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Question - During its first year of operations, Cupola Fan Corporation issued 47,000 of $1 par Class B shares for $470,000 on June 30, 2018. Share issue costs were $3,200. One year from the issue date (July 1, 2019), the corporation retired 10% of the shares for $48,000.
Required: Prepare the journal entry to record the issuance of the shares, the declaration of a $2.60 per share dividend on December 1, 2018, the payment of the dividend on December 31, 2018 and the retirement of the shares.
product a has a sales price of 11 per unit. based on a 9000-unit production level the variable costs are 6 per unit and
linda wants to use the 241300 proceeds 163000 20000 58300 241300 from sale of the securities to open a retail store
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Expected production activity is expressed as 7,500 standard direct-labor hours per month. Fixed overhead is expected to be $60,000 per month.
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Sold $11,250 of merchandise on account, subject to a sales tax of 6%. The cost of the merchandise sold was $6,750.
At what total amount did the shares sell to the public? How is the difference between this amount and the $50.2 million net proceeds accounted for?
Discuss the major financial statements in detail. What formats are used? What significant trends (over three years) can you find
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