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What should be the gain on sale of this investment in Rich's 2011 income statement?
Rockland Corporation earned net income of $389,700 in 2010 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $1,039,200 of 10% bonds, which are co
On January 1, 2010 (the date of grant), Lutz Corporation issues 2,150 shares of restricted stock to its executives. The fair value of these shares is $89,100, and their par value is $11,880. The sto
Intercompany debt which must be eliminated from consolidated financial statements may results from:
The usual impetus for transactions that create a long-term debtor-creditor relationship between members of a consolidated group is due to the:
Both companies use the straight-line method of amortization. How much interest expense will appear on the December 31, 20X8, consolidated income statement?
Assume simplified straight line depreciation , this machine is being depreciated down to zero a 34% marginal tax rate and a required rate of 12 %. What is the initial outlay associated with this pro
Which of the following is TRUE of the net business profit of the partnership?
The heritage farm implement comapny is considering and investment that is expected to generate revenues of $ 3 million per year. the project will also involve annual cash expenses of 900,000 while
What was Topp's inventory turnover ratio and average days to sell inventory for 2006 and 2005?
A reason why "pure" FIFO is rarely encountered in process costing is that:
John and Susan also provide more than half of the support of John's cousin who does not live with them. Susan's father, who died on January 6, 2007, at age 90, has for many years qualified as their
Richard and Alice Kelley lived apart during 2009 and did not file a joint tax return for the year. Under the terms of the written separation agreement they signed on July 1, 2006, Richard was requir
On August 1st, the new tenant paid the first and last month's rent and a refundable security deposit of $400. What is Mason's total rental income for 2009?
Real estate taxes on rental property he owns $4,000 Real estate taxes on his own residence 3,500 Federal income taxes 7,000 State income taxes 2,500 Local city income taxes 500 State sales taxes 700
Merchandise is ordered on June 13; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on June 16; the merchandise is received by the buyer on June
Harry pays $600 for airfare, $200 for meals, and $500 for lodging while on business. The cost of meals and lodging while on vacation was $300 and $500, respectively. How much may Harry deduct as tra
Mire Corporation staffs a helpline to answer questions for customers. The costs of operating the helpline are variable with respect to the number of calls in a month. At a volume of 29,000 calls in
Wilson Co. has an agreement with the sales manager taht she is to recieve a bonus of 5% of net income after deduction of the bonus and income taxes. COmpany income before deduction of the bonus and
Muriel, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2009, she had interest income of $2,400 and $800 of earned income from babysitting. Muriel's taxable income
A company's flexible budget for 48,000 units of production showed variable overhead costs of $72,000 and fixed overhead costs of $64,000. The company incurred overhead costs of $122,800 while operat
Now that Bob has a better understanding of financial ratios, he's anxious to begin comparing last year's performance with this year's performance. What initial advice should Mark offer?
Journalize the following transactions in the books of Mr. Walter:
On January 1, 20xx, Alpha Corporation issued $800,000 of 10%, 30-year bonds to lenders at par (100). Interest is to be paid semiannually on July 1 and January 1. Journalize the following entries: a
TMC issued $50 million of its 12% bonds on April 1, 2011, at 98 plus accrued interest. The bonds are dated January 1, 2011, and mature on December 31, 2030. Interest is payable semiannually on June