In year 2020, ABC company reported the following transactions.

May 1st, Purchased 10,500 shares of its own stock at $20 cash per share.

June 1st, Sold 3,000 shares of treasury stock for $25 per share.

July 1st, Sold 2,500 shares of treasury stock for $18 per share.

What are the journal entries required to record these transactions?

Leasehold could be defined as:

a. A lessee may pay for alterations or improvements to the leased property.

b. The right granted by a company or the government to deliver a product or service under specified conditions.

c. The exclusive right to publish and sell a musical, literary, or artistic work during the life of the creator plus 70 years.

d. The lessee contract with the lessor for the right to use a property in exchange for a series of scheduled payments over the

term of the lease.

Tawfiq Co. maintains a petty cash fund of SAR 500. The following summary information was taken

from petty cash vouchers for Jan 2015

.

Travel Expenses SAR 89.30

Customer Business Lunches SAR 29

Express Mail Postage SAR 43.60

Miscellaneous Office Supplies SAR 35.89

Prepare the journal entry to replenish the petty cash fund if the balance on Jan 31 was 304.21

Bond description

What is a bond? Identify and discuss the three different types of bonds from the following. (Secured,

unsecured, term, serial, registered, bearer, callable; and convertible)

Asset disposal

On January 1, 2010, Lane issues $700,000 of 7%, 15-year bonds. The interest payments are made on

June 30 and December 31. Lane year ending is on September 30. What the amount of interest on the

December 31, 2010?

a. $11,462

b. $22,925

c. $24,500

d. $12,250

A company issues at 9% bonds with a par value of $100,000 on January 1. If the company decided

to pay interest semiannually and market rate is 9%, how much interest is due on June 30?

a. $4,500

b. $750

c. $5,250

d. $1,500

A company had a fixed interest expense of $6,000, its income before interest expense and any income

taxes was $18,000 and its net income was $8,400. The company's times interest earned ratio is equals

to:

a. 0.33

b. 3.00

c. 0.71

d. 1.40

A company that uses a perpetual inventory system made the following cash purchases and sales for

the month of April 2021

date Inventory status # Units Cost of goods

April 1st Beginning inventory 20 @ 10$ each

April 5th Purchase 35 @ 12$ each

April 10th Sale 45 @ 22$ each

April 18th Purchase 25 @ 14$ each

April 29th Sale 35 @ 25$ each

Required:

Calculate ending inventory and cost of goods sold after each transaction assuming the company uses

LIFO inventory valuation method.

Patents give the owner the exclusive rights for:

a. Life of the innovator plus 70 years.

b. 10 years or less.

c. 20 years or more.

d. 20 years or less.

I wish I could type with the keyboard

A machine costing $210,000 with 4 years life an estimated salvage value of $20,000 is installed in

Calus Co.s factory on January 1. The factory manager estimated the machine will produce the

following units:

Year 1: 121,400 units.

Year 2: 122,400 units.

Year 3: 119,600 units.

Total = 363,400

Required:

Compute depreciation expense for the first three years under the following methods:

Straight-line.

Units-of-production.

Double-declining-balance.