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On January 1, 2014, Primo Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 Paid-in Capital in Excess of Par Value-Common Stock 200,000 Retained Earnings 540,000 During the year, the following transactions occurred. Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. May 15 Issued the shares for the stock dividend. July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $15. (The new par value is $5.) Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2015. Dec. 31 Determined that net income for the year was $250,000. a) Journalize the transactions and the closing entries for net income and dividends.
Bonds payable has a balance of $1,000,000 and premium balance of $7,000. IF the issuing corporation redeems the bonds at 101. what is the amount of gain or loss on redemption?
Make sure you include a clause that the opinion is a "Sample Only" and not to be used for any other purpose.
cape horn company purchased a building on march 1 1988 at acost of 4186000. for financial reporting purposes the
What is the need for elimination in the consolidation process? What accounts must be eliminated? Why? What are the ramifications of not eliminating journal entries?
A government accounts for a municipal landfill in an enterprise fund. How will it determine how much to charge as an expense (and add to a liability) each year that the landfill is in use? Suppose, instead, that it accounts for the landfill in a g..
what are the common errors and frauds in the personnel and payroll cycle? which control characteristic are auditors
1. provide examples of resources that are temporarily restricted as toa purposeb time andc the occurrence of a specific
assume that convergence becomes a reality. predict the governing body that would be in control and suggest the
Which of the following statements best defines the transactional approach?
Which of the following is not a component of pension expense under defined benefit plans?
In a recent month a CPA provided ten hours of volunteer time to the Society for the Visually Impaired. He devoted seven hours to maintaining the organization's financial records and three to recording tapes of newspapers and magazine articles.
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
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