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Palms, Inc. wants to sell enough palm trees to earn a profit of $20,000. If the unit sales price is $40, unit variable cost is $22, and total fixed costs are $120,400, how many trees must be sold to
How and when should Need Cash account for the exchange of common shares for the private placement debt? What value should be assigned to the common shares issued? How should Need Cash record the iss
She also has another 250 units in her van, ready to deliver per a customer order, terms FOB destination, and another 70 units out on consignment to a friend who owns a retail store. How many units s
A company with 100,000 authorized shares of $4 par common stock issued 40,000 shares at $8. Subsequently, the company declared a 2% stock dividend on a date when the market price was $11 a share. Wh
The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 50,000 shares were originally issued and 5,000 were subsequently reacquired. What is the amount
On December 31, 2011, the inventory at prices existing on that date was $195,500, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.
A corporation purchases 10,000 shares of its own $10 par common stock for $25 per share, recording it at cost. What will be the effect on total stockholders' equity?
What do you consider might happen if revenue accounts are not closed, expense accounts are not closed, and dividends are not closed? Explain why. I need two different answers.
A corporation purchased 1,000 shares of its $5 par common stock at $10 and subsequently sold 500 of the shares at $20. What is the amount of revenue realized from the sale?
What is the total stockholders' equity based on the following account balances?
On January 1, 2008, Penn Corporation signed a ten-year noncancelable lease for certain machinery. The terms of the lease called for Penn to make annual payments of $100,000 at the end of each year f
Hurd Company acquired a building valued at $160,000 for property tax purposes in exchange for 10,000 shares of its $5 par common stock. The stock is widely traded and selling for $15 per share. At w
On December 31, the balance in the Prepaid Subscription account was $648. This is the remaining balance of a twelve-month subscription purchased on September 30 in the current year. How much did thi
Write a letter to your senator explaining why the federal government should adopt the accrual basis of accounting instead of the cash basis it uses now. 250 word count and no plagiarism please.
The outstanding stock is composed of 10,000 shares of $100 par, cumulative preferred 5% stock, and 50,000 shares of $20 par common stock. Preferred dividends have been paid every year except for the
The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 40,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number
On July 1, 2011, Goll called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Goll's gain or loss in 2011 on this early extinguishment of
. The outstanding stock is composed of 10,000 shares of $100 par, cumulative preferred $8 stock, and 50,000 shares of no-par common stock. Preferred dividends have been paid every year except for th
Explain why currecies of countries with high inflation rates tend to have forward discounts . assume that mexican economy has expanded significantly causing a high demand for loanable funds by local
ABC Corp. purchased an asset on January 1, 2008, for $10,400. The asset was expected to have a ten-year life and a $1,000 salvage value. ABC Corp. uses the straight-line method of depreciation. On J
What is the economic order quantity? Purchasing at the EOQ recommended level, what are the relevant total costs?
The average number of days to collect receivables during 2001 was
Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense.
The machine would be depreciated using the straight-line method over its useful life and have no salvage value. Calculate the equipment's internal rate of return. Assume that the tax rate is 30 perc
Worthington Company issued $1,000,000 face value, six-year, 10% bonds on July 1, 2010, when the market rate of interest was 12%. Interest payments are due every July 1 and Janary 1. Worthington uses