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In January 1, 2010, Novotna Company purchased $400,000,8% bonds of Aguirre Co. for $369,114. The bonds were purchased to yield 10% interest. Interest is payablesemiannually on July 1 and January 1.
Assume that SMTO Inc.'s current earnings and profits were $200,000, there were no accumulated earnings and profits, and Lana's total basis in her stock before the redemption was $20,000. How much is
WESTO Inc.'s earnings and profits must be increased by $40,000 , the amount of the unrecognized gain, and decreased by $40,000 (the adjusted basis of the land), and increased by $55,000 (the amount
NOCO Inc. had current earnings and profits of $150,000 when it made a nonliquidating distribution to an individual shareholder of land that NOCO Inc. held for use in its business.
Last month when Holiday Creations Inc sold 50,000 units, total sales were 200,000, total variable expenses were 120,000 and fixed were 65,000. what is companies contibution margin ratio?
the fair market value of the equipment was $150,000, the equipment was subject to a security agreement and note assumed by the corporation in the amount of $70,000, and there was depreciation recapt
Benet Division of United Refinery Company's operating results include: controllable margin, $200,000; sales $2,200,000; and operating assets, $800,000. The Benet Division's ROI is 25%. Management is
On the same day, and in exchange for the property she transferred to DA Inc., Susan received a payment of $10,000 and 10 additional shares of SDA Inc.'s only class of stock. How much gain was recogn
How much was the total dividend income received by the shareholder as a result of the distribution made by Smith Corpo?
1. Compute the equivalent units for May's activity for the first department. 2. Determine the costs per equivalent unit for May.
Tina is reimbursed for $1,500 of business travel and $500 for various business subscriptions and professional dues. The $2,000 reimbursement should be treated as follows:
a. On what form would the gain or loss originally be reported? b. What is the amount of gain or loss on the sale? c. What amount of the gain or loss is subject to ordinary tax rates?
Direct labor hours used on each product are 50,000 for P1, 40,000 for Q2, and 110,000 for R3. How much ordering and receiving overhead is assigned to each product?
It is always a good idea to verify amounts in the general ledger just to be sure there are no problems or stupid mistakes (since in the real world, there is no answer book). So test the accuracy of
Ahmad owns four activities. He participated for 120 hours in Activity A, 150 hours in Activity B, 140 hours in Activity C, and 100 hours in Activity D. Which of the following statements is correct?
On May 31, the ending work in process contained 40,000 units that were 25 percent complete. Using the average cost method, the equivalent units of the Assembly Department are ??
Rex and Dena are married and have two children, Michelle (age 7) and Nancy (age 5). During 2012, Rex earned a salary of $24,000, received interest income of $300, and filed a joint income tax return
On January 1, 2010, New Company purchased $200,000 of ten-year 10% bonds of Old Company for $226,840. Interest is payable annually.
Popeye Company purchased a machine for $480,000 on January 1, 2012. Popeye depreciates machines of this type by the straight-line method over a five-year period using no salvage value.
On January 5, 2013, the company determined that the copyright would expire at the end of 2018. How much should Hepburn record as amortization expense for this copyright for 2013? (Round your answer
On December 31, 2013, Seal Company sold the machine to a nonaffiliated firm for $35,000. On the consolidated statements, how much gain or loss on the intercompany machine sale should be recognized i
What role does the budgeting activity play in managerial compensation and performance evaluation?
What would be the key considerations in answering yes or no? Would your answer depend on who is making the promise to repay? For purpose of comparison, compute the annual rate of return on this inve
Kennedy Company has the following collection pattern for its accounts receivable: Kennedy Company has the following collection pattern for its accounts receivable:How much should the company expect to
Letterman Company produces and sells two products: A and B in the ratio of 3A to 5B. Selling prices for A and B are, respectively, $1,200 and $240; respective variable costs are $480 and $160. The