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Problem 1: On January 2, 2016, Alpha Corporation procured new equipment with an issue of 5,000 shares of $4.00 par value common stock. The equipment had an MSRP of $65,000. Alpha's stock was trading on the open market for $9.75 per share on January 2nd. Use this information to prepare the General Journal entry (without explanation) for the January 2 entry.
Discuss why Busch may desire to have an audit, ignoring the potential reduction in interest costs. Explain how a strategic understanding of the client's business may increase the value of the audit service.
Compute the variance, standard deviation, range, coefficient of variation, and Z scores. Are there any outliers? Explain.
Sunset Motors, Inc., makes small motors for appliances and other uses. What is the sales budget for the coming year
At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $5,120 in cash. What is the amount of the taxable gifts
Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on her year 4 tax return
The following data is given for the stringer Company: Budgeted production 1,044 units. Determine the direct material quantity variance
On December 1, 2015 John Trap created a new travel agency, Trap Adventures, Inc. providing exclusive adventure trips. The following transactions occurred.
abernathy co authorized to issue 10000 shares of 8 - 50 par value preferred stock and 500000 shares of no par value
What effect does using the gross method vs. the net method have on the company's current ratio after the sale? After the receipt of cash
Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date.
There were no other transactions which affected the companies' land accounts during 2010. What is the consolidated balance for land on the 2011 balance sheet
Explain why the failure of financial statement users to differentiate among business failure, audit failure, and audit risk has resulted in lawsuits.
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