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1. Fairbanks Corporation purchased 400 shares of Sherman Inc. common stock as an available-for sale investment for $13,200. During the year, Sherman paid a cash dividend of $3.25 per share. At yearend, Sherman stock was selling for $34.50 per share. Prepare Fairbanks's journal entries to record
(a) The purchase of the investment,
(b) The dividends received, and
(c) The fair value adjustment.
a. which of the three investments would be the first choice of the western division manager?nbspnbspwhy?b. which
Your hospital has the following revenue for the months of July-September: July $2,000,000 August $3,000,000 September $4,000,000. If 30% of the month's revenue is collected in the same month, 40% is collected in the second month and 30% is collect..
Flexible budgets provide different information than static budgets. Discuss some of these differences. Is a flexible budget always better? Are there times when you'd recommend using a static budget over a flexible budget?
Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?
Partner A performs $5,000 of contract-type Code Sec. 707(a) services for the ABC partnership in December of 2009, but does not get paid until January of 2010. A and ABC are both calendar-year taxpayers, but A is on the cash basis and ABC is on the..
Identify and describe several types of financial information that would be more appropriate for Greg to review when evaluating the performance of segment managers.
You believe that the market has changed so much that valuation of the underlying asset cannot be based on past performance. What rules and regulations would guide the actions that you would take? What actions would you take, and why?
prepare the journal entries required to adjust the inventory records at year-end assuming that marios uses the
Determine the balance in the Retained Earnings account immediately after Event 2 in 2013 and in 2014 is recorded.
assume you work as an accountant in the merchandising division of a large public company that makes and sells athletic
The cost formula for the maintenance department of Rainbow, Ltd., is $12,600 per month plus $4.50 per machine hour used by the production department.
gentry inc. acquired 100 of gaspard farms on january 5 2010. during 2010 gentry sold gaspard farms for 625000 goods
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