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Finlay, Inc., issued 10,000 shares of $51 par value preferred stock at $69 per share and 14,000 shares of no-par value common stock at $10 per share. The common stock has no stated value. All issuances were for cash.
Question a. Prepare the journal entries to record the share issuances.
Question b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $5 per share.
Question c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $1 per share
Prepare the Balance Sheet, and Computing and Interpreting the Current Ratio. You may wish to use the T-Account Transactions Template, which is linked in the Resources under the Capella Resources heading.
Jeremy earned $220,000 in salary and $3,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $18,500 in itemized deductions. Neither of his dependent..
Essay Petra industries have a fiscal year of May 31. Prepare the adjusting entries for the 2008 (FYE) based on the following data.
Illiad Inc. has decided to raise additional capital by issuing $178,000 face value of bonds with a coupon rate of 12%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be i..
Prepare the journal entries to record the issue of bonds by Waterbury on March 1, 2014, and the first two interest payments on September 1, 2014, and March 1, 2015. Use the straight-line method and ignore year-end accruals.
defined tax asset with respect to the tax loss Prepare the deferred tax worksheet as at 30 June 2019 and the tax journal entries.
What is the difference between file-oriented transaction processing systems and relational database systems? Discuss the advantages and disadvantages of these systems.
What is the After Tax Rate of Return for PARC? Given the current economy, would you suggest PARC do the expansion?
Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
Describe Microsoft's overall reporting strategy. Why had the company adopted this strategy and why was the SEC concerned about it?
Prepare a schedule to determine the total gain resulting from the forgiveness and restructuring of debt and the amount of future interest expense assuming (a) a nonbankruptcy approach and (b) a bankruptcy approach to the reorganization.
Presented below are two independent situations. Situation A: Annie Lennox Co. reports revenues of $196,470 and operating expenses of $112,310 in its first year of operations, 2014. Accounts receivable and accounts payable at year-end were $80,860 and..
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