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Question - XYZ Company acquired 6,000 shares with P10 par value at P36 per share. During 2013, the entity issued 3,000 of these shares at P50 per share. The cost method is used in accounting for treasury shares. What accounts and amounts should be credited to record the issuance of the 3,000 shares?
The purpose of a financial statement worksheet is to document all transactions at your business including assets, expenses, and dividends for debits.
Three dates are important in connection with cash dividends. Identify these dates, and explain their significance to the corporation and its stockholders.
Checking account #101 $175,000. In its December 31, Year 1, balance sheet, what amount should Kale report as cash and cash equivalents
Problem - Entries for bonds payable and installment note transactions - Determine the carrying amount of the bonds as of December
Operating assets were the same for the year ended year 1 as for year ended year 2. What percentage represents the return on investment for year 2
find the financial statements for a publicly traded company that provides segmented financial information. prepare an
If the controller accepted to record a QAR 70,000 warranty expense in 2015, would this be counted as a violation to the generally accepted accounting principles? Identify and discuss the accounting principle that would be violated, if any.
Terry pays $8,000 this year to become a charter member of Mammoth University's Athletic Council. The membership ensures that Terry will receive choice seating at all of Mammoth's home basketball games. In addition, Terry pays $2,200 (the regular r..
Partners agreed to pay Mark for $195,000 for this interest,Immediately after Mark's withdrawal, what are the capital balances of Johnny and Lucas, respectively?
If available list the major components of the inventory and their values
Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement
Our Company trades in old equipment that cost $121,500, has a book value of $74,500 and fair value of $65,000.Prepare the journal entry to record this exchange.
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