An investor purchased shares of common
An investor purchased 500 shares of common stock, $25 par, for $21,750. Subsequently, 100 shares were sold for $47.50 per share. What is the amount of gain or loss on the sale?
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The following information pertains to Crystal Inc.'s portfolio of investments for the year ended December 31, 2010: Cost FairValue12/31/09 2010Purchases 2010Sales FairValue1
A physical count on May 31, 2010, shows 2,000 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2010?
Ben Cartwright Pest Control pays its employees total salaries of $7,000 every Monday for the preceding 5-day week (Monday-Friday). On Monday, December 27, 2010.
Cost FairValue12/31/09 2010Purchases 2010Sales FairValue12/31/10 Available-for-sale equity securities Security Stan 400,000 380,000 500,000 Security Lloyd 100,000 95,000 102,000
Castine reports net income of $305,000 for the year ended December 31, Year 2. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment.
Dorman Co. sold merchandise to Smith Co. on account, $18,000, terms 2/15, net 45. The cost of the merchandise sold is $15,500. Dorman Co. issued a credit memo for $1,750 for merchandise returned that originally cost $1,400.
ABC Inc. entered into a four-year lease of equipment for $9,000 a year, payable at the beginning of each year. The lessor required ABC to guarantee that the equipment would be worth $6,000 at the end of the lease.
Journalize each transaction and then post each transaction to a general ledger; prepare an unadjusted trial balance for the month ended March 31, 2006.
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