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\n

****I am currently taking this exam now so I would need the answers asap***<\/strong><\/p>\n

 <\/strong><\/p>\n

 <\/strong><\/p>\n

 <\/strong><\/p>\n

1.<\/strong> (TCO 7) ABC Inc. was incorporated on 1\/15\/12. Their corporate charter authorized the following capital stock:<\/p>\n

 Preferred Stock: 7%, par value $100 per share, 100,000 shares.<\/p>\n

 Common Stock: $1 par value, 500,000 shares.<\/p>\n

 <\/p>\n

The following transactions occurred during the year:<\/p>\n

 <\/p>\n

1\/19\/12 \u2013 Issued 100,000 shares of common stock for $17 cash per share.<\/p>\n

1\/31\/12 \u2013 Issued 3,000 shares of preferred stock for $115 cash per share.<\/p>\n

11\/1\/12 \u2013 Repurchased 30,000 shares of common stock for $22 cash per share.<\/p>\n

12\/1\/12 \u2013 Declared and paid a total dividend of $95,000. <\/p>\n

 <\/p>\n

Required: <\/p>\n

1. Prepare the journal entry for each transaction listed above.<\/p>\n

2. In your own words, explain the main differences between common and preferred stock.<\/p>\n

(Points : 25)<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

2.<\/strong>(TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles).  BagODonuts\u2019 accountant estimated that the truck\u2019s residual value would be $2,400 at the end of its useful life.  The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year.  <\/p>\n

 <\/p>\n

1. Calculate depreciation expense for the truck for each year (2010-2013) using the:<\/p>\n

a. Straight-line method.<\/p>\n

b. Double-declining balance method.<\/p>\n

c. Units of Production method.<\/p>\n

 (For units-of-production and double-declining balance, round to the nearest two decimals after each step of the calculation.)<\/p>\n

2. Which method best tracks the wear and tear on the van? <\/p>\n

3. Which method would BagODonuts prefer to use for income tax purposes?  Explain in detail why BagODonuts prefers this method. (Points : 25)<\/p>\n

 <\/p>\n

 <\/p>\n

3.<\/strong>(TCO 4) Thomas Manufacturing had 4 units of their product in inventory at $250 per unit to start the month. During the month, they purchased an additional 7 units at $250 per unit and another 12 units at $275 per unit. Also, at the end of the month, they sold 12 units and ended the month at 8 units. Calculate their ending inventory and cost of goods sold using one of the following: LIFO, FIFO or Average Cost methods. Show all computations. (Points : 24)<\/strong><\/p>\n<\/div>\n \n

\"Looking for a Similar Assignment? Order now and Get 10% Discount! Use Code \"Newclient\"<\/h5>\n\"\"<\/a>\n\n","protected":false},"excerpt":{"rendered":"

****I am currently taking this exam now so I would need the answers asap***       1. (TCO 7) ABC Inc. was incorporated on 1\/15\/12. Their [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"yoast_head":"\nfinancial accounting - Nursing Writers help<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nursingwritershelp.com\/financial-accounting-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"financial accounting - Nursing Writers help\" \/>\n<meta property=\"og:description\" content=\"****I am currently taking this exam now so I would need the answers asap***       1. (TCO 7) ABC Inc. was incorporated on 1\/15\/12. 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