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Question - SuperStar Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $4.00 each. The terms of the issue are that $2.00 is to be paid on application and the remaining $2.00 within one month of allotment. Applications are received for 36 million shares. The directors allot 30 million shares. All applicants receive shares on a pro rata basis. The holders of 6 million shares have failed to pay the amounts due on allotment by the due date. The directors forfeited those shares. The forfeited shares were resold as fully paid. An amount of $3.40 per share is received. Keeping the shortfall amount, the directors returned the remaining money to the shareholders whose shares were forfeited. Provide the journal entries necessary to account for the above transactions and events.
Production and purchases budgets. Osage Inc. has actual sales for May and June and forecast sales for July, August, September, and October as follows:
What would potential investor about the cash strength of Any Company? Support your 'pitch' with three observations from the various financial statements.
Perfumes Ltd has two divisions: the Perfume Division and Bottle Division. What is the maximum amount Perfume Division would be willing to pay for the bottles?
Find and calculate Trailer's return on investment (ROI) and residual income. Explain what each calculation of ROI and RI means for Trek.
When might the contribution margin per unit of constraint be more effective? What were the owners concerned about with regard to projected profits?
What are the key elements in Managing Negotiations within Relationships.
At Cleveland Hopkins International Airport in northeastern Ohio, What types of costs are associated with a Stance sock vending machine located in an airport?
On January 1, 2020, Crane Company issued $505,000, 10%, 10-year bonds at face value. Prepare the journal entry to record the payment of interest
Stephen Company produces a single product. Last year, the company had 20,000 units in its ending inventory. During the year, Stephen's variable production costs were $12 per unit.
Compute the standard number of kits and casings allowed for a value of 7,000 units and the planned cost for each direct material.
Administrative expense and selling expense are $380,000 and $280,000, respectively. What is the cost of goods sold for the year ended 30 June 2021
Purchased raw materials at a cost of $45,000 and general factory supplies at a cost of $13,000 on account (recorded materials and supplies in the materials account).
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