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The total unamortized bond discount at the date of conversion was $500,000. What amount should Madison credit to the account "Paid-In Capital in Excess of Par" as a result of this conversion assumin
Martin and Michele received a $900 refund on their 2006 Virginia income taxes. Their itemized deductions in 2006 totaled $12,500
Which of the following would not overstate current period net income?
Furthermore, no similar concept, such as deferred working capital, is used in business accounting. Explain the use of the term deferred revenues in governmental fund accounting.
Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer worth $3,300. Navajo also paid $500 in the transaction. Prepare the journal entry to reco
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume a 360 day year
The company has an unrecognized gain of $60,000. To what extent will the unrecognized gain reduce current-year pension expense?
Neither the attachment nor the renovation increased the estimated useful life of the press. However, the renovation resulted in significantly increased productivity. What amount of the costs should
If Dawn's share of the S corporation loss for 2010 is ($22,000), what amount may she deduct on her individual tax return for 2010?
Slanted Building Supplies purchased 32 percent of the voting shares of Flat Flooring Company in March 20X3. On December 31, 20X3, the officers of Slanted Building Supplies indicated they needed advi
An income statement of a proprietorship for the month of december indicates a net income of $75000. During the same period the owner withdrew 100000in cash from the business for personal use. Would
Compute conversion costs given the following data: Direct Materials, $352,700; Direct Labor, $196,300; Factory Overhead, $177,600.
Company accountants currently are computing the noncontrolling interest's share of consolidated net income to be reported for the current year. They are unsure about the impact of this $300,000 loss
On Feb 1, marino marine equipment sold several pieces of inventory to soderberg sails for 7000, by soberberg signing a five month (12% annual interest rate) note, accrued monthly but all payable on
John Company changed its inventory cost method to Lifo from Fifo at the beginning of 2009 for both financial statement and income tax purposes.
Zargus Company began the month of June with 650 units in beginning work in process, 11,400 units started into production, and 1000 units in ending work in process that are 30% completed. How many un
A particular common stock has an annual cash dividend of $2 per share and is predicted to have a market value of $30 per share 5 years from now. Assuming a discount rate of 10%, what is fair market
The common stock of Alexander Hamilton Inc. is currently selling at $120 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par val
Mehta Company traded a used welding machine (cost $9,000, accumulated depreciation $3,000) for office equipment with an estimated fair value of $5,000. Mehta also paid $3,000 cash in the transaction
In the past year, TVG had revenues of $3 million, cost of goods sold of $2.5 million, and depreciation expense of $200,000. The firm has a single issue of debt outstanding with face value of $1 mill
On Jan. 1, 2008, Homes Co. borrowed cash from First city Bank by issuing an $80,000 face vlaue, three-year term note that had a 7 percent annual interest rate. the note is to be repaid by making ann
A stock dividend was declared and distributed which increased common stock $225,000 and paid-in capital $125,000. A cash dividend was declared and paid. The stock dividend should be reported on the
which must then be approved by the employee's immediate supervisor. Gretchen maccauley, an assistant cost account, charges the employee an amount based on Earnhardt's net purchase cost. what is the
Vance Co.'s prepaid insurance was $30,000 at December 31, 2004 and $15,000 at December 31, 2003. Insurance expense was $12,000 for 2004 and $9,000 for 2003. What amount of cash disbursements for ins
Greivell Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900, Work in Process-Assembly $10,600, an