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Actual return on plan assets $20,000 Amortization of net gain 8,250 Amortization of prior service cost due to increase in benefits 15,000 Expected return on plan assets 23,000 Interest on projected
On July 1, 2013, Sunshine Co. issued 3,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2013 and mature on April 1, 2023. Interest is payable semiannually on Ap
Ken and Susan Jones, ages 47 and 45, are married and live at 584 Thoreau Drive, Boston, MA 59483. Ken Social Security number is 111-11-1111 and Susan is 222-22-2222. The Jones have two children: Emm
The oversight was discovered during the preparation of Janelle's 2013 financial statements. Depreciation expense on this machine for 2013 should be
Garnett Co. expects to purchase $180,000 of materials in July and $210,000 of materials in August. Three-fourths of all purchases are paid for in the month of purchase, and the other one-fourth are
On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2013. At December 31, 2013, Henrietta should record accrued interest payable of:
The bond issue costs relating to this transaction were $210,000. Danny amortizes discounts, premiums, and bond issue costs using the straight-line method. What amount of loss should Danny recognize
No contributions have been made for 2013 pension cost. In its December 31, 2013 balance sheet, Lorrie should report a pension asset/liability of:
5-year Bonds Payable 8% $2,000,000 Bond Interest Payable 50,000 Premium on Bonds Payable 100,000 Notes Payable (3 mo.) 40,000 Notes Payable (5 yr.) 165,000 Mortgage Payable ($15,000 due currently) 2
The market prices of Sammy's stock were as follows: January 1, 2012 $30 December 31, 2014 50 For 2012, Sammy should recognize compensation expense under the fair value method of:
You are provided with the following description of the accounting system and internal controls for materials purchases by the Johnson Machinery Company, a medium-sized firm that builds special machi
The coporation assumed the a liability of $100 on the property transferred. What is the corporation's tax basis in the property received in the exchange?
Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120S shows non-separately stated ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the year. The
The Specialty Products Company needs to predict the labor cost in producing made-to-order mugs. The following production information is available:
The investments sold had been carried in the Investment Trust Fund accounts at July 1, 2012, fair value of $672,000. Show the entry for the sale of investments by the pool on January 2, 2013.
Bragg issued $1,500,000 of 10% convertible bonds at face value during 2012. Each $1000 bond is convertible into 20 shares of common stock. Compute the basic and diluted earning per share for 2013..
Which of the following statements concerning financing operations is false? A. Issuing stock rather than bonds payable dilutes ownership.
After two years of losing money totaling $6,000. The partnership liquidates. How much of the liquidating distribution does "B" receive?
The beginning balance in Swan, Inc.'s OAA is $6,700, and the following transactions occur. Depreciation recapture income $21,600
Edwin, Marketing VP of Amalgamated Sales, Inc., writes a letter dated August 1 to Bargain Stores, Inc., offering to sell candy to Bargain Stores at $50 per case for the next one month. In mid August
Hannah's Homemade Cookies produces and sells delicious shortbread cookies. The cost of producing a bag of cookies is $.65 and the bag sells for $3.75. Hannah is considering processing all the cookie
If the sale price per unit is $21.50, the variable expense per unit is $16.75, and the breakeven point in sales is $634,250, what are total fixed expenses?
Cunningham Manufacturing Company prepared a fixed budget of 80,000 direct labor hours, with estimated overhead costs of $400,000 for variable overhead and $120,000 for fixed overhead. Cunningham the
What is P-4's portion of the depreciation of this machine if the depreciation rate for the year is 10% of the adjusted basis, and P-4's interest was acquired at the first of day of the partnership's
Last year Burbach Company's cash account increased by $10,000. Net cash provided by investing activities was $16,000. Net cash used in financing activities was $34,000. On the statement of cash flow