Business, 13.02.2020 18:31 aphillips2004
Complete the following problem. It brings together several different stockholders' equity transactions. Post your solution to part (b) only. On January 5, 2010, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock. It then completed these transactions: Jan. 11 - Issued 20,000 shares of common stock at $16 per share Feb. 1 - Issued to Sanchez Corp. 4,000 shares of preferred stock for the following assets: machinery with a fair market value of $50,000; a factory building with a fair market value of $160,000; and land with an appraised value of $270,000. July 29 - Purchased 1,800 share of common stock at $17 per shared. (Use cost method.) Aug. 10 - Sold the 1,800 treasury shares at $14 per share. Dec. 31 - Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 - Closed the Income Summary account. There was a $175,000 net income. Instructions: Record the journal entries for the transactions listed above. Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2010.
Answers: 2
Business, 21.06.2019 17:20, keshonerice
Luis and rosa, citizens of costa rica, moved to the united states in year 1 where they both lived and worked. in year 3, they provided the total support for their four young children (all under the age of 10). two children lived with luis and rosa in the u. s., one child lived with his aunt in mexico, and one child lived with her grandmother in costa rica. none of the children earned any income. all of the children were citizens of costa rica. the child in mexico was a resident of mexico, and the child in costa rica was a resident of costa rica. how many total exemptions (personal exemptions plus exemptions for dependents) may luis and rosa claim on their year 3 joint income tax return? a. 6 b. 5 c. 4 d. 2
Answers: 3
Business, 22.06.2019 04:50, danny123421
Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.
Answers: 1
Complete the following problem. It brings together several different stockholders' equity transactio...
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