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Adjusting Entries: Retained earnings at 1/1/10 was $100,000 and at 12/31/10 it was $300,000. During 2010, cash dividends of $40,000 were paid and a stock dividend of $40,000 was issued. Both dividen
No dividends have been paid or declared during 2009 and 2010. As of December 31, 2011, it is desired to distribute $488,000 in dividends. Insructions: How much will the preferred and common stockhol
Twelve percent of the containers were not returned. The deposits are based on the container cost marked up 20%. What is cost of goods sold relative to this forfeiture?
When looking at the ending balance for the fixed asset account the auditor examined all work orders, purchased materials, labor cost reports, and applied overhead that were capitalized as part of th
Brown reports net income and dividends as follows. These amounts are assumed to have occurred evely throughout these years.
On October 1, Snyder Company made a $50,000 sale giving the customer terms of 3/10, n/30. The receivable was collected from the customer on October 8. What effect will the collection of cash from th
Leon sold a piece of business equipment that had an adjusted basis to him of $40,000 for $65,000 cash plus artwork that had a fair market value of $15,000. The buyer assumed Leon's $20,000 loan on t
What gain or loss is recognized by the corporation when it issues its shares to Kyle? What is the basis to the corporation of the property it received from Kyle?
If Ken is required to contribute for his employees and chooses to contribute the maximum amount, what is the maximum amount Ken can contribute for himself?
Evaluate how these losses will affect the taxable income of the two owners?
The last dividend paid by XYZ Company was $1.00. XYZs growth rate is expected to be a constant 5 percent. XYZ's required rate of return on equity (ks) is 10 percent. What is the current price of XYZ
A department store has a budgeted sales of $12,000 men's suits in September. Management wants to have 6,000 suits in inventory at the end fo the month to prepare for the winter season. Beginning inv
Allison is paid $470 per week. What is the amount of federal income tax withheld from Allison's paycheck under the following conditions? Use the percentage method table in the appendix to this chapt
Sun estimates the fair value of the recourse liability at $100,000. What would be recorded as a gain (loss) on the transfer of receivables?
Calculate the payroll for the end of April. Include in your calculations federal withholding, social security (FICA), and Medicare taxes.
What is the amount of Casey's deduction assuming that he had purchased the stock for $10,000 on January 3, 2009, and the stock had a fair market value of $32,000 when he made the donation? Casey's A
A company has net sales on account of $1,750,000. Net accounts receivable at the beginning of the year are $147,000 and at the end of the year are $153,000. what is the days' sales in average receiv
Soldan Corporation purchased a computer on December 31,2011, paying 30,000 down and a further payment due on December 31,2014.An interest rate of 10% is implicit in the purchase price. Soldan uses t
if you have 2310 in interest, 1850 in dividends, and interest earned ratio is 2.2, what is the cash coverage ratio?
The company incurred overhead costs of $122,800 while operating at a volume of 40,000 units. what is the total controllable cost variance ?
Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2011, Peterson would show an unearned revenue account for their gi
Early in 2010, Larsen Corporation purchased marketable securities at a cost of $90,000. In September, dividends of $6,600 were received; Larsen sold the securities in December at a gain of $5,600. H
what is the amount of Gillian's wages that should be charged to direct labor for the week ?
Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts
The firm's required return (rs) is 12.0%. What is the best estimate of the current stock price?