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Question - Recording stock issuances - Prepare journal entries to record each of the following four separate issuances of stock.
1. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash.
2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $54,500. The stock has a $5 per share stated value.
3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $54,500. The stock has no stated value.
4. A corporation issued 500 shares of $50 par value preferred stock for $79,500 cash.
On May 11, Sydney Co. accepts delivery of $40,000 of merchandise it purchases for resale from Troy Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping point.
Danny Ltd reported the following assets in its statement of financial position at 30 June 2021: Cash 11,000. Calculate and allocate any impairment loss
On July 2, 2020, Martineau Ltd. issued $6,000,000 (par value), 9%, ten-year convertible bonds at 98. What is the debit to Interest Expense on Oct
Parsley Corporation had 150,000 shares of common stock and 4,000 shares of 9%. Calculate Parsley's loss per share for the year ended December 31, 2016.
a while examining cash receipts information the accounting department determined the following information opening cash
Maintenance Services has costs of $200,000 before any allocations. Find the amount of Maintenance Services total cost is allocated to the Packaging Department
Differentiate between nonprofits and governments in regards to accounting for restricted funds. What are the potential reasons GASB issued a statement 54 clarifying the reporting and classification of funds for governmental accounting.
Kent Corp. has fixed costs of $25,000. Kent expects profit of $300,000 at its anticipated level of production, What is Kent's unit contribution margin
detmer holdings ag of zurich switzerland has just introduced a new fashion watch for which the company is trying to
Arkham Company is a manufacturing company making furniture. Compute the Arkham total factory overhead costs
mark trucks limited has some idlecapacity in its plant which is restored by accepting order fromother automobiles
When depreciation is computed for partial periods under a decreasing charge depreciation method, it is necessary to
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