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When a change in the tax law or rates occurs, the effect of the change on a deferred tax liability or asset must be recognized as an adjustment as of the:
In Metro's current year cash flow statement, the reported net cash provided by operating activities under the indirect method should be:
Nola Co. has a portfolio of marketable equity securities that it does not intend to sell in the near term. How should Nola classify these securities, and how should it report unrealized gains and lo
At December 31, Year 1, the Investee Co.'s shares were being traded at $18. On February 1, Year 2, Investor sold 500 shares of Investee's stock for $17 per share. In the financial statements for its
The measurement date for shares issued to employees in share option plans accounted for using the fair-value method is:
On January 1, Toga Corporation granted stock options to top management. The options are exercisable within 4 years from the date of grant only if the employees are still in Toga's employ. When compu
On June 1, Year 5, the common stock split 3 for 1, and the company redeemed one-half of the preferred stock at par value. Cooper Inc.'s net income for the year ended May 31, Year 6 was 10% higher th
When computing the weighted-average number of shares outstanding during the year for the purpose of calculating diluted EPS, what is the proper treatment of a midyear issuance of securities converti
The board of directors declared cash dividends totaling $242,000 during the current year. The comparative balance sheet indicates dividends payable of $48,000 at the beginning of the year and $63,00
If the company uses the straight-line method of amortization, what is the amount of interest expense Glove Corporation will show for the year ended December 31,2011?
Why does GAAP require LCD to retrospectively adjust prior years' financial statements for this type of accounting change?
Which of the following is an objective of budgeting? A. Budgeting provides benchmarks against which performance can be measured. B. Budgeting provides a fixed fiscal plan that should not be changed du
What amount of gain or loss from retirement of debt will be reported on the 20x8 consolidated financial statements?
The company has surplus capacity available. It is Northwoods' policy to add a 50% markup to full costs. Northwoods is invited to bid on a one-time-only special order to supply 200 rustic tables. Wha
For the fiscal year ended March 31, 2007, a company reported earnings per share of $3.25 and cash dividends per share of $0.50. During fiscal 2008, the company had a 3 for 2 stock split. In the annu
For 2006, Skresso Co. reported $3.64 of earnings per share of common stock. During 2007 the firm had a 4% common stock dividend. 2006 earnings per share to be reported in the annual report for 2007
A firm's cash dividends were $3.96 per share of common stock for calendar 2006. In 2007 the stock was split 3 for 1, and in 2008 a 10% stock dividend was issued. Dividends per share for 2006, to be
On January 1, 2008, Langly Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield
Make the entry to recognize the profit that can be recognized to date, on a percentage-of-completion basis.
Prepare the entry required on December 31, 2011, to record the payment of the first 6 months' interest and the amortization of premium on the bonds.
How much of a reduction in retained earnings results when a 2-for-1 stock split is declared and issued?
Martin Corporation issued $3,000,000 of 8%, 20-year bonds payable at par value on January 1, 2010. The market rate of interest is 8% at the time of issuance. Prepare the general journal entry to rec
On an income statement prepared with a direct costing approach, the excess of sales over the cost of goods sold, based on variable costs only, is referred to as the:
A segment of a business reported a contribution margin of $36,000 and controllable fixed costs of $12,000. If the segment had been eliminated, the company-wide net income would have been:
A company has sales of $100,000, ending finished goods inventory of $9,000, variable manufacturing costs of $50,000, and fixed manufacturing costs of $28,000 for the year. Assuming the company uses