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On January 1, 2013, Tonge Industries had outstanding 440,000 common shares (par $l) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par $100), convertible into 40,000 common shares.On October 1, 2013, Tonge sold and issued an additional 16,000 shares of common stock at $33. At December 31, 2013, there were incentive stock options outstanding, issued in 2012, and exercisable after one year for 20,000 shares of common stock at an exercise price of $30. The market price of the common stock at year end was $48. During the year the price of the common shares had averaged $40.Net income was $650,000. The tax rate for the year was 40%.Required:Compute basic and diluted EPS for the year ended December 31, 2013.
During the year, he earns gross revenues of $49,000 and incurs $6,000 of business expenses. His itemized deductions for the year are $7,000. Determine Philip's taxable income and his total tax liability (Self-employment and regular tax.)
If present cost behavior patterns continue, determine total shipping costs for 19X7 if activity amounts to 570 orders.
1.lwhich one of the following is not considered a liability?a. accounts receivable b.net value of your physical
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What types of businesses are in the supply chain of an automobile manufacturer?
rojas co. owned 7000 shares 70 of the outstanding 10 100 par preferred stock and 60 of the outstanding common stock of
H owns 50% of the stcok of Y corporation and has a basis for that stock of $25,000. His wife W owns the remaining 50% of the stock at a basis of $25,000. H has all his stock redeemed for its fair market value of $250,000. What is H's tax treatment..
Notting Hill Company incurs the following costs for R&D activities:
Kelly's Boutique has several questions Kelly is planning for the future and would like you to prepare a present value analysis. Using the file ch7-04 complete a present value analysis for the following situations. Save the file as ch7-04_student_nam..
prepare general journal entries for the following transactions of a new business called pose for pics. aug. 1 hashim
a local retail business owner is preparing her june budget and plans on sales of 11000 units 5 per unit or 55000 with
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