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Hingutt Cove Corporation has issued 4,000 shares of common stock, all of the same class; 3,500 shares are outstanding and 500 shares are held as treasury stock. On August 15, 2015, Hingutt Cove's board of directors declared a cash dividend of $2.50 per share, payable on September 15, 2015, to stockholders of record on August 31, 2015.
Prepare the required journal entries for August 15, August 31, and September 15, 2015.
Calculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $840,000, direct labor costs of $700,000, and direct labor hours of 20,000 for the year.
Evaluate the company's total cost of merchandise purchased for the year and prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses.
Purpose the bank reconciliation at 30 th September, 2012. Purpose the adjusting entries at September 30, consider the NSF check was from a customer on account, and no interest had been accrued on the note.
Prepare a statement of cash flows using the indirect method - Accounts payable pertains to merchandise creditors.
Dog Daze Manufacturing produces a variety of dog food products, which is sold to kennels in 100 lb sacks. For nutritional purposes, each bag must have at least 34 lbs of protein, 28 lbs of fiber, and no more than 20 lbs of fat. Dog Daze produces th..
After the partnership has been operation for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. Sonia buys a one-fourth interest in the partnership by investing cash of $5,000. What will be the Capital account balances..
Jay Vato works at Batwing Industries from midnight until 8:00 AM. His normal wage rate is $17 per hour, while Ben Phillips, who does the same job from 8:00 AM until 4:00 PM makes $15 per hour. Since Ben and Jay have the same seniority within the plan..
On May 11, Sydney Co. accepts delivery of $23,500 of merchandise it purchases for resale from Troy Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping point. The goods cost Troy $15,745. Prepare journa..
Good Earth Products produces orange juice and candied orange peels. A 1,000-pound batch of oranges, costing $520, is transformed using the labor of $40 into 110 pounds of orange peels and 320 pints of juice.
effect of errors in journalizing and posting on trial balance.the bookkeeper for shirley temples dance studio made the
The bonds converted into common stock on 1 April of the current year, and basic EPS properly reflects the common shares outstanding since 1 April.
Prepare the bank reconciliation for this company as of July 31, 2011 on the next tab. Prepare a multiple-step income statement for fiscal year 2011. Prepare a single-step income statement for fiscal year 2011.
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