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Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.
Instructions: Assuming this purchase represents a 25% interest, prepare all the journal entries required for the year
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $40,000 and $60,000 respectively. Income Summary has a credit balance of $20,000. What is Saturn's capital balance after closing Income Summary to Capit..
You have been elected president of your university's newly chartered accounting honor society. The society is a chapter of a national organization that has the following mission: "To promote the profession of accountancy as a career and to imbue m..
A business taxpayer sells depreciable business property with an adjusted basis of $400,000 for $32,000. The taxpayer held the property for more than a year. The taxpayer has an $8000 long term capital loss.
Net present value: Blanda Incorporated management is considering investing in two alternative production systems. The systems are mutually exclusive.
Gary Whitmore is a high school sophomore. He currently has $7,500 in a money market account paying 5.65 percent annually. He plans to use this and his savings over the next four years to buy a car at the end of his sophomore year in college.
How is an auditors examination affected when a client has engaged in significant related party transactions? What measures should an auditor take to determine that such transactions have been properly recorded by the client?
Write a brief explanation about why the directors' duty to prevent insolvent trading exists and the circumstances and consequences of the 'veil of incorporation' being lifted for insolvent trading.
In the beginning of 2012, Ken Corp changed its salvage value of equipment from 3 to 5 years. The change is material in the financial statements.
What are the qualities and characteristics of a modular information system and integrated software system and how do they help in financial control in an organisation?
During the month, 6,000 units of product were manufactured and 5,500 units of product were sold. On May 1, George's carried no inventories.
Which two components of internal control must management assess when reporting on internal control to comply with Section 404 of SOX?
Give the journal entries to record the payment of interest on December 31, 2009 and 2010..
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