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Dragonfly Corporation had the following equity accounts on December 31, 20x4: 7% cumulative, partially participating up to an additional 1%, preferred stock $100 par 20,000 shares issued and $2,000,000 outstanding Common stock $10 par 40,000 shares issued and outstanding 400,000 Paid-in capital common stock 1,000,000 Retained earnings $4,250,000 1) On February 15, 20x5 Dragonfly purchased 7,000 shares of its common stock for $40/share. It plans to either hold these shares temporarily or retire them so it decided to use the retirement method. Record the journal entry for the buy back. 2) What would have been the journal entry here if the Company had used the treasury stock cost method to record the buy back? 3) On March 25, 20x5, Dragonfly reissued half of the treasury stock at $40/share (use retirement method). Prepare the appropriate journal entry. 4) On June 25, 20x5, Dragonfly reissued the remaining share of the treasury stock for $38/share (use retirement method). Prepare the appropriate journal entry. 5) The board of directors of Dragonfly declared $600,000 in dividends toward the end of the year. There were 2 years of dividends in arrears on the preferred stock. Calculate the dividends to be received by the preferred and common stockholders.
They had a 5% stated rate of interest that was payable in cash on January 1 of each year beginning January 1, 2010. Based on this information alone, the amount of total liabilities appearing on the December 31, 2009 balance sheet would be:
Research Problem: An individual cash basis taxpayer sells rental real estate on the installmentbasis. The gain from the disposition is $45,000: $30,000 potential 25% gain and$15,000 potential 0%/15%/20% gain.
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. Make all journal entries necessary to record the transactions above using appropriate dates.
Discuss the capital budgeting process and the inputs that are used in capital budgeting.
Based on an auditor's initial assessment of a potential client, the entity's financial statements appeared to be materially misstated over a period of years because revenue/income related journal entries were inappropriately posted to various acco..
Prepare a statement of cash flows for 2012 using the indirect method.
What is the amount of the check?
How can test be circumvented through either the structuring of the lease contract or interpretation of the test? What are other ways in which lease capitalization could be avoided through the structuring of lease terms or interpretation of the tes..
Lease or buy: I can lease a building for $10,000 or buy for $800,000. The weighted average cost of capital is 12%. Which is cheaper buy or lease?
on january 1 2013 vki corporation awarded 12 million of its 1 par common shares to key personnel subject to forfeiture
In addition Larry's car (15000 value cost 2000) was stolen during the year, and the insurance reimbursement was only 7000. He also had 2000 of travel expenses related to his job not reimbursed.
A substantial number of hours was spent by Raleigh and Mincin in resolving relatively minor differences between the confirmation replies and the accounting records. Alternative audit procedures were used for supplier who did not respond to the con..
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