepare the journal entry to record the declaration (December 3) and payment (Dec.25) of a dividend in the total amount of $150,000
|
What is the total cost of the by product
: Estimated sales price of by product after further processing 1.20/unit. What is the total cost of the by product
|
How much will ren net pay be for the month of november
: Ren is paid monthly and earns $15,000 per month. How much will Ren's net pay be for the month of November assuming the only deductions are required taxes?
|