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By the end of the year, Sonic had generated significant gains in sales, and the president was very pleased. The following data were provided by the accounting department:
Stockton corporation purchased equipment for 32000. stockton also paid $400 for freight and insurance while the equipment was in transit.Sales tax amounted $240.
DiCenta Corporation reported net income of $273,000 in 2012 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,590 shares of cumulative preferred
How many shares of common stock are outstanding? Use the information in Question #4, how much dividends can common shareholders receive for each share of stock?
Rockland Corporation earned net income of $321,000 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $856,000 of 10% bonds.
Mountain View, Inc. has 50,000 shares of 8%, $100 par value, noncumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2014. There were no dividends d
Go to the AICPA's Website (www.aicpa.org). Under the "Research" tab, click on "Standards." On the Standards page, click the "Code of Professional Conduct" link.
Leiker Corporation has these accounts at December 31: Common Stock, $11 par, 4,610 shares issued, $50,710; Paid-in Capital in Excess of Par Value $18,970; Retained Earnings $52,370; and Treasury Sto
Petrenko Corporation has outstanding 2,240 $1,000 bonds, each convertible into 50 shares of $14 par value common stock. The bonds are converted on December 31, 2012.
Deane Corporation has 10,000 shares of $15 par value common stock outstanding when it announces a 3-for-1 split. Before the split, the stock had a market price of $120 per share.
Archer Inc. issued $4,244,000 par value, 7% convertible bonds at 99 for cash. If the bonds had not included the conversion feature, they would have sold for 95. Prepare the journal entry to record
A process cost system would be used for all of the following products except:finished goods are completed and stored just in case unexpected and rush customer order are received.
The management of Opry Company, a wholesale distributor of suntan products, is considering the purchase of a $41,000 machine that would reduce operating costs in its warehouse by $5,800 per year.
The financial statements present a company to the public in financial terms.Which financial statement requires input from the Income Statement and Statement of Retained Earnings and explain what in
One of hartman company's activity cost pools is inspecting, with estimated overhead of $140,000. hartman produces throw rugs and area rugs. how much of the inspecting cost pool should be assigned t
Atlantic Airlines operated both an airline and several motels located near airports. During the year just ended, all motel operations were discontinued and the following operating results were repor
Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied.The building that houses the business is depreciated at an annual rate of $14,000.
Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Transaction analysis results in the development of a journal entry. In the start-up of a business the owner contributes $750,000 of cash.Name the accounts impacted.
Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2012.(Round the intermediate calculations to 2 decimal places.)
E-commerce creates its own risks and therefore special internal controls.Identify and explain one pitfall and one security measure for an online business and provide examples of how your selected s
Assume that management had determined that its organization's audit committee is not effective. For example, Lehman Brothers, Inc., had weak directorswith little financial knowledge, and those direc
The entry to close out a small amount of over applied manufacturing overhead would:The journal entry to record the completion and transfer of the cost of goods manufactured includes a:
Consider two types of assets by Weyerhaeuser Company: timber-growing land purchased in 1910 when the company was known as Weyerhaeuser Timber Company, and machinery purchased and installed at its pr
Division S sells its product to unrelated parties at a price of $20 per unit. It incurs variable costs of $7 per unit and has fixed costs of $50,000 per month. Monthly production is generally 10,000