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Question - On 1 Jan 2017, Pine Ltd issued a prospectus inviting applications for 400 000 ordinary shares, at an issue price of $8, payable $5 on application, $3 on allotment, and $3 on future call(s), dates to be determined by the directors. By 30 April, applications were received for 390 000 shares. The directors allotted 390 000 shares. Share issue costs of $1500 were also paid on the same date. All of the allotment money was received by 1 June. Prepare journal entries to record the above transactions.
Explain the activity-based costing (ABC) and traditional two-stage method cost allocation for overhead. Why would a firm use activity-based costing (ABC) rather than traditional two-stage methods of cost allocation for overhead?
Compute the amount of gross profit to be recognized from the installment sale in 2013, 2014, 2015, and 2016 using point of delivery revenue recognition
Auto Tires has been in the tire business for four years. It rents a building but owns all of its equipment. All employees are paid a fixed salary except for the busy season (April - June), when temporary help is hired by the hour. Utilities and ot..
What should the manufacturing overhead budget indicate for cash disbursements for manufacturing overhead for the month of August
How much money would you have to deposit now in a savings account earning 6 percent APR, compounded monthly, to pay the $6,000 bill in three years
What are the equivalent units for material using the weighted average method?At the start of production, Small Wonder Enterprises adds all the raw material
In reviewing activity for July controller of Mathis, Inc., collected the following data concerning direct materials. Compute the direct materials cost variances
What drives that cost are the number of employees. ABC Costing, To make sure we understand costs and what drives them, an example of a cost and a potential cost
Prepare the Shareholders' Equity section of the balance sheet at December 31, 2021. Prepare the entry to record the common share issue on January 18, 2021.
Record financial impacts of these goods' shipping, billing and payment using the T-accounts
Combined SAT scores can go as high as 1600, while the maximum ACT composite score is 36. Since the two exams use very different scales, comparisons of performance are difficult.
Irwin purchases $7,000 of merchandise from Stamford on December 16, 2011. Stamford accepts Irwin's $7,000, 90-day, 12% note as payment.
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