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Question 7 The public was invited to subscribe 320 000 of ordinary shares of Stone Ltd on 10th January 2014. The shares were valued at $15 per share. The following amounts were payable: On application: $8.00 per share On allotment: $4.00 per share By 10th February 2014, applications were closed. There was an oversubscription of the shares on offer. The shares were allotted on a first come, first serve basis. Application money for 20 000 shares were returned to unsuccessful applicants. On 5th March 2014 : Allotment amount owed by the shareholders were paid. On 10th June 2014 : The company made a call for the remainder of the share amount. On 15th June 2013 : The call amount owing was paid by shareholders. However, 10,000 shares remained unpaid in call amounts.
the board of directors of gibson corporation is considering two plans for financing the purchase of new plant
Prepare journal entries (A,B,C) and show proper disclosure (C) to reflect the following treasury stock transactions showing how each is accounted for under the cost method. (show computation)
Fortunately, there will be no additional operating expenses associated with the order and Tram has sufficient capacity to handle the order. How much will operate profits be increased if Tram accepts the special order?
A new wholesaler has offered to buy 17,000 packages for $3.47 each. These markers would be marketed under the wholesaler's name and would not affect Cayman Products' sales through its normal channels.
the audit of the financial statements of sango ltd. a closely held company which manufactures and distributes a line of
At a sales level of $441,000, James Company's gross margin is $15,000 less than its contribution margin, its net operating income is $49,000, and its selling and administrative expenses total $112,400. At this sales level, its contribution margin ..
on january 1 of the current reporting year coda companys projected benefit obligation was 30 million. during the year
Explains the required reporting for defined contribution, defined benefit, and other postretirement plans. Also include an explanation of what must happen in order for the two segments to be eliminated.
Nelson Company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment's salvage value is $3,500, the amount of monthly depreciation e..
Target Company issues bonds with a par value of $950,000 on their stated issue date. The bonds mature in 15 years and pay 10% annual interest in semiannual payments. On the issue date, the annual market rate for the bonds is 12%. Compute the price..
In 2010, a compact disc cost $14. If the price of CDs continues to increase at an annual compound rate of 4 percent, how much will a disc cost in 10 years? 25 years? 50 years?
Internal users of accounting information include: Of the following accounts, the one which normally has the credit balance is:
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