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The following transactions occurred during the month of June 2011 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 100,000 shares of common stock in exchange for $500,000 cash. 2. Purchased furniture and fixtures at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $200,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $280,000. The cost of the goods sold was $140,000. 5. Paid $6,000 in rent on the store building for the month of June. 6. Paid $3,000 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2011. 7. Paid $120,000 on account for the merchandise purchased in 3. 8. Collected $55,000 from customers on account. 9. Paid shareholders a cash dividend of $5,000. 10. Recorded depreciation expense of $2,000 for the month on the furniture and fixtures. 11. Recorded the amount of prepaid insurance that expired for the month. Required: Prepare journal entries to record each of the transactions and events listed above.
Why would a state or local government establish a capital projects fund? What type of project might be considered a capital project? Could operating functions ever be funded with capital projects funds?
Under management by exception, which differences between planned and actual results should be investigated?
On March 1, 2010, Freeze Company hires a new employee who will start to work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?
Chipata incurred 26,200 machine-hours and $11,300 of manufacturing overhead. What was Chipata's underapplied or overapplied overhead for the year?
Everly Corporation acquires a coal mine at a cost of $408,400. Intangible development costs total $102,100. After extraction has occurred, Everly must restore the property.
Other than for financial statements, management need report only the information it knows. That is, management should be under no obligation to gather information it does not have, or does not need, to manage the business.
A cash basis calendar year C corporation in Athens, Georgia, had $100,000 of accounts receivable on the date of its conversion to an S corporation on February 14. By the end of the year, $60,000 of these receivables had been collected. Calculate a..
Show how these transactions would be refiected on the NBA's financial statements, prepare a December 31, 2013, statement of financial position and statement of activities.
If you create a butterfly spread using 3 put options, the profit will be different from the butterfly spread using 3 call options with the same strike prices
Suburban Lifestyles, Inc. has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers' lots. Suburban Lifestyles expanded into the precut housing market when it acquired Fairmont Com..
Which of the following statements is (are) true regarding the potential effects of using reported product costs for decision making?
Determine whether or not TRIARC'S acquisitions of Wendy's through a stock swap was good for either company and state your rationale?
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