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Question - The share capital of OZ Ltd on 31 March 2019 was as follows: 300 000 ordinary shares at an issue price of $4 each paid to $2.50, and 100 000 preference shares at an issue price of $4 each paid to $2. At that date, a further call of $1.50 on ordinary shares and $2 on preference shares was made. During the 3 months to 30 June 2019, all calls were duly received except those on 5000 preference shares which were forfeited as of 30 June 2019. To bring capital back to the original amount of issued capital, the forfeited shares were offered to an investment company at a price of $3.50 per share paid to $4, and the transfer was completed on 30 September 2019. According to the company's constitution, shareholders' equity in forfeited shares must be refunded to them. On 31 October, the previous owner of forfeited shares received a refund cheque for the amount due, less selling costs of $720. Show journal entries with proper narrations to implement the above transactions.
Mama's Pizza Shoppe borrowed $8,000 at 9% interest on May 1, 2016, What adjusting entry is necessary on June 30, 2016
Which operating structure has greater operating leverage and business risk? Explain. If HKOPEN projects sales of 20,000 units, which operating structure is recommended? Discuss.
Rayburn Industries is evaluating the investment of $143,100 in a new packing machine that should provide annual cash operating inflows of $30,660
You check the general ledger and the bank balance at June 30 was $24,527 (credit). Explain purpose of testing client bank reconciliation
Dresden, Inc. has four departments. Information about these departments is listed below. If allocated maintenance cost is based on floor space occupied by each, compute the amount of maintenance cost allocated to the Cutting Department.
What are the characteristics of companies that may benefit from an ABC allocation system
What items have been reported in the other comprehensive income statement for each year - Why have these items not been reported in Income Statement/Profit
What information will you and your staff need to analyze this investment opportunity? What will be your decision-making process? Discuss and evaluate the different techniques that could be used in capital budgeting decisions.
What are factors that encouraged and hampered the activities of activists?
Support your response.Indicate a disadvantage to implementing ABC for this scenario. Support your response.
During the month of January, Jet Fuel had gas sales of $172,000 and sold 144,000 litres of gas. Prepare the journal entry for the January sales
In 2011, P Company sells land to its 80% owned subsidiary, S Company, at a gain of $50,000. What is the effect of this sale of land on consolidated net income assuming S Company still owns the land at the end of the year?
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