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Distributions from corporations to the shareholders in a nonliquidating distribution will usually be classified as a dividend up to the amount of the corporation's earnings and profits.
Assuming this journal entry was posted, what correcting entry is needed A.Debit Cash and Credit Accounts Receivable for $72,000 each B.Debit Cash and Credit Accounts Receivable for $144,000 ea
Custom Metal Works produces castings and other metal parts to customer specifications. The company uses a job-order costing system and applies overhead costs to jobs on the basis of machine-hours.
A company has total liabilities of $550 mill.A company has total liabilities of $550 million and total equity of $300 million. Calculate this company's debt ratio. 1.64.7% 2.100% 3.54.5% 4.1.83 to
The following transactions occurred during J.The following transactions occurred during July: Received $900 cash for services provided to a customer during July.
Identify the treatment given to any such gain or loss. Lynn's basis in Bradley's stock. Bradley Corporation's basis in the inventory.
The basic type of account debited and credited.The specific account debited and credited Whether the specific account is increased or decreased.The normal balance of the specific account.
To record purchase of lawn mower,To record purchase of stock 1000 shares.record purchase of lawn mower. record one year prepaid insurance.
Investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed various assets from a business that he had operated over the past five years.
Ashley acquires a five-year class asset on March 20, 2012 for $50,000. Ashley's cost recovery deduction for 2012 is $30,000. $20,000. $15,000. $25,000. $0.
Amber City borrowed $1,000,000 secured by a 5-year mortgage note. The cash from the note was used to purchase a building for vehicle and equipment maintenance.
Analysis of stockholders' equity Star Corporation issued both common and preferred stock during 19X6. The stockholders' equity sections of the company's balance sheets at the end of 19X6 and 19X5 fo
Issuance of stock Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases: a. Jackson Corporation has common sto
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, a painting was sold at auction for a price of $1,100,000.
Willow Corp uses a process costing system. Beginning inventory for January consisted of 1,000 units that were 60% completed. 10,000 units were started into the process during January.
Cash proceeds from the sale of land totaled $76,200. 3. Store equipment of $44,000 was purchased by signing a short-term note payable. Also, a $150,000 telecommunications system was acquired by issu
The Consumer Products Division of Weiter Corporation had average operating assets of $570,000 and net operating income of $65,100 in March. The minimum required rate of return for performance evalua
John launched a professional services firm on June 1. The firm will prepare financial statements each months-end. In June , John executed the following transactions. Prepare an income statement for
Asset Impairment At the beginning of 2009, the Healthy Life Food Company purchased equipment for $42 million to be used in the manufacture of a new line of gourmet frozen foods.
What is the total interest for the 4 years? Total interest $ Requirement 3: How much interest revenue did the fund earn in 2009 and in 2010? 2009 Interest revenue $ 2010 Interest revenue $
Assume Tiffany owns 40% of the ROF stock and Carlos owns 60%. Tiffany will receive $160,000 in the liquidation & Carlos will receive the land & building plus $40,000.
Kristen Corporation had the following stockholders' equity accounts. Common Stock $1,320,000 Paid-in Capital in Excess of Par Value 194,400 Retained Earnings 627,400 During the year, the following t
Chathum reports ordinary income of $80,000 and a short term capital gain of $30,000 during the current year. What are the effects of these two investments on Inge's taxable income?
Red Bank Enterprises was involved in the following transactions during the fiscal year ended October 31: Aug. 2 Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note for $79,000.
The City of Bedford is studying a 600-acre site on Route 356 for a new landfill. The startup cost has been calculated as follows: Purchase cost: $450 per acre Site preparation.