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On December 31, 2014, Oakbrook Inc. rendered services to Beghun Corporation at a

On December 31, 2014, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $111,829, accepting $44,400 down and agreeing to accept the balance in four equal…

On December 31, 2014, PanTech Company invests $20,000 in SoftPlus, a variable in

On December 31, 2014, PanTech Company invests $20,000 in SoftPlus, a variable interest entity. In contractual agreements completed on that date, PanTech established itself as the …

On December 31, 2014, Plank Corporation issued $800,000, 6%, 5-year bonds for $7

On December 31, 2014, Plank Corporation issued $800,000, 6%, 5-year bonds for $735,100. The bonds were sold to yield an effective-interest rate of 8%. Interest is paid annually on…

On December 31, 2014, Purrfect Pets had retained earnings of $267,800 before mak

On December 31, 2014, Purrfect Pets had retained earnings of $267,800 before making its closing entries. During 2014, the company had service revenue of $168,100 and other revenue…

On December 31, 2014, Rayco Inc. had the following balances (all balances are no

On December 31, 2014, Rayco Inc. had the following balances (all balances are normal): Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 …

On December 31, 2014, Renda\'s common stock sold for $29 per share, and dividend

On December 31, 2014, Renda's common stock sold for $29 per share, and dividends per share were $0.60. Compute Renda's dividend yield during 2014. (Round your answer to one decima…

On December 31, 2014, Santana Company has $7,194,600 of short-term debt in the f

On December 31, 2014, Santana Company has $7,194,600 of short-term debt in the form of notes payable to Golden State Bank due in 2015. On January 28, 2015, Santana enters into a r…

On December 31, 2014, Thomas, Inc. borrowed $850,000 on an eight percent, 15-yea

On December 31, 2014, Thomas, Inc. borrowed $850,000 on an eight percent, 15-year mortgage note payable. The note is to be repaid in equal semiannual installments of $49,156 (paya…

On December 31, 2014, Travis Tritt Inc. has a machine with a book value of $1,51

On December 31, 2014, Travis Tritt Inc. has a machine with a book value of $1,517,160. The original cost and related accumulated depreciation at this date are as follows. Machine …

On December 31, 2014, Travis Tritt Inc. has a machine with a book value of $2,01

On December 31, 2014, Travis Tritt Inc. has a machine with a book value of $2,017,240. The original cost and related accumulated depreciation at this date are as follows. $2,789,8…

On December 31, 2014, Travis Tritt Inc. has a machine with a book value of $991,

On December 31, 2014, Travis Tritt Inc. has a machine with a book value of $991,700. The original cost and related accumulated depreciation at this date are as follows. $1,371,500…

On December 31, 2014, YoYo Inc. had the following balances (all balances are nor

On December 31, 2014, YoYo Inc. had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized,…

On December 31, 2014, before the books were closed, the management and accountan

On December 31, 2014, before the books were closed, the management and accountants of Madrasa Inc. made the following determinations about three pieces of equipment. Additional da…

On December 31, 2015, Alan and Company prepared an income statement and balance

On December 31, 2015, Alan and Company prepared an income statement and balance sheet but failed to take into account four adjusting journal entries. The income statement, prepare…

On December 31, 2015, Alpha had the following balances (all balances are normal)

On December 31, 2015, Alpha had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,…

On December 31, 2015, Berclair Inc. had 200 million shares of common stock and 3

On December 31, 2015, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 200 million shares of common stock and 3

On December 31, 2015, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9% $100 par value cumulative preferred stock issued and outstanding. On March 1,…

On December 31, 2015, Berclair Inc. had 240 million shares of common stock and 5

On December 31, 2015, Berclair Inc. had 240 million shares of common stock and 5 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 260 million shares of common stock and 6

On December 31, 2015, Berclair Inc. had 260 million shares of common stock and 6 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 340 million shares of common stock and 3

On December 31, 2015, Berclair Inc. had 340 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 400 million shares of common stock and 1

On December 31, 2015, Berclair Inc. had 400 million shares of common stock and 14 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March …

On December 31, 2015, Berclair Inc. had 400 million shares of common stock and 5

On December 31, 2015, Berclair Inc. had 400 million shares of common stock and 5 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 400 million shares of common stock and 7

