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Jay is the sole shareholder of Brown Corporation, which is an S corporation. During the current year, Brown earned net operating income of $80,000 and had a long-term capital loss of $3,000. Also, Jay withdrew $40,000 from the corporation. Jay must report $80,000 of Brown Corporation income and may deduct the $3,000 loss on his individual Federal income tax return.
Engles Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $130,000 and will increase annual expenses by $80,000 including depreciation.
The machine would have no salvage value. The machine would reduce labor and other operating costs by $76,000 per year. The internal rate of return on the investment in the new machine is closest to:
You have an an inventory of women's clothes and also inventory of Hi-Tech equipment like Ipods or cell phones. You are like Walmart. You are nervous in that noone is buying certain woman's clothing in your stock and also noone is buying some of yo..
Allen Company produces and sells a single product whose selling price is $100.00 per unit and whose variable expense is $80.00 per unit. The company's fixed expense total $400,000 per month. What is the monthly break-even in sales dollars?
1. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entry to record the award on January 1, 2009.
A review of the ledger of Greenberg Company at December 31, 2002, produces the following data pertaining to the preparation of annual adjusting entries.
Maria Chevas bought a GIC (guaranteed investment certificate) on June 1 for $3,200. The certificate reached maturity on December 1 (it was a six-month certificate). On December 1, she cashed in the certificate and received her original $3,200 back..
The selling price was $83,000. There were no other transactions which affected the companies' land accounts during 2010. What is the consolidated balance for land on the 2011 balance sheet?
Record on Foster's books the July 1,2008 journal entry detailing the sale of the fax machine to Eagle.
What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation?
Prepare the journal entries to record the November 17, 2011 (ignore cost of goods) and collection on November 26, 2011, assuming that the gross method of accounting for cash discounts is used.
Which one of the following statements concerning net working capital is correct?
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