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The capital structure of Blacksmith ?Inc., at December? 31, 2011, included 18,000 shares of $ 1 preferred stock and 38,000 shares of common stock. Common stock outstanding during 2012 totaled 38,000 shares. Income from continuing operations during 2012 was $108,000. The company discontinued a segment of the business at a gain of $26,000?, and also had an extraordinary gain of $12,000. The Blacksmith board of directors restricts 99,000 of retained earnings for contingencies. Retained earnings at December? 31, 2011, was $99,000 and the company declared preferred dividends of $18,000 during 2012.
1. Compute Blacksmith earnings per share for 2012. Start with income from continuing operations. All income and loss amounts are net of income tax.
2. Show two ways of reporting Blacksmith retained earnings restriction.
Compute the accounts receivable and inventory turnover ratios for 19X5. Alaska rounds all calculations to two decimal places.
A $20 late fee will be added if the payment is made after the 15th of the month. Illustrate what is the effective annual interest rate if the clinic pays the bill on the 17th of the month?
Evaluate the directional impact accounting difference described above would have on the subsequent ratios calculated under IFS and US GAAP.
If the department typed 81,900 lines according to the original plan, what would have been the labor time variance? What was the labor time variance as a result of typing 88,900 lines? What was the labor rate variance as a result of the bonus?
Greg, Alex, and Tom formed a general partnership in 2000 which they call Green Mountain Partners. Green Mountain Partners presently owns a bed and breakfast inn located in Quechee, Vermont. If Greg sold the land to the partnership, Green Mountain Par..
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Garland Company received proceeds of $188,000 on 10-year, 6% bonds issued on January 1, 2013. The bonds had a face value of $200,000, pay interest semi-annually on June 30 and December 31. Garland uses the straight-line method of amortization. What i..
DEF Inc. has an assembling machine with a useful life of eight years. The original cost was $43,000 and the residual value is $3,000. If DEF uses sum-of-the-years'-digits for its depreciation method, what is depreciation expense in year two, assuming..
Presented below is the trial balance of Scott Butler Corporation at December 31, 2014. Debit Credit Cash $ 199,630 Sales $ 8,103,580 Debt Investments (trading) (cost, $145,000) 156,580 Cost of Goods Sold 4,803,580 Debt Investments (long-term) 301,630..
What are the advantages and disadvantages to our company of financing the expansion by issuing bonds? By issuing common stock?
Prepare an income statement for the month of June. Post the closing entries from the general journal to the relevant ledger accounts.
Prepare an income statement showing departmental contribution margin. Raw materials costing $60,000 were issued from the storeroom.
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