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Question - On July 1, year 7, Wing Corporation issued for 525,000 a total of 5,000 shares of 100 par, 10 noncumulative preferred stock, together with one detachable stock warrant for each share of preferred stock issued. Each warrant contained a right to acquire one share of wing's 10 par common stock for K15 a share. The market price of the warrants on July 1, year 7, was K2.50 a warrant. On October 31, year 7, when the market price of the common stock was K 19 a share and a market price of the warrants was K3 warrant, 4,000 rights were exercised.
Required - Show a journey entry for Wing Corporation to record the exercised of the rights and the issuance of the common stock.
It is the controller's belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
A lease agreement calls for quarterly lease payments of $6,800 over a 12-year lease term, What would be the amount of interest revenue
Why does profits in ending inventory overstate the consolidated balances of ending inventories and understates cost of goods.
on jan 1 joplin city issued 10 serial bonds at par to finance streetlights in an area recently incorporated in the city
In the current year, Harrisburg Corporation had net income of $35,000, a $9,000 decrease in accounts receivable, a $7,000 increase in inventory, an $8,000 increase in salaries payable, a $13,000 decrease in accounts payable, and $10,000 in depreciati..
ace corporation purchased equipment on january 1 2011 for the following purchase price 100000 sales tax 6000
During December, LP Products incurred the following cost:advertising expense $10,000. General and administrative cost $ 9,000From the information given above, what is the total indirect manufacturing cost.
During 2021, 43,000 units were purchased for $20 per unit. Calculate the amount to report for cost of goods sold for 2021
You just purchased a bond that matures in 5 years. The bond has a face value of $1,000 and has an 8 percent annual coupon.
Once complete, prepare a Balance Sheet listing the accounts and account balances in the appropriate order. (Keep in mind that Net Income Increases the Owner's).
One of Dabney's largest manufacturing facilities is located in tornado alley. Property is routinely damaged by storms. Dabney estimates it may have property damage of as much as $450,000 this coming year.
In 6 years, you will be able to buy 15 oranges for 34 dollars. How much would it cost to buy 35 oranges today? Round your answer to the nearest dollar
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