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At date of his death, L owned stock in M corporation. The stock was acquired 5 years ago at a cost of $12,000, and it has a date of death value of $10,000.
My company makes small gasoline-powered motors that are used in lawn mowers. We have been growing steadily for 5 years now and are now operating at full capacity.
FireOut, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher.
What amount would be transferred from the retained earnings account because of the stock split? Theoretically, what would be the market price of the common stock immediately after the stock split?
Many accounting writers have emphasized the can have on managerial incentives to overproduce. When fixed overhead is allocated to product, the greater the production level, the lower the fixed co
Brad is the president of the Yellow Corporation. He and other members of his family control the corporation. Brad has a temporary need for $50,000, and the corporation has excess cash.
Fugate Energy Corp. has recently purchased a small local company, Gleave Inc., for $556,950 cash. Fugate's chief accountant has been given the assignment of preparing the journal entry to record the
Many accounting writers have emphasized the effect that the can have on managerial incentives to overproduce. When fixed overhead is allocated to product, the greater the production level, the lower
Cash collection experience shows that 35 percent of billed premiums are collected in the month before they are due, 65 percent are paid in the month in which they are due, and 6 percent are paid in
Helen purchased 50 percent of the shares of HIJ Corp., a calendar year S corporation, for $7,000. She also guaranteed a corporate loan of $6,000. For 2011, HIJ Corp. had an operating loss of $22,000
On December 30, 2011, Roberta purchased four tickets to a charity ball sponsored by the city of San Diego for the benefit of underprivileged children. Each ticket cost $200 and had a fair market val
At the end of the question and answer portion of the annual stockholder's meeting of Kemper Corporation, stockholder Mike Kerwin asks, "Why did management sell the holding.
Ron and Tom are equal owners in Robin Corporation. On July 1, 2011, each lends the corporation $30,000 at an annual interest rate of 10%.
Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamela
Fran traveled to San Francisco during the year to do volunteer work for one week for the Salvation Army. She normally receives $1,500 salary per week at her job and is planning to deduct the $1,50
Upton Co. was started on 1-1-2011, when the owners invested $160,000 cash in the business. During 2011, the company earned cash revenues of 120,000 and incurred cash expenses of $82,000. The company
The C.M. Landscaping Co. uses chicken manure to fortify the soil around trees bearing rare fruit. The price standard used is $3.50 per 10 pound sack of chicken manure.
Pahl Corporation owns a 60% interest in Sauer Corporation, acquired at book value equal to fair value at the beginning of 20X1. On December 20, 20X1 Sauer declares dividends of $80,000.
Salsa company has fixed costs of $36,000 and a contribution margin ration of 24%. If expected sales are $200,000 what is the margin of safety as a percent of sales?
During its most recent fiscal year, Pacific Stores sold 200,000 electric screwdrivers at a price of $15 each. Fixed costs amounted to $400,000 and pretax income was $600,000.
The new unit has a larger capacity and Bravo estimates it can produce and sell an more bread each year. From these additional sales the after tax cash flow is expected to be $4,000.
A store has budgeted sales of 12,000 men's suits in September. Management wants to have 6,000 suits in inventory at the end of the month to prepare fo rthe winter season.
Weather Aerodynamics, Inc., makes electronically equipped weather-detecting balloons for university meteorology departments. Because of recent nationwide inflation, the company's management has ord
Johnson company is preparing a cash budget for June. The company has $12,000 cash at the beginning of June and anticipates $30,000 in cash receipts and $34,500.
The working capital needed for project B will be released at the end of six years for investment elsewhere. Perit Industries' discount rate is 14%. (Ignore income taxes.)