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Valdez Company had the following stock transactions during the year:
Hernandez Company had the following stock transactions during the year:
Prepare the entry to record payment of these organization costs for cash on January 20.
On May 1, Saxophone Corp. issued $300,000, 9%, 10-year bonds for $281,307 when the market rate was 10%.
On October 2, 20-1, the board of directors of Carr Company appropriated $400,000 of retained earnings for the purpose of buying a new yacht
Oct. 10 Declared semiannual dividend of $0.80 per share on preferred stock and $0.25 per share on common stock to shareholders of record on November 5, payable
Levesque Lumber Co. issued $800,000 in bonds at face value 10 years ago and has paid semiannual interest payments through the years.
Brighton Unlimited sold bonds at a premium for $630,000 (premium of $30,000) eight years ago.
The corporation redeems $30,000 of this issue at 101. The unamortized discount is $300.
The following stock transactions occurred during January 20-- for Drexel Corporation:
Issued 7,500 shares of common stock with a $5 par value and $6 fair market value in exchange for a building with an uncertain fair market value.
Martinez Company currently has 200,000 shares of $1 par common stock outstanding. On March 15, a 5% stock dividend was declared to shareholders of record
Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash.
Prepare a retained earnings statement for the year ended December 31, 20--.
Oct. 25 Declared semiannual dividend of $0.45 per share on common stock to shareholders of record on November 10, payable on November 20.
Mar. 16 Last year, MacMillan's board of directors appropriated $75,000 over a three-year period for a mainframe computer.
Prepare journal entries for: (a) Issuance of the bonds. (b) Interest payment on the bonds on September 30
Prepare journal entries for: (a) Issuance of the bonds. (b) Interest payment on the bonds on September 30, 20-1.
Interest payment and premium amortization on the bonds on August 31, 20-1.
Thomas and Hill Distributors has divided its business into two departments: commercial sales and industrial sales
INCOME STATEMENT WITH DEPARTMENTAL GROSS PROFIT AND OPERATING INCOME Bacon and Hand Distributors has divided its business into two departments
Prepare the dividend allocation between the preferred and common shares.
CORPORATE INCOME TAX Regis Company estimates that its 20-1 income tax will be $100,000. Based on this estimate, it will make four quarterly payments
CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Kuang-fu Company completed the following transactions:
ALLOCATING OPERATING EXPENSE-MILES DRIVEN Herbert Quiong owns a furniture store that offers free delivery of merchandise delivered within the local area.