Carnegie Corp. was organized in January 2018. The state authorized 200,000 shares of no-par common stock and 100,000 shares of 10%, $10 par, preferred stock. On 3/8/18, Carnegie Corp. issued 8,000 shares of preferred stock for a piece of land appraised at $90,000. At that date, the preferred stock was selling at $15 per share on the market. Prepare the journal entry needed for 3/8/18. Northfield Company had the following purchases of inventory during the month of December. There were 1,400 units sold during the month. Date Transaction Unit Units Cost 500 $ 4 Beginning 12/1 inventory 12/5 Purchase No. 1 12/18 Purchase No. 2 12/24 Purchase No. 3 600 $6 500 $8 400 $10 Assume that the company uses the FIFO inventory method. What is the dollar amount of the ending inventory on December 31? Northfield Company had the following purchases of inventory during the month of December. There were 1,400 units sold during the month. Date Transaction Units Unit Cost 12/1 500 $4 Beginning inventory Purchase No. 1 12/5 600 12/18 Purchase No. 2 500 $6 $ 8 $10 12/24 Purchase No. 3 3 400 Assume that the company uses the weighted average cost method. What is the dollar amount of the ending inventory on December 31? Suppose that on 3/9, a $2,000 expenditure was made for office supplies and the office supplies expense account was debited for the entire amount. On 12/31, $370 of these supplies remain on hand. Prepare the necessary adjusting entry on 12/31. Baintree, Inc. purchased machinery on 1/2/15 at a total cost of $56,000. Estimated residual value is $4200, and estimated life of the machinery is 8 years or 41,440 hours. During 2015, the machinery was used 5000 hours. Compute depreciation for 2015 using the units-of-production method: The following account information for the year ended December 31, 2019 is provided for Prospect Enterprises: Supplies $1,000 Operating Expenses 10,000 Accounts payable 9,000 Accounts receivable 3,000 Common stock 9,000 Retained earnings (beginning) 5,000 Service Revenues 14,000 Cash 15,000 Dividends 3,000 Notes payable 1,000 Equipment 6,000 Deferred Revenues 8,000 What is net income? Greenlawn Corporation has 100,000 shares of $15 par common stock outstanding. If the corporation declares a 27,000 share stock dividend when the market value of the stock is $24 per share, what amount should be debited to Retained Earnings? Preyer Industries purchased a lathe for $65,000 on 1/1/15. It will have an estimated life of eight years, after which it can be sold for $3,000. What is the depreciation to be recorded in 2016 using the double declining balance method? Milton Enterprises had cash flows for the year as follows ($ in millions): CASH RECEIVED FROM: Customers $ 1,800 Interest on investments 200 Sale of land 100 Sale of common stock 600 Issuance of debt securities 2,000 CASH PAID FOR: Interest on debt $ 300 Income tax 80 Debt principal reduction 1,500 Purchase of equipment 4,000 Purchase of inventory 1,000 Dividends on common stock 200 Operating expenses 500 Milton Enterprises would report net cash inflows (outflows) from investing activities in the amount of: $ million
