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Beta Co. sold 10,000 shares of common stock, which has a par value of $25, for $27 per share. The company also sold 1,000 shares of $100 par value preferred stock for $110. Assume the balance in ret
Costs incurred by co. over the year: What is the amount of the indirect manufacturing costs for the year?
Sidney Southern owned a restaurant which was condemned on November 20, 2008. On January 15, 2009, he received a condemnation award of $280,000. The adjusted basis of his restaurant was $120,000. He
Gannon, Inc., had 100,000 shares of common stock outstanding. During the current year, the company distributed a 10 percent stock dividend and subsequently paid a $.50 per share cash dividend Calcul
costs $80,000 and is expected to generate $34,000 on year one, $37,000 in year two, $26,000 in year three, and $25,000 in year four. Zellar, Inc.'s required rate of return for these projects is 10%.
The building had a 10-year remaining useful life and the equipment had a 5-year remaining useful life. How much amortization expense will be on the consolidated financial statements for the year end
The capital budgeting manager for XYZ Corporation, a very profitable high technology company, completed her analysis of Project A assuming 5 year depreciation. He accountant reviews the analysis and
What is the investment in Merriam Co. balance on Jansen's books as of December 31, 2010, if the equity method has been applied?
The firm will borrow $750,000 to finance the acquisition. Total interest expense for 5 years is expected to approximate $250,000. What is the investment cost of the machine for capital budgeting pur
Kaye Company acquired 100% of Fiore Company on January 1, 2009. Kaye paid $1,000 excess consideration over book value which is being amortized at $20 per year. Fiore reported net income of $400 in 2
John Rider wants to accumulate $100,000 to be used for his daughter's college education. He would like to have the amount available on December 31, 2016. Assume that the funds will accumulate in a
Normal capacity was 96,000 direct labor hours. During the year, 200,000 pounds of raw materials were purchased at $1.00 per pound. All materials purchased were used during the year.
A printing press priced at a fair market value of $300,000 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the tra
Company can borrow an equivalent amount of U.S. Dollars in the United States and pay 13% interest. Assuming the capital markets are efficient, estimate the expected inflation rate in the United Stat
Suppose the price of a stock is $50 at the beginning of the year and $53 at the end of the year and it pays a $2 dividend during the year. Calculate the stocks current yield, capital gains yield and
Margo can sell the machine to a foreign buyer for $12,000. Margo's tax rate is 30%. The effect of the sale of the old machine on the initial outlay for the new machine is ________:
The following data for the Alma Company pertain to the production of 1,000 urns during August.
A business is considering a cash outlay of $500,000 for the purchase of land, which it could lease for $40,000 per year. If alternative investments are available which yield a 21% return,what is the
Sanford Co. sells $500,000 of 10% bonds on March 1, 2010. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2013. The bonds yield 12% Give the entries th
Compute the profit margin ratio and gross profit rate. Partin Company's assets at the beginning of the year were $770,000, and were $830,000 at the end of the year.
The appropriate working paper elimination (in journal entry format) for Pong Corporation and subsidiary for the fiscal year ended March 31, 2007, includes a credit to Depreciation Expense¾Pon
Doris Co. is considering purchasing a new machine which will cost $200,000, but which will decrease cash expenses each year by $20,000. The useful life of the machine is 10 years. The machine would
Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $55,000 and the total of the credits to the a
Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholders land with a basis of $450,000 and a fair market value of $550,000. The land is subject to a liability of $600,0