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Gibbs Corporation owned 20,000 shares of Oliver Corporation's $5 par value common stock. These shares were purchased in 2007 for $180,000. On September 15, 2011, Gibbs declared a property dividend of one share of Oliver for every ten shares of Gibbs held by a stockholder. On that date, when the market price of Oliver was $14 per share, there were 180,000 shares of Gibbs outstanding. What NET reduction in retained earnings would result from this property dividend?
Suppose the product manager of a new Flower Mills cereal has determined that the appropriate wholesale price for a carton of the new cereal is $48. The fixed costs for the production and marketing of the new product are $15million.
During 2012, Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Construction Company in Cincinnati, Ohio, and earned $22,000. The state unemployment rate for Rowland is 4.6%.
Suppose you take out a $15,000 loan at a 8% nominal annual rate. The terms of the loan require you to make 12 equal end-of-month payments each year for 5 years and then an additional balloon payment of $5,000 at the end of the last month. What wil..
Comparative balance sheets for Bayshore Industries, Inc. as of December 31 year 2 and year 1 are presented below.Prepare the cash from operations section of the statement of cash flows using the DIRECT method.
Explain how a company chooses a taxable year. What do you think the taxable year for the following businesses would be:
a. How much dividend income does Speedways have? b. How much and what kind of taxable income does Speedways have because of the distribution? c. What is Speedways's basis in its stock immediately after the distribution?
You are trying to determine which of two companies is the most profitable. Which of the following would be the best indicator of relative profitability
Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold is $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700.
A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has no stated value.
Compute the predetermined overhead rate. Compute the overhead applied. Find out the amount of overhead that is over or under applied.
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:
In each of the following independent situations, determine Winston's filing status for 2012 and why. Winston is NOT married.
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