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TMC issued $50 million of its 12% bonds on April 1, 2009, at 98 plus accrued interest. The bonds are dated January 1, 2009, and mature on December 31, 2030. Interest is payable semiannually on June
Alpha Caps Company has budgeted production of 4,000 units in January. Each unit requires 1.5 hours of labor. The standard labor rate is $8.00 per hour. How much are total budgeted direct labor costs
On February 1, 2008, Pat Weaver Inc. (PWI) issued 10%, $1,000,000 bonds for $1,116,000. PWI retired all of these bonds on January 1, 2009, at 102. Unamortized bond premium on that date was $92,800.
On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
Surprise Company's sales budget showed expected sales of 13,400 widgets. Beginning finished goods contained 1,200 widgets. the company determined that 14,100 units should be produced. how many widge
Nextel Company showed the following on its direct materials budget for June:The materials cost $2 per pound. How much is the cost of direct materials per unit?
jakes policy is to maintain an ending inventory equal to 20% of the next quarter sales. Each surfboard costs $140 and sol for $200. how many units should jake produce during the first quarter of 20
The following properties have been owned by a business for more than one year. Which of them would not qualify for Section 1231 treatment on its disposal?
Chipper, a calendar-year corporation, purchased new machinery for $475,000 in February, 2010. In October, it purchased $725,000 of used machinery. What is ChipperTMs maximum cost recovery deduction
Alpha Corporation had income from operations of $30,000. What is the corporation's taxable income including the following property transactions?
Assuming these properties are held as an investment for both Harold and Maude, analyze the tax consequences of the transaction to each party. How much gain or loss does each party recognize?
If the effective interest method is used, by how much should the bond discount be reduced for the 6 months ended December 31, 2009?
What roles do the U.S. Constitution and U.S. Congress play in creating the tax law?
Raw material costs $3 per pound and direct production labor is paid $4 per hour. Fixed supervisory costs are $2,000 per month and Dreamland rents its factory on a five-year lease for $4,000 per mont
During the last month of 2009, the first month of the offer, Funzy sold 12 million boxes of Wheatos and 2.4 million of the coupons were redeemed. What amount should Funzy report as a promotional exp
What amount should Raymond have reported as an accrued liability on its December 31, 2009, balance sheet?
Abbey Co. sold merchandise to Gomez Co. on account, $13,500, terms 2/15, net 45. The cost of the merchandise sold is $9,450. Abbey Co. issued a credit memo for $2,000 for merchandise returned that o
When analyzing the change in operating income, the strategy component of growth:
what amount should Jane's report as interest expense at December 31, 2009?
How much will the common stockholders receive per share if the preferred stock is cumulative?
What is the book value of the leased asset at December 31, 2011, and what is the balance in the Lease Liability account?
Declared the annual 2013 $8 per share dividend on preferred stock and the $2 per share dividend on common stock. these dividends are payable in 2014.
Elaborate on the nature of interest. Clarify the distinction between "simple interest" and "compound interest."
What does Rev. Proc. 87-56 list for the recovery period of the land improvements such as landscaping?
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2011, the following data were available concerning changes in the plan's accumulated postretirement benefit obl