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Montgomery & Co., a well established law firm, provided 500 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par common stock. Mitchell's usual billing rate is $700 per hour, and Fink's stock has a book value of $250 per share. By what amount will Fink's Paid-in capital - excess of par increase for this transaction?
A. $345,000.
B. $295,000.
C. $350,000.
D. $300,000.
What are the differences in financial reporting in a for-profit and government organization? What are the similarities in financial reporting in a for-profit and government organization?
Wecker Company's year-end unadjusted trial balance shows accounts receivable of $89,000, allowance for doubtful accounts of $500 (credit), and sales of $270,000. Uncollectibles are estimated to be 1.5% of accounts receivable.
Smith Manufacturing's bank has just informed the company's CFO that an audit is required to obtain an operating line of credit (LOC). The company needs the LOC to maintain its cash flow.
A garden store prepares various grades of pine bark for mulch: nuggets, mini nuggets, and chips.The following table gives information regarding the different requirements.
The auditors wish to test the valuation of accounts receivable in the audit of Seaside Enterprises. The client has $5,000,000 of total recorded receivables, composed of 2500 accounts.
Prepare the journal entries necessary to account for the Sonny investment, assuming that Fredo accounts for that investment as (1) an available-for-sale investment, and (2) elects the fair value option.
Dobbs Wholesale Antiques makes all sales under terms of FOB shipping point. The company usually receives orders for sales approximately one week before shipping inventory to customers.
The remainder is uncollectible. The following are budgeted sales data: January $60,000-February $70,000-March 50,000-April 30,000 - What would April's total cash receipts be ??
Identify and discuss an advantage using for IT systems in the materials conversion process. Please make sure that you address the conversion process by focusing on an activity / process within the conversion process that would be benefited from th..
You have two investment opportunities. One will have a 10% rate of return on an investment of $500; the other will have an 11% rate of return on a principal of $700.
A patent or copyright is a barrier to entry based on: A) ownership of a key necessary raw material B) large economies of scale as output increases C) widespread network externalities D) government action to protect a producer
The average cost of a one bedroom apartment in a town is $550 per month. What is the probability of randomly selecting a sample of 50 one bedroom apartments in this town and getting a sample mean of less then $530 if the population standard deviat..
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