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Gilman Company purchased 100,000 of the 250,000 shares of common stock of Burke Corporation on January 1, 2009, at $40 per share as a long-term investment. The records of Burke Corporation showed the following on December 31, 2009: Net income $575,000 Dividends declared and paid during December, 2009 $30,000 Market price per share $38 Gilman Company should report the following on the December 31, 2009, balance sheet for its investment in Burke Corporation. A. $4,218,000 B. $4,000,000 C. $4,124,000 D. $3,800,000
journalizing the liquidation of a partnership firm.the partners of the richmax company decide to liquidate the firm on
1. horner corporation is authorized to issue 1000000 shares of 5 par value common stock. during 2010 its first year of
Uddin Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 65 days after shipment. Collapse question part (c) In late Ju..
Prepare the journal entry to record item 1. Prepare the journal entry to record item 2. Prepare the journal entry to record item 3 using the cost method.
The tax agency fund of Orange County collected $7,000,000 for a private school district; $3,000,000 for the county General Fund; and $5,000,000 for a town located in the County. County General Fund employees handle the collections, and a 2.5 percent ..
assume that kelly giard of clean air lawn care decides to launch a new retail chain to market electrical mowers.this
As one of your first assignments as a new hire on the corporate treasurer’s staff of Global Enterprises, Ltd., you are asked to prepare an exchange rate forecast for the Zonolian ecru (ZOE). Specifically, you are expected to forecast what the spot ra..
For each item above, identify what account should be debited to record the expenditure. Indicate in which classification the related account will be reported in the financial statements.
Ellen purchased a home in 2011 for $60,000. She paid $12,000 and borrowed $48,000. In 2012 she added a room to the house which cost $10,000. In 2013, she paid $625 to have the house painted and $800 for built-in bookshelves. As of January 1 of the cu..
A fund of $5000 is used to award a scholarship of $500 at the end of each six months for as long as possible. If the effective interest rate per 6 months is 7%, find the number of scholarships which can be awarded, and the amount left in the fund six..
(Analysis of Given Ratios) Picasso Company is a wholesale distributor of professional equipment and supplies. The company’s sales have averaged about $900,000 annually for the 3-year period 2012–2014. Using the ratios provided, what conclusion(s) can..
What is the major source of the change in net assets that occurred in 2007 from the change that occurred in 2008? In your opinion, is this trend likely to continue? Why/why not?
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