On December 31, 2015, Berclair Inc. had 400 million shares of common stock and 7 million shares of 9%. $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 460 million shares of common stock and 4

On December 31, 2015, Berclair Inc. had 460 million shares of common stock and 4 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 480 million shares of common stock and 1

On December 31, 2015, Berclair Inc. had 480 million shares of common stock and 18 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March …

On December 31, 2015, Berclair Inc. had 520 million shares of common stock and 3

On December 31, 2015, Berclair Inc. had 520 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 520 million shares of common stock and 3

On December 31, 2015, Berclair Inc. had 520 million shares of common stock and 3 million shares of 9%. $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 560 million shares of common stock and 7

On December 31, 2015, Berclair Inc. had 560 million shares of common stock and 7 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 580 million shares of common stock and 6

On December 31, 2015, Berclair Inc. had 580 million shares of common stock and 6 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Berclair Inc. had 600 million shares of common stock and 1

On December 31, 2015, Berclair Inc. had 600 million shares of common stock and 17 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March …

On December 31, 2015, Berclair Inc. had 600 million shares of common stock and 7

On December 31, 2015, Berclair Inc. had 600 million shares of common stock and 7 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…

On December 31, 2015, Brisbane Company had 100,000 shares of common stock outsta

On December 31, 2015, Brisbane Company had 100,000 shares of common stock outstanding and 32,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 201…

On December 31, 2015, Brisbane Company had 100,000 shares of common stock outsta

On December 31, 2015, Brisbane Company had 100,000 shares of common stock outstanding and 33,000 shares of 6%, $50 par, cumulative preferred stock outstanding. On February 28, 201…

On December 31, 2015, Brisbane Company had 100,000 shares of common stock outsta

On December 31, 2015, Brisbane Company had 100,000 shares of common stock outstanding and 34,000 shares of 5%, $50 par, cumulative preferred stock outstanding. On February 28, 201…

On December 31, 2015, Cathy Chen, a self-employed certified public accountant (C

On December 31, 2015, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in business. During the year, she billed $360,000 for her accoun…

On December 31, 2015, Cathy Chen, a self-employed certified public accountant (C

On December 31, 2015, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in business. During the year, she billed $366,000 for her accoun…

On December 31, 2015, Central Freight reported an allowance for uncollectible ac

On December 31, 2015, Central Freight reported an allowance for uncollectible accounts of $15,300. During 2016, Central wrote off $17,000 in accounts receivable. Included in the w…

On December 31, 2015, Clemson Company determined that the 2015 service cost on i

On December 31, 2015, Clemson Company determined that the 2015 service cost on its defined benefit pension plan was $245,000. At the beginning of 2015, Clemson had pension plan as…

On December 31, 2015, Coolwear Inc. had balances in Accounts Receivable and Allo

On December 31, 2015, Coolwear Inc. had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $50,000 and $1,350, respectively. During 2016, Coolwear wrote o…

On December 31, 2015, Dow Steel Corporation had 600,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow …

On December 31, 2015, Dow Steel Corporation had 620,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 620,000 shares of common stock and 32,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow …

On December 31, 2015, Dow Steel Corporation had 620,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 620,000 shares of common stock and 32,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow …

On December 31, 2015, Dow Steel Corporation had 620,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 620,000 shares of common stock and 32,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow …

On December 31, 2015, Dow Steel Corporation had 630,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 630,000 shares of common stock and 33,000 shares of 7%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow i…

On December 31, 2015, Dow Steel Corporation had 640,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 640,000 shares of common stock and 34,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow i…

On December 31, 2015, Dow Steel Corporation had 650,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 650,000 shares of common stock and 35,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow i…

On December 31, 2015, Dow Steel Corporation had 700,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 700,000 shares of common stock and 40,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow …

On December 31, 2015, Dow Steel Corporation had 700,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 700,000 shares of common stock and 40,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow …

On December 31, 2015, Dow Steel Corporation had 730,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 730,000 shares of common stock and 43,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow i…

On December 31, 2015, Dow Steel Corporation had 730,000 shares of common stock a

On December 31, 2015, Dow Steel Corporation had 730,000 shares of common stock and 43,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow i…