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The Meta Corporation has 40,000 shares of $5 par value common stock outstanding at December 31, 2019. All shares were issued in 2018 at $9 per share. The balance in Retained Earnings at December 31, 2019 is $100,000.
REQUIRED:
Question 1: Prepare the journal entries for the following transactions that occurred in 2020. Use the cost method (first-in-first-out) of accounting for treasury stock.
(a) January 4: Purchased 10,000 shares of common stock for $11 per share to hold as treasury stock.
(b) January 31: Sold 2,000 shares of treasury stock for $10 per share.
(c) June 30: Sold 4,000 shares of treasury stock for $14 per share.
(d) October 31: Sold 3,000 shares of treasury stock for $8 per share
Carole owns 75% of Pet Foods, Inc. As CEO, Carole must travel extensively and does so on the company jet. In addition, she also uses the jet to take several personal vacations. Carole reports the value of the personal use of the jet, $140,000, as add..
Consider assumption 1 when completing this critical element: Sales were 20,000 units in June 2015. Forecasted sales in units are as follows: July, 18,000; August, 22,000; September, 20,000; October, 24,000. The product’s selling price is $18.00 per u..
Carla Monroe wants to create a fund today that will enable her to withdraw $31,300 per year for 6 years, with the first withdrawal to take place 5 years from today. Click here to view factor tables If the fund earns 11% interest, how much must Carla ..
Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments.
(Comprehensive Bond Problem) In each of the following independent cases the company closes its books on December 31. Sanford Co. sells $500,000 of 10% bonds on March 1, 2014. The bonds pay interest on September 1 and March 1. The due date of the bond..
Calculate the net income of the trust based on taxation law only for the year ended 30 June 2016.- Calculate the net partnership income of the SCL partnership;
York uses the effective interest method of amortization. In its December 31, 2010 balance sheet, what amount should York report as investment in bonds?
What conclusions concerning the management of cash can be drawn from the free cash flow data?compute free cash flow for each company.
question 11. pretax financial income reported 600002. depreciation charged for tax purpose is 76000 as well as
On June 30, 2016, Georgia-Atlantic, Inc., leased a warehouse facility from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $463,866 over a four-year lease term, payable each June 30 and Dece..
Calculate Dahl's 20X6 consolidated net income and identify the amount attributable to Dahl's shareholders and to the non-controlling interest. Be sure to show all your calculations. You are not required to prepare a consolidated income statement.
Explain what is meant by the term "management by exception." What is the relationship between the process of standard cost variance analysis and management by exception?
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