Explain how gains and losses are reported
A business may find it that they have excess cash required for some future data so will invest some of the cash in short term investments. Explain how gains and losses are reported when the securities are sold.
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The Gorman Group issued $900,000 of 13% bonds on June 30, 2011, for $967,707. The bonds were dated on June 30 and mature on June 30, 2031 (20 years).
Congress would like to increase tax revenues by 12 percent. Assume that the average taxpayer in the Unived States earns 112,500 and pays an average rate of 19%.
WhaleCo aquired all of the common stock of MinnowCo early in Year 1, for $500,000 and MinnowCo immediately elected to join WhaleCo's consolidated federal income tax return.
Agee Corp. acquired a 25% interest in Trent Co. on January 1, 2010, for $500,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding.
Top executive officers of Leach Company, a merchandising firm, are perparing the next year's budgets. The controller has provded everyone with the current year's projected income statement.
Richmond Sporting Goods, which uses the FIFO method, has the following account balances at August 31, 2012, prior to releasing the financial statements for the year:
Calculate the company's current income and determine the level of dollar sales needed to double that figure, assuming that manufacturing operations remain in the United States.
High Sounds manufactures wind chimes that have a standard material cost of 2 pounds of raw materials at $1.50 per pound. During March, 10,000 pounds of raw materials costing $1.55 per pound were used in making 4,800 wind chimes.
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