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Question - On 1 January 2020, King Ltd issued a prospectus inviting applications for 400 000 ordinary shares, at an issue price of $8, payable $5 on application, $3 on allotment. By 30 April, applications were received for 390 000 shares. As the minimum required subscription had been reached, on 1 May the directors allotted 390 000 shares. Share issue costs of $1500 were also paid on the same date. All the allotment money was received by 1 June.
Required -
a) Prepare journal entries to record the above transactions.
b) If a share issue is oversubscribed, what action can be taken in relation to excess money received on application?
What was the expected return on the pension plan assets in 2017? Asset actuarial gain in 2017? What was the actual return on the plan assets for the year?
Finney Company began the year by issuing $20,000 of common stock for cash. The company recorded revenues of $185,000, expenses of $160,000, and paid dividends of $10,000. What was Finney's net income for the year?
Two-fifth of the supplies will be used for personal purposes while the remaining is for use by AH. Three-fifth of the liability is arranged to be settled
Surface Inc. has provided the following information from its activity-based costing system: Compute the activity rate for the designing products
Activity based costing is a unique tool used by management to better determine where a firms costs are.
A Taxpayer has worldwide income of $200,000 and a tentative U.S. tax liability of $65,000. Compute the maximum allowable foreign tax credit.
You are required to answer the following questions. Show all workings, and show all answers correct to the nearer cent. Accuracy and presentation are important. (a) Verify the bank's calculation of the monthly instalment of $4,510.11.
Assume Shopping.com began May with 8 units of inventory that cost a total of $128. determine Shopping's cost of goods sold at the end of the month
nbspstatic budget income statementsales
Students are required to create a fictitious (preferably a manufacturing) company (or use a company with which you are familiar).
How should Constantine report the suit in its 2010 financial statements? Discuss the rationale for your answer. Include in your answer disclosures, if any that should be made in Constantine's financial statements or notes.(AICPA adapted)
During its first year of operations, Gavin Company had credit sales of $3,162,200; Prepare the journal entry to record the estimated uncollectibles
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