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Question 1: On January 1, 2016, Alpha Corporation had 100,000 shares of common stock outstanding. On April 15, the board declared a $0.30 per share dividend to be paid to stockholders of record on May 4. The dividend was distributed on May 15. Use this information to prepare the General Journal entries (without explanation) for April 15 & May 15. If no entry is required then write "No Entry Required."
On January 1, 2016, Barden Universal issued 12% bonds dated January 1, 2016, with a face amount of $200 million. The bonds mature in 2025 (10 years). Determine the price of the bonds at January 1, 2016. Prepare the journal entry to record the bond is..
Please indicate whether these are product or period costs?
Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual inventory system is used. Information related to installment sales for 2016 and 2017 is as follows: 2016 2017 Sales $ 400,000 $ 500,000 Cost of sa..
Beller Financial is a banking services company that offers many different types of checking accounts. The bank has recently adopted an activity-based costing system to assign costs to their various types of checking accounts. Calculate the overhead c..
What was the corporation's net sales, cost of goods sold, and gross profit?- What was the corporate tax rate?- What was the corporation's net interest expense?
Galaxy Enterprises has a market capitalization (market value of equity) of $420 billion. Estimate the beta for Galaxy's stock, given its current standing
On December 31, 2014, Harris Co. leased a machine from Catt, Inc. for a five-year period. Equal annual payments under the lease are $1,050,000 (including $50,000 annual executory costs) and are due on December 31 of each year. The lease is appropriat..
A contractor has been awarded the contract for the construction of a small shopping center. The contractor has decided to use crawler tractors with dozer blades to remove the vegetation and topsoil from the project site, but is unsure which size trac..
Costanza Company experienced the following events and transactions during July.
Arthur Jones is the partner in charge of the audit and plans to review the audit work in a few days. He is unaware of any potential delay. Illustrate what should Mary do?
Marcia died on June 1, 2015; survived by her husband, Asher and two sons, Clark and Dirk. Marcia’s only lifetime taxable gift was made in October 2012 in the taxable amount of $5.25 million in stock. She did not elect gift splitting. Assume the execu..
Describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to the accounting for intangible assets
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