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David Drew owned two shares of ABC corp commons stock. He paid 60 for one share on January 15, 2008 and 30 for one share on March 31, 2006. The corp declared a stock dividend which gave stockholders two new shares of common stock for each share owned. After the distributions of the shares to the shareholder, how many share are owned by David and what is the adjusted basis of each share.
a. 6 shares owned; 3 shares with 20/cost basis and 3 shares with 40/cost basis
b. 6 shares owned: 4 shares with 0/cost basis and 1 share with 30/cost basis and 1 share with 60/cost basis
c. 6 shares owned: 3 shares with 30/cost basis each and 3 share with 10/cost basis
d. 6 shares owned: 2 shares with 45/cost basis each and 4 sahres with 0/cost basis each.
You have been asked to prepare an analysis of the overhead costs in the order processing department of a mail order company like Harriet Carter Corporation. As an initial step, you prepare a summary of some events that bear on overhead for the mos..
Compute the net present value and internal rate of return to determine the financial feasibility of this project.
In recent years, the Wall Street Journal and other publications have indicated that many companies have changed their accounting principles. What are the major reasons why companies change accounting methods?
Elaine owns an unincorporated manufacturing business. In 2011, she purchases and places in service $250,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any section 179 deduction is $70,000..
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The company requires a minimum pretax return of 12% on all investment projects. The net present value of the proposed project is closest to:
A rowdy spring break guest damages a jukebox that had been purchased in 1995 for $800. The jukebox had a useful of ten years, with an estimated salvage value of $75. The company decided to scrap the jukebox after the incident.
What are some differences between internal and external auditors? And in your organization who audits your financial's statements? Or a company you are familiar with? Are you involved in either type of audit process?
Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2011, assuming that the bonds sold at 104.
The following product line information is for the Home Deal Company. The company is considering dropping its Children's product line due to poor operating income performance. Fixed expenses are allocated to each product line based on sales revenue..
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.
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