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A Company was formed on January 1, 2009 by selling and issuing 25,000 shares of $12 par value common stock at $15 per share. On December 1, 2010, the company declared a cash dividend of $2 per share which will be paid in cash on January 15, 2011. The annual accounting period ends December 31. Prepare the appropriate journal entries on each date.
Which of the following should be classified as an investing activity on a statement of cash flows?
The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits?
Henson Company began the year with retained earnings of $175,000. During the year, the company recorded revenues of $250,000, expenses of $190,000, and paid dividends of $20,000. What was Henson's retained earnings at the end of the year?
Paul invest $10,000 cash in an equipment leasing activity for 15% ownership share in the business. The remaining 85% owner is Amanda. Amanda contributes $10,000 and personally borrows $75,000 that she also invests in the business. What are the at-..
Speculate about which specific types of corporate deductions are most likely to result in an IRS audit and what precautions should be taken to minimize the risk of audit. Provide a rationale for your response.
Prepare a 250- to 300-word memo about time tickets and expense tickets. Include an explanation about what each is used for, how the two are different, and what information may be found on each.
The amount of overhead cost that the company applied to work in process for October was:
One of the qualitative characteristics included in the revised framework is "faithful representation". Please evaluate the significance of faithful representation in the preparation of Financial Statements. You should Explain the term "faithful re..
In prior weeks you were asked to report on the following scenarios pertaining to Kobyashi Moru. Remember that each of these scenarios was an independent situation.
During 2010, the partnership sold the land for $85,000 to an unrelated third party. What amount of gain from the partnership's sale of the land should be allocated to Beth?
Please provide an explanation of the strengths and weaknesses of the internal controls related to the payroll cycle.
Is Cost-Volume-Profit Analysis still relevant in the 21st Century business organization? Support your answer with reasoned arguments and references as appropriate.
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