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Dustin and Penny are husband and wife and always have lived in Washington. At the time of Dustin's prior death in 2009, he was insured in the amount of $600,000 with Penny as the designated beneficiary. The policy was taken out by Dustin before marriage and the premiums thereon were paid as follows: 30% prior to marriage from Dustin's separate property and 70% after marriage from community funds. As the this policy, Dustin's gross estate includes:
a. $180,000
b. $210,000
c. $300,000
d. $390,000
e. $600,000
If the company plans to sell 270,000 units during the year, compute the number of units it would have to manufacture during the year.
The records of Mandy's Boutique report the following data for the month of April.
The actual sale was effected on December 15, 2011, at a price of $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale.
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Ms. Fresh bought 1,000 shares of Ibis Corporation stock for $5,000 on January 15, 2009. On December 31, 2011 she sold all 1,000 shares of her Ibis stock for $4,500.
Aceton Corporation owns 80 percent of the outstanding stock of Voctax, Inc. During the current year, Voctax made $140,000 in sales to Aceton. How does this transfer affect the consolidated statement of cash flows?
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Journalize May transactions. post entries to general ledger, Prepare trail balance ,Prepare income statement, owners' equity statement and balance sheet.
Johnson alarm systems had $800,000 of retained earnings on December 31, 2004. The company paid dividends of $60,000 in 2004 and had retained earnings of $640,000 on December 31, 2003.
Greenspan Company management predicts $500,000 of variable costs, $800,000 of fixed costs, and a pretax income of $100,000 in the next period. Management also predicts that the contribution margin per unit will be $60.
Suppose a company has 5 different capital budgeting projects from which to choose, but has constrained funds and cannot implement all of the projects. Explain why comparing the projects' NPVs is better than comparing their IRRs.
What is a contingent liability? Describe the three ranges of loss contingencies outlined in SFAS No. 5, including a brief summary of the accounting and disclosure requirements ?
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