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Assume that the company’s corporate charter authorized a total of 200,000 shares of $1 par value, common stock. The company issued 50,000 shares of stock in early January for a selling price of $10 per share. Assume that net income for the first year (year 2012) was $300,000. Also assume that the company had declared and paid a cash dividend of $10,000 during this year. Prepare the journal entry to record the issuance of stock. Use the date of Jan 15. Date Account Name Debit Credit Prepare the complete stockholder’s equity section of the balance sheet at the end of the company’s first year based on the information above and impact of net income and cash dividend paid to retained earnings. Use the template below. Make sure you complete all of the items (there are three blanks lines to fill in and dollar amounts for par value, PIC in excess of par, RE and total SE). STOCKHOLDER’S EQUITY: Common stock - ____ par value, _________ shares authorized _________ shares issued and outstanding. Paid in capital in excess of par, common stock Retained earnings ________ Total stockholder’s equity
Determine the effects of seasons on CVS's net revenues and net earnings by calculating for the most recent year the percentage of quarterly net sales and net earnings to annual net sales and net earnings.
Johnson Corp is interested in purchasing some new material-handling equipment right after the beginning of the new year. They would like to finance the new equipment with cash and marketable securities, but if necessary they can get a short-term loan..
Prepare the statement of cash flows for Barton Publication Company, Inc., for the year ended March 31, 2010, using the indirect method for operating cash flows.
A rental car agency charges a flat fee of $38.00 plus $2.75 per day to rent a certain car. Another agency charges a fee of $31.75 plus $4.00 per day to rent the same car. Use a graphing calculator, find the number of days for which the costs are the ..
question in summer 2005 timewarner inc. announced they were setting aside 3 billion to settle lawsuits from
The required rate of return used for the NPV calculation was 10 percent. The project was expected to produce annual after-tax cash flows of $10,000. What was the required investment for the project?
Actual hours worked were 195,000 and actual overhead was $978,000. Compute the predetermined manufacturing overhead rate. Compute the applied manufacturing overhead.
q assume tax year-2012net operating lossesassume the subsequent facts2007 taxable income modified 190002008 net
If Eagle had sold only 9,000 tables in its first year, what total amount of cost would have been assigned to the 1,000 tables in finished goods inventory under absorption costing method?
You are reviewing the December 31, 2009 financial statements of Ellie's Antiques that is considering an initial public offering of their shares. The following items come to your attention:
In New York, 3-month U.S. Treasury bills yield 7 percent per annum. What should be the annualized yield on 3-month Malaysian government bills? Use U.S. dollar ask quotes for simplicity.
Hampton Textile Co., manufactures a variety of fabrics. All materials are introduced at the beginning of production; conversion cost is incurred evenly through manufacturing. Calculate the totals for equivalent units of direct material and conversion..
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