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Flint Company purchased $4,000 of merchandise on account. Flint sold the merchandise to a customer for $7,000 cash. What is the increase in gross margin and the net change in cash flow from operating activities as a result of these transactions?
In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from these customers-Calculate the first year’s net income under both the cash basis and the accrual basis of accounting.
Woods sold all of the Holmes stock for $17 per share on December 3, 2011, incurring $14,000 in brokerage commissions. Woods Company should report a realized gain on the sale of stock in 2011 of ??
When the cost behavior pattern has been identified as fixed at a certain volume of activity.
Prepare CPA's general journal entry for the cash purchase of CMA's net assets. Do not use implied fair value.
Assume that Corporation X has 20,000 shares of $10 par value cumulative 6% preferred stock and 5,000 shares of common stock outstanding. No dividends were paid in 2009 and 2010. In 2011, the board of directors declares dividends of $50,000. What i..
Recognized gains and losses must be properly classified. Proper classification depends on three characteristics, including the tax status of the property and the holding period of the property. What is the third characteristic?
The following department data are avalable :Total materials costs $ 120000 equivalent units of materials 60000 total conversion costs $ 70000 Equivalent units of conversion costs 30000 what is the total manufacturing cost per unit?
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
The convergence process is likely to lead to the acceptance of the IFRS approach. Explain whether or not you agree with this decision.
which has very large E&P, distributes $540,000 in redemption of 300 shares of XYZ Company stock from Ed's estate. What is the estate's income from the redemption?
Barbara transfers $10,000 cash and machinery having a $!5,000 basis and a $35,000 FMV to Moore Corp. in exchange for 50 shares of Moore stock.
Link's income statement for the year ended December 31, 2011, should show the cumulative effect of this error in the amount of:
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