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Journalizing corporate transactions and preparing the stockholders' equitysection of the balance sheet [20-25 min]B-Mobile Wireless needed additional capital to expand, so the business incorporated.The charter from the state of Georgia authorizes B-Mobile to issue 70,000 sharesof 5%, $100-par preferred stock, and 110,000 shares of no-par common stock.B-Mobile completed the following transactions:
October 2 Issued 19,000 shares of common stock for equipment with a market valueof $110,000.6 Issued 800 shares of preferred stock to acquire a patent with a marketvalue of $80,000.9 Issued 15,000 shares of common stock for cash of $90,000
Requirements1. Record the transactions in the general journal.2. Prepare the stockholders' equity section of the B-Mobile balance sheet atOctober 31. The ending balance of Retained earnings is $92,000
At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the a..
For many months your prospective ERP customer has been analyzing the hundreds of assumptions built into the $800,000 ERP software you are selling. So far, you have knocked yourself out to try to make this sale.
The framework used to record and summarize the economic activities of a business enterprise is referred to as the accounting equation. State the basic accounting equation and define each of its major components. How are business transactions and f..
This week, Airbus announced it was building new plant in Alabama. Can you aid me in answering the following questions based on information in conjunction with Foreign Direct Investment.
Juan's Taco Corporation has restauraunts in five college towns. Juan wants to expand into Austin and College Station and needs a bank loan to do this. Mr. Bryan, the banker,.
Questions about accounting problems on payroll, reciepts and sales.
Please describe the procedure used in either case and do you think there was sufficient internal control to prevent improper claims?
Discuss some possible reasons for differences between these ratios for the two types of inventories. Round answers to one decimal place.
Listed below are transactions dealing with various stock benefit plans of Fortune-Time Corporation during the period 2009-2011. The market price of the stock is $45 at January 1, 2009. Prepare the Journal entries that Fortune-Time recorded for each..
William received his bank statement from Trader's Bank indicating an ending balance of $6,206.55. William's checkbook showed a balance of $5,549.30. William noticed that $759.00 in checks were outstanding.
At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.
What are the issues related to goodwill valuation when comparing partnerships formation with companies consolidations?
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