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On September 30, 2011, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares to be used in the basic earnings per share computation for 2011?
Devine's net income for the year ended December 31, 2011, was $6 million. The income tax rate is 20%. What is Devine's basic earnings per share for 2011, rounded to the nearest cent?
Cox paid $200,000 in preferred stock dividends in 2010, and reported net income of $3,400,000 for the year. Cox's diluted earnings per share for 2010 should be:
Inc. issued a 5% stock dividend. Both companies issued their December 31, 2009 financial statements on March 1, 2010. Should Pack's 2009, basic earnings per share (BEPS) take into consideration the
Immediate after the distribution, the market price of Quik's stock was $2.50 per share. In its income statement for the year ended June 30, 2010, what amount should Brite report as gain before incom
Gray proposed a framework linking culture and acccounting. He suggested 4 accounting value dimensions that affect a nations financial reporting practices. List and discuss these 4 dimensions.
The note receivable was taken in settlement of this amount. Assume that Hampton Construction makes adjusting entries for accrued interest revenue once each year on December 31.
What amount should gordon report as inventory on its June 30,2011, balance sheet?
Formulate this program, i.e. define two variables, an objective function, three constraints, and non-negativity constraints. Solve it graphically and specify the optimal solution.
Because of differences in cost recovery schedules, the state regular-tax basis in the asset was $60,000. What adjustment, if any, should be made to Federal taxable income in determining the correct
Jose is subject to the top marginal Federal income tax rates. Carlita is considering establishing a trust in which Jose would be an income beneficiary. Considering only income tax consequences, Jose
Suppose a corporation issues 5,000 shares of $1 par common stock for $30 per share. In addition to the increase in cash, what effect does this transaction have on the accounting equation?
Eve's Apples opened business on January 1, 2012, and paid for two insurance policies effective that date. The liability policy was $63,000 for eighteen-months, and the crop damage policy was $24,000
Jeremy is setting up a service business. He can either operate the business as a sole proprietorship or he can incorporate as a regular C corporation. He expects that the business will have gross in
Determine George and Mary's income tax liability for 2011. How much tax do they save by itemizing their deductions rather than taking the standard deduction?
The current ratio of a company is 4 and its quick ratio is 1. If the inventory amount to $450,000, what is the amount of current liabilities?
Which of the following costs would appear on the income statements for both a merchandiser and a manufacturer?
Explain how "rules-based" accounting standards differ from "principles-based" standards. How might fundamentally changing accounting standards from "bright-line" rules to principle-based standards
The balance in the investment account is $75,000 at the time of the change, and accountants working with company records determined that the balance would have been $50,000 if the investment had bee
A) Prepare a pension worksheet for pension plan for 2010 and 2011. B) For 2011, prepare the journal entry to record pension-related amounts.
On July 1 of the current year, the assets and liabilities of Wong Industries, are as follows: Cash, $15,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $8,700.
Monrovia has decided to switch to an activity-based costing system using two activity cost pools. Information related to the new system is as follows: Actual activity for the year for the two models
Kirk's $5,000,000 comprehensive public liability policy contains a $400,000 deductible clause. In Kirk's December 31, 2010 financial statements, for which the auditor's fieldwork was completed in Ap
Assuming that the tax rate is 40%, what is the amount of net income that would be reported in 2010?
At a sales volume of 38,600 units, Bonham Corporation's property taxes (a cost that is fixed with respect to sales volume) total $622,000.