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Sun Ltd issues a prospectus inviting the public to subscribe for 9 million ordinary shares at a price of $7 each. The terms of the issue are that $3.00 is to be paid on application and the remaining $4.00 within one month of allotment.
Required:
Problem 1: Provide the general journal entries necessary to account for the above transactions and events.
Problem 2: Explain the difference between forfeited shares reserve account and forfeited shares account.
Victor used the par value method to record the purchase of the treasury shares. What would be the balance in the paid-in capital from treasury stock account
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Who invented accounting and the double entry system? Humans need doctors just as businesses need accountants. Accounting is essential in the business world.
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Prepare a properly formatted segmented income statement that would be more useful to management in assessing the long-run profitability of the various product
Sappy Syrup has a profit margin below the industry average, but its ROA equals the industry average. How is this possible? Sappy Syrup’s ROA equals the industry average, but its ROE exceeds the industry average. How is this possible?
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During the past several years, the FASB has attempted to strengthen the theoretical foundation for the development of accounting principles. Two of the most important results of this attempt are the conceptual framework project and the emerging issue..
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