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The CBS Company reports net income of $60,000. If partners C, B, and S have an income ratio of 50%, 30%, and 20%, respectively, how will the income be divided?
Tina, an unmarried taxpayer, has $80,000 in salary, $10,000 in income from a limited partnership, and a $26,000 passive loss from a real estate rental activity in which she actively participates. He
what is the effect on earnings in the year after the shares are granted to executives?
On July 10, 2009, Bruce purchased an option to buy 1,000 shares of Omni, Inc. at $30 per share. He purchased the option for $2,000. It was to remain in effect for five months. The market experienced
The records of ZZZZ Better Corporation include the following: what is the return on equity (round to the nearest percent)
Shore Company reported income before extraordinary items of $25,000, total liabilities of $150,000, and total stockholders' equity of $100,000. what was the return on assets ?
Cynthia gives her son stock with a basis in her hands of $65,000 and a fair market value of $60,000. No gift tax is paid. Son subsequently sells the stock for $63,000. What is his recognized gain or
Jenny received nontaxable stock rights on June 9, 2009. She allocated $3,800 of the $20,000 basis for the associated stock to the stock rights. The stock rights are exercised on October 12, 2009. Th
What is the total basis of the Apple Corporation stock, the per share basis, and gain recognized upon receipt of the common stock dividend?
At the end of 20B, Storage Company reported outstanding common stock (par $20) of $300,000. Total liabilities were $440,000 and total assets were $860,000. The company had no preferred stock. what t
Perot Company had income before interest and taxes of $120,000. Interest expense for the period was $17,000 and income taxes amounted to $28,500. The average stockholders' equity was $680,000. What
On April 12, 2009, he files his state return for 2008 claiming a refund of $900. Ernest receives the refund on August 3, 2009. If Ernest itemizes deductions, how much may he claim as a deduction for
The Able Company had net income of $47,500 and earnings per share of $3.17 during 20B. On December 31, 20B, the stock had a market price of $18.50 per share. What is Able's price/earnings ratio?
The appraisal was to determine the value of Gabriel's residence with and without the system. The appraisal states that the system increased the value of Gabriel's residence by $1,000. Expenses quali
Sixx AM Manufacturing has a target debt-equity ratio of 0.62. Its cost of equity is 20 percent, and its cost of debt is 12 percent. If the tax rate is 32 percent, what the company's WACC is ?
Sierra has medical staff in residence. Disregarding the 7.5% floor, how much, if any, of these expenses qualify for a medical deduction by Joanne?
Connie filed a claim for $2,100 of her own expenses with her insurance company in December 2009 and received the reimbursement in January 2010. What is Connie's maximum allowable medical expense ded
Prepare the journal entry to record the retirement of the bonds before maturity at 99. Assume the balance in Premium on Bonds Payable is $9,100.
The manager has decided that the waiting time is too long and has increased the workday to 11 hours. What is the waiting time now?
Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d ) LIFO.
Justin's Plant Store, a retailer, started operations on January 1. On that date, the only assets were $16,000 in cash and $3,500 in merchandise inventory. For purposes of budget preparation, assume
When Fayol pointed out that the planning process for an organization should be an ongoing process in which managers refine previous plans and modify these plans at all levels of the organization, he
Lompac Products manufactures a variety of products in its factory. Data for the most recent month's operations appear below:
Using the FIFO inventory method, the amount allocated to COST OF GOODS SOLD for July is??
a total cash dividend of $90,000 was declared and payable to stockholders of record. record dividends payable on common and preferred stock in seprate acoounts