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Adjusted Basis Fair Market Value Food (held as inventory) donated to the Ohio Children's Shelter $3,500 $8,000 Passenger van to Ohio Children's Shelter, to be used to transport children to school
During 2011, Ivory paid a salary of $200,000 to each shareholder. On December 31, 2011, Ivory accrued a bonus of $50,000 to each shareholder. Assuming that the bonuses are paid to the shareholders o
In 2007, The Taylor Company was granted a charter from the state of Tennessee allowing it to issue 23,000 shares of common stock. In February 2007, it sold 13,400 shares at $22 per share. Record the
Walsh Co.'s prepaid insurance was $90,000 at December 31, 2008 and $45,000 at December 31, 2007. Insurance expense was $36,000 for 2008 and $27,000 for 2007. What amount of cash disbursements for in
variable production costs were $48,000, fixed selling and administration costs were $20,000, and variable selling administrative expenses were $9,600. There was no beginning inventory. During the ye
Shorebuck's Coffee can sell all the units it can produce of either latte or cappuccino but not both. Latte has a unit contribution margin of $45 and takes three machine hours to make and cappuccino
Compute the equivalent units of production for October, assuming that the company uses the weighted-average method of accounting for units and costs.
Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated v
On May 1, Jeff Wilkins started Skyline Flying School, a company that provides flying lessons by investing $45,000 cash in the business. Following are the assets and liabilities of the company on May
In a recent year Joey Corporation had net income of $140,000, interest expense of $40,000, and tax expense of $20,000. What was Joey Corporation's times interest earned ratio for the year?
What amount will be recorded as goodwill by Burrough Corporation while recording its investment in Helyar?
Blue Company acquires Maize Company by acquiring its net assets. On the date of the combination, the book value of Maize's identifiable net assets is $200,000. The fair value of its identifiable net
When bonds are issued at a premium, the bond premium:
Determine rate of return that must be earned on net proceeds so as not to dilute earnings in inital year. Original 2,500,000 shares with after tax earnings of $7,500,000. New issue is 600,000 sh at
Suppose an analyst makes a mistake and calculates the NPV or an investment project by discounting the project's contribution to net income each year rather than by discounting its cash flow. Would y
The fair market value on February 4, 2012, is $45,000. In filing the estate tax return, the executor elects the alternate valuation date. Kelly sells the land on June 10, 2012, for $48,000. Wh
Which of ghe following is Not a disadvantage of raising capital through the issue of bonds payable?
Marissa knows that she needs $35,000 for a down payment on a house. She found an investment that earns 3.25% interest compounding monthly. She would like to purchase the home in 5 years. How much sh
What are any necessary journal entries required as a result of the findings of the internal auditors. Ignoe income tax effects.
On June 30, 2011, half the bonds were converted when Keystone's common stock had a market price of $40 per share. When recording the conversion using the book value method, Keystone should credit pa
Welch issues bonds dated January 1, 2011, with a par value of $250,000. The bonds' annual contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three
Kern Company purchased bonds with a face amount of $600,000 between interest payment dates. Kern purchased the bonds at 102, paid brokerage costs of $9,000, and paid accrued interest for three month
Would real estate investment trust or mortgage real estate investment trusts be a better hedge against high inflation? Why or why not?
BTS Company made 6,000 bookshelves using 88,000 board feet of wood costing $607,200. The company's direct materials standards for one bookshelf are 16 board fee of wood at $7 per board foot. 1. Com
Compute the labor rate variance, the labor efficiency variance, and the total direct labor cost variance for October and for November.