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Helen, Greg, and Wanda own the stock in HGW Corporation with earnings and profits of $900,000 as follows: Helen, 600 shares; Greg, 400 shares; and Wanda, 1,000 shares. Greg is Helen’s son, and Wanda is Helen’s sister. HGW Corporation redeems 400 of Helen’s shares with a basis of $55,000 for $240,000. Helen purchased the stock three years ago as an investment. With respect to the stock redemption, Helen has: A. Dividend income of $185,000. B. Dividend income of $240,000. C. Long-term capital gain of $185,000. D. Long-term capital gain of $240,000.
assume that kelly giard of clean air lawn care decides to launch a new retail chain to market electrical mowers.this
Explain briefly (a) written representations, (b) internal control communications, and (c) management letters. In your answer, include the general content of the communication, the parties involved with the communication, the required form of the comm..
REM Consulting is completing the accounting information processing at the end of the fiscal year, December 31. The following trial balances are available. Accounts Unadjusted Trial Adjusted Trial Debit Credit Debit Credit Cash 13,000 13,000 Accounts ..
The decedent, father of the infant Plaintiff, was killed in a train accident. Testimony showed he was a good and reliable man. Through a representative, the decedent’s surviving child, age five, recovered judgment against the railroad (Defendant). Is..
Describe two business examples for each account classification (asset, liability, & owners’ equity) from a real life service company, merchandiser company (retailer), and manufacturing company. Provide an example of the journal entries for either acc..
A one year European put option and a one year European call option with a strike price of $59 are both priced at $5 in the market a one year futures price is currently traded at $58. The risk free rate is 7% per annum. Is there an arbitrage opportuni..
Daguio Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $248,800. At the end of the year, actual direct labor-hours for the year were 16,800 hours, ma..
Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2014 and 2015. Assume taxable income was $980,000 in 2015.
How much would the company have to invest now at interest rate 3% per year to sufficiently provide for the annual payments, if the first payment will begin 4 years from now?
What is a variable interest entity? Explain the difference between the voting interest model and the risk and reward model?
multiple product cvp analysis hawaiian fruit pizza was a huge success and fairfield pizza has decided to start a second
During 2016, Halifax sold merchandise on account for $13,400,000. This merchandise cost Halifax $8,710,000 (65% of selling prices). Also during the year, customers returned $661,000 in sales for credit. Sales returns, estimated to be 5% of sales, are..
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