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Question - Pheonix Limited made an offer to the public via a prospectus of 1,000,000 shares with an issue price of $1.00 per share. The shares were payable as $0.50 on application and a further $0.20 on allotment and $0.30 on call. Applications closed on 1 March 2020 and 1,500,000 applications were received (an oversubscription of 500,000 shares). Allotment was made on 20 March 2020. The company allotted 1,000,000 shares and the excess application monies were retained against allotment and call amounts. The call money was due on 1 October 2020. All monies to be paid have been received on time except 100,000 shareholders who could not pay the call money. These 100,000 shares were forfeited by the management on 20 November 2020. Prepare the journal entries to record the above.
If for 2020, Ben and Lani received a total of P47,000 from the partnership, how much would Edwin receive?Partners Ben, Noreen. Lani. and Edwin initially invest
Diana does not elect immediate expensing under § 179. She elects additional first-year deprecation. Calculate Diana's total cost recovery deduction for 2019
Choose a major capital piece of equipment to be used in the radiology department of a hospital (e.g., CAT scan, MRI, nuclear medicine camera, etc.). Next, research and choose a vendor.
Discuss the potential for Tweety Pie Ltd to be classified as a subsidiary of Sylvester Ltd and Discuss whether Woodchuck Ltd is a subsidiary
The salon had previously used cash basis accounting to prepare its financial records - How will change positively impact its business reporting
Christine is a single 50-year-old taxpayer with no dependents. Her only income is $40,750 of wages. Calculate her taxable income and her tax liability
The following information relates to a company's accounts receivable: gross accounts receivable balance at the beginning of the year, $380,000; allowance.
During the last few years, Harry Davis Industries has been too constrained by the high cost of capital to make many capital investments.
You are working as an accountant in a regional accounting firm. You have been approached by the owner of "Goodie Gumdrops", a start-up wholesaler.
Based on George's assumptions that all of the remaining supervisor's costs are split 65% to accounts payable, calculate the annual savings per function
In 2014, you sell the stock for $11,500 What entries are necessary and how would you record them
What other ratio would you want to compute to decide whether Carnival is successfully employing leverage? Explain your answer.
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