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Question: Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred:
a. Collected $31 cash per share from four individuals and issued 4,100 shares of common stock to each.
b. Issued 5,100 shares of common stock to an outside investor at $31 cash per share.
c. Issued 7,100 shares of preferred stock at $16 cash per share.
1. Prepare the journal entries for each of these transactions
2. Prepare the stockholders' equity section of the balance sheet at December 31. At the end of the year, the accounts reflected net income of $27,000. No dividends were declared.
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the may 1 work in process inventory consisted of 54000 pounds with 50760 in materials cost and 27000 in conversion
He does remember that the machine has a projected life of 12 years. Based on these data, the annual cost savings are:
On January 8, the end of the first weekly pay period of the year, Royal Company's payroll register showed that its employees earned $11,380 of office salaries.
To provide for the retirement of general obligation bonds, a city invests a portion of its general revenue receipts in marketable securities. This investment activity should be accounted for in which of the following funds?
The partnership liquidation.
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