Solution-On january 1 2012 the organizers of the parsons

On january 1 2012 the organizers of the parsons corporation

Assignment Help Accounting Basics

Reference no: EM13362567

On January 1, 2012, the organizers of the Parsons Corporation obtained their charter and issued 10,000 shares of $1 par common stock for $4 per share. During 2012, the corporation earned $30,000 in cash revenue and paid $20,000 in cash expenses, not including income tax. The income tax rate was 30%, and the company's income tax expense was $3,000. The company declared and paid cash dividends totaling $2,000. Using the above information, prepare an income statement and a balance sheet for the Parsons Corporation.

Reference no: EM13362567

Questions Cloud

Cross-cultural problems differences and expectationswhat : cross-cultural problems differences and expectationswhat can be done to prevent cross-cultural problems and unmet

Women and minorities in the workforcecomment on the : women and minorities in the workforcecomment on the presence of women and certain minorities in specific occupations in

Stewart company sold 180 units 320 each on october 31 2012 : stewart company sold 180 units 320 each on october 31 2012. cash selling and administrative expenses were 15000. the

On january 1 2012 muller co borrowed cash from washington : on january 1 2012 muller co. borrowed cash from washington valley bank by issuing a 100000 face value 3-year

On january 1 2012 the organizers of the parsons corporation : on january 1 2012 the organizers of the parsons corporation obtained their charter and issued 10000 shares of 1 par

Houston corporation has the following stock outstanding5 : houston corporation has the following stock outstanding5 cumulative preferred stock par 20 50000 shares issued and

Cross cultural communications fons trompenaarsdefine the : cross cultural communications fons trompenaarsdefine the following relationships1.relation with nature2.relation with

This case concerns potential discrimination of older staff : this case concerns potential discrimination of older staff. the company set new policies after the government

Widgecorp became the market leader in snack foods after : widgecorp became the market leader in snack foods after acquiring a rival company company w. their management style and

User Account

All Pages

On january 1 2012 the organizers of the parsons corporation

Reference no: EM13362567

Reference no: EM13362567

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT