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Problem 1: Wong Incorporated is authorized to issue an unlimited number of no par value common shares. Record the journal entries for the following:
a) Issued 2 000 shares at $11 per share.
b) Issued 300 shares to the lawyer for a $2 800 legal bill.
c) Issued 7 000 shares for land with a fair market value of $83 000.
d) Executed a 2 for 1 common stock split.
Problem 2: Lesinski Limited is authorized to issue 50 000, $5 par value common shares. Record the journal entries for the following:
a) Issued 1 000 shares at par value.
b) Issued 200 shares at $7 per share.
c) Reacquired 500 shares at par value.
1. in a perpetual inventory system a. the inventory and cost of goods sold accounts are updated once a period. b.
In 2016, Sam Dealer sold land he had been holding as an investment since 1990 to a buyer who paid him $1,000,000 cash, gave him diamond ring worth $100,000.
What are two of the most important payment services provided by financial institutions? To what extent do these services efficiently provide benefits to the economy?
Prepare journal entries to record World Industries' income tax expense for the current year. Show well-labeled supporting computations for each component of the journal entries.
Anna uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of direct material for the month of March
Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory
Determine How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example - enter 46% as .46)
Starship Enterprises enters into the following transactions during 2014 and 2015:
What is a solid state storage device?
Which accounts are effected?
The organization that you work for has been thinking about implementing an ERP system. They have asked you to prepare a summary of this topic.
Assuming an effective interest rate of 10% pa, calculate the amount of revenue which should be recognised in the years 20X7, 20X8 and 20X9
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