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1. Ren Inc. owns shares of Stimpy Corporation stock categorized as available-for-sale securities. At December 31, 2006, the available-for-sale securities were carried in Ren's accounting records at their cost of $875,000, which equals their market value. On September 21, 2007, when the market value of the securities was $1,400,000, Ren declared a property dividend whereby the Stimpy securities are to be distributed on October 23, 2007, to stockholders of record on October 8, 2007. Prepare all journal entries necessary on those three dates.
2. Sabonis Corporation reported net income of $400,000 in 2008 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Sabonis' tax rate is 40%. Compute Sabonis' 2008 diluted earnings per share.
Describe the risks which are faced by the firm. Evaluate the risk management measures available to firm.
Discuss a production process that you think would involve the production of joint products, being sure to address the following points:
Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
Using the information, prepare an income statement and a balance sheet for the Parsons Corporation.
Write down an essay on legal issues surrounding Solyndra, the California based solar panel manufacturer.
Green Systems sold and delivered modems to the Blue Computers for $660,000 to be paid by Blue in 3 equal instalments over the next 3 months. The journal entry made by the Blue Computers to record the last of 3 instalment payments will include:
The average remaining service period for employees expected to receive benefits is ten years. What is the amount of amortization to pension expense for year?
Evaluate the equivalent units of production for each cost element in the Creation Dep. for the month just ended. Find out the average cost per equivalent unit for each cost element.
What would incomplete units physically look like at the end of any given part of the process? For example, at the end of the distillation process and then at the end of the final bottling process
The company's net income for the year was $9,600 higher under variable costing than it was under absorption costing. Given these facts, the number of units of product in the beginning inventory last year must have been:
On jan 1 07 daniels company contained these liability accts. Accts payable 42,500 Sales tax payable 6,600 Unearned service revenue 19,000 During january
Describe in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved.
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