• Q : Determine whether it is a deduction....
    Accounting Basics :

    Marge's auto, which is used for business purposes only, is totally destroyed by a fire. The fair market value of the auto was $8,000 at the time of the fire and the adjusted basis was $10,000. Calcu

  • Q : Journalize the transactions-cash dividend given....
    Accounting Basics :

    On January 1, Vince Corporation purchased a 25% equity in Morelli Corporation for $180,000. At December 31, Morelli declared and paid a $60,000 cash dividend and reported net income of $200,000.

  • Q : Compute the amount verna''s pension expense for 2013....
    Accounting Basics :

    Verna Company has had a defined benefit plan for several years. At the end of 2013, Verna accumulated the following information: (1) service cost for 2013, $127,000; (2) projected benefit obligation

  • Q : Should sweet products bid on red sugar candy business....
    Accounting Basics :

    The largest fixed cost  relates to depreciation of plant and equipment. Should Sweet Products bid on the  Red Sugar Candy business at $20 per case?

  • Q : Discuss each element of a valid contract....
    Accounting Basics :

    Discuss and analyze whether Bob is legally bound to pay Ted $100. You must identify and discuss each element of a valid contract separately.

  • Q : Prepare the amortization table....
    Accounting Basics :

    Without prejudice to your solution in Part (a), assume that the issue price was $884,000. Prepare the amortization table for 2011, assuming that amortization is recorded on interest payment dates.

  • Q : What was the balance of the net pension asset/liability....
    Accounting Basics :

    The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC). ($ in millions) debit (credit) PBO Plan assets Prior service cost Net (Gain) loss Pen

  • Q : Goodwill traceable to the incoming partner....
    Accounting Basics :

    Assume that the capital of an existing partnership is $130,000 and that existing assets are overvalued by $10,000. If an incoming partner acquires a 25% interest in the partnership for $37,000, good

  • Q : What guidance does the fasb asc provide for equity....
    Accounting Basics :

    Wolf Pack Transport Co. has a 25 percent investment in Maggie Valley Depot (MVD) inc., which owns and operates a warehousing facility used for the collection and redistribution of various consumer g

  • Q : Elements of the budgeting cycle....
    Accounting Basics :

    What are the four elements of the budgeting cycle? List and describe three reasons why a company and its managers could benefit from the use of budgeting.

  • Q : What is the p/e ratio at the end of the recent year....
    Accounting Basics :

    A company originally issues 180,000 shares of stock at a price of $22; one year later the stock price is $40 per share, the number of outstanding shares is unchanged, and the company's net income fo

  • Q : Company unit contribution margin....
    Accounting Basics :

    a. Calculate the company's unit contribution margin. b. Calculate the company's unit contribution ratio.

  • Q : What is his miscellaneous itemized deduction....
    Accounting Basics :

    Richard traveled from New Orleans to New York for both business and vacation. He spent 4 days conducting business and some days vacationing. He incurred the following expenses:

  • Q : Journalize the treasury stock transactions....
    Accounting Basics :

    Chiapas Corporation purchased 2,000 shares of its $10 par value common stock for $120,000 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,2

  • Q : Irs recharacterize as a dividend....
    Accounting Basics :

    The company had no formal compensation policy and never paid a dividend.  a. How much of Joe's bonus might the IRS recharacterize as a dividend?

  • Q : Amount and character-capital gain or dividend....
    Accounting Basics :

    What is the amount and character (capital gain or dividend) recognized by Wilma as a result of the stock redemption, assuming only the "substantially disproportionate with respect to the shareholder

  • Q : What penalties will silvio incur....
    Accounting Basics :

    Silvio a cash basis, calendar year taxpayer, filed his income tax return 75 days after the due date. Silvio never extended his return, and with the return he paid the full amount of taxes that were

  • Q : What is hawkeye balance in accumulated e-p....
    Accounting Basics :

    What is Hawkeye's balance in accumulated E&P as of January 1 of next year?

  • Q : Calculate the earnings per share....
    Accounting Basics :

    Corleone Olive Oil Company had the following account balances at August 31, 2011

  • Q : Evaluate the economic merits of the claim....
    Accounting Basics :

    Disney's management justified much of this premium by arguing that the acquistion would guarantee access for Disney's programs on ABC's television stations. Evaluate the economic merits of this clai

  • Q : Calculate the variable cost per calculator....
    Accounting Basics :

    Variable versus absorption costing : Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead.

  • Q : How much money should you invest each year....
    Accounting Basics :

    Suppose you want to purchase a million dollar home in twenty five years How much money should you invest each year at 10% to purchase the house in cash?

  • Q : Prepare operating activities section statement of cash flow....
    Accounting Basics :

    Prepare the operating activities section of the statement of cash flows for St. Joe's Inc. for 2008, using the indirect method.

  • Q : Charitable contribution deduction basics....
    Accounting Basics :

    This year, Jolt Inc. reported $29,000 of taxable income before any charitable contribution deduction. Jolt contributed $9,000 this year to Goodwill Industries, a public charity. Compute the company'

  • Q : What will bedigby''s book value....
    Accounting Basics :

    Digby's balance sheet has $90,447,000 in equity. Further, the company is expecting net income of 3,000,000 next year, and also expecting to issue $4,000,000 in new stock. If there are no dividends p

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