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On the date of purchase, the book value of the bonds payable was $67,600. Sparrish paid $65,200 based on a 12% effective interest rate over the remaining life of the bonds. What is the non-controlli
Howe Company increased its ROI from 20% to 25%. Net operating income and sales remained at their previous levels of $40,000 and $1,000,000 respectively. The increase in ROI was attributed to a reduc
Anita has decided to sell her stock in TOM, Inc. She purchased the stock 5 years ago for $1,000. The current fair market value is $600. Anita's sister, Kathy, is interested in buying the stock as is
Disney's variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net i
Prepare the entry(ies) to record the conversion on April 1, 2011. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made.
Davis, Inc. uses the accrual method of accounting and the calendar year accounting period for both financial reporting and tax purposes. Davis has provided the following information from its 2010 fi
Compare Sonja's after-tax income assuming she remains in Spain with her after-tax income if she returns to the United States.
On January 1, 2010, $1,000,000, 5-year, 10% bonds, were issued for $1,060,000. Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize discount o
What is each partners beginning putside basis and how much gain(loss) must the partners recognize in 2010 when Picture Perfect was formed?
What would be the company's net operating income if the marketing manager's recommendation is adopted?
The company declared a property dividend on April 1. Each common stockholder was to receive one share of Washington for every 10 shares outstanding.
The actual supply cost last month was $3,260. In the company's flexible budget performance report for last month, what would have been the spending variance for supply costs?
Au Sable Corporation reported taxable income of $800,000 in 2010 and paid federal income taxes of $272,000. Not included in the computation was a disallowed penalty of $25,000, life insurance procee
Jeremiah and Megan had the following as income and expenses during the year What is Jeremiah and Means gross income before adjustments?
prepare an income statement for this current year using the variable costing income statement.
The effective interest method of amortization is being used. Pinkley expects the machine to have a ten-year life with no salvage value, and be depreciated on a straight-line basis. Collectibility of
The only selling costs that would be associated with the order would be $1.00 per unit shipping cost. Compute the per unit break-even price on this order.
Betty is a shareholder in a calendar-year S corporation. At the beginning of the year, her stock basis is $10,000, her share of AAA is $2,000, and her share of corporate AEP is $6,000. She receives
Gary Computer Store has credit sales of $500,000 in 2009 and a debit balance of $800 in the Allowance for Doubtful Accounts at year end before adjustments.
Carrie overwood works fluctuating work schedule. besides her fixed salary of $1050 per week, her employment agreement provides for overtime pay at an extra half-care for hours worked over 40. this w
Albacore company had 300,000 shares of common stock issued and outstanding. Albacore issued a 10% stock dividend on June 30. On September 30, 12,000 shares of common stock were reacquired as treasur
Mix Recording Studios purchased $7,800 in electronic components from TechCom. Mix Recording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due
Recall that a monthly adjusting journal entry was prepared for the months of November 2009 (1/2 month), December 2009, and January 2010.
Maud exchanges a rental house at the beach with an adjusted basis of $240,000 and a fair market value of $220,000 for a rental house at the mountains with a fair market value of $190,000 and cash of
Melvin receives stock as a gift from his uncle. The adjusted basis of the stock is $14,000 and the fair market value is $20,000. Melvin trades the stock for bonds with a fair market value of $17,000