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Donated equipment for which the fair value has been determined should be recorded as a debit to the appropriate equipment account and a credit to:
a. Other Income.
b. Retained Earnings.
c. Capital Stock.
d. Revenue or Gain.
A corporation had 50,000 shares of $20 per value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is:
Sigma company applies overhead cost to jobs on the basis of direct labour cost. Job A,which was started and completed during the current period,shows charges of 5,000 for direct materials,8000 for direct labour,and 6,000 for overhead on its job co..
Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $12,000 and a fair market value of $15,000. The asset given up by Armstrong Co. has a book value of $20,000 and a fair m..
On January 1, 2006, Solomon Company purchased the following two machines for use in its production process. The journal entry to record its purchase on January 1, 2006.
Plan assets at fair value 78,000 Net periodic pension cost 90,000 Employer"s contribution 70,000 What amount should Payne record as additional minimum pension liability at December 31?
Write a memorandum to Bob explaining the tax consequences of the incorporation. As part of your memorandum examine the possibility of having the corporation issue common and preferred stock and debt for the shareholder's property and money.
In addition, she incurred the following costs in connection with the trip: $600 for transportation, $1,200 for lodging, and $400 for meals. What is Emily's deduction associated with this charitable activity?
Prepare a bank reconciliation and record adjustments L.O. P3 Chavez Company most recently reconciled its bank statement and book balances of cash on August 31
The Mars Corporation issued 2,000 shares of its $10 par value common stock for $70,000. The Mars Corporation also incurred $1,500 of costs associated with issuing the stock.
A company shows the following balances: sales: 800,000, sales returns and allowances: 125,000, sales discounts: 25,000, cost of goods sold: 481,000. What is the gross profit rate?
Rhonda, a calendar year taxpayer, filed her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25,000.
A project is estimated to generate $5,000 in incremental gross profit, which includes $200 in depreciation. Incremental SG&A expense is $400. At a 35% tax rate, what is the after-tax incremental cash flow? Should the project be accepted or rejecte..
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