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Margan Corporation had the following transactions and events. 1. Declared a cash dividend. 2. Issued par value common stock for cash at par value. 3. Completed a 2-for-1 stock split in which $10 par value stock was changed to $5 par value stock. 4. Declared a small stock dividend when the market value was higher than par value. 5. Made a prior period adjustment for overstatement of net income. 6. Issued the shares of common stock required by the stock dividend declaration in item no. 4 above. 7. Paid the cash dividend in item no. 1 above. 8. Issued par value common stock for cash above par value. Indicate the effect of each of the foregoing items on the subdivisions of stockholders' equity. Paid-in Capital Capital Stock Additional Retained Earnings 1. No Effect No Effect Decrease 2. 3. 4. 5. 6. 7. 8.
Compute the unit product cost of each product. (Do not round intermediate calculations. Round your final answers to 2 decimal places)
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
When a business enterprise enters into what is referred to as off-balance-sheet financing, the company:
Marge's auto, which is used for business purposes only, is totally destroyed by a fire. The fair market value of the auto was $8,000 at the time of the fire and the adjusted basis was $10,000. Calculate the loss, and determine whether it is a ..
Which approach do you favor from (1) a customer's perspective and (2) management's perspective? Explain.
using the appropriate interest table compute the present values of the following periodic amounts due at the end of the
Provide examples from the manufacturing industry of: a) a journal entry that would be recorded that impacts the balance sheet. b) a journal entry that would be recorded affecting the income statement.
What is meant by the forensic-type fieldwork phase of an audit?
Tina and Betty formed a partnership. Tina received a 40 percent interest in the partnership in exchange for land with an adjusted basis to her of $60,000 and a fair market value of $80,000.
At the date of the financial statements, common stock shares issued would exceed common stock shares outstanding as a result of the
LaFluer Corporation issued $400,000 of 15-year bonds on January 1. The bonds pay interest on January 1 and July 1 with a stated rate of 8 percent. If the market rate of interest at the time the bonds are sold is 10 percent, what will be the issuan..
During 2014, Shipley distributed a dividend in the amount of $120,000 and at year-end reported a $320,000 net income. Any difference between implied and book value relates to subsidiary goodwill. Pioneer Company uses the equity method to record it..
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