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Brown Corporation has 1,000 shares of common stock outstanding. Bob owns 300 of the shares, Bob's mother owns 300 shares, Bob's daughter owns 50 shares, and Bob's sister owns 50 shares. Black Corporation owns 200 shares. Bob owns 70% of the stock in Black Corporation.
a. Applying the stock attribution rules applicable in the case of a stock redemption, how many shares does Bob own in Brown Corporation?
b. Assume Bob owns only 45% of Black Corporation. How many shares does Bob own, directly or indirectly, in Brown Corporation?
c. Assume Bob owns 40% of BZ Partnership and that the partnership owns 100 shares in Brown Corporation. How many shares does Bob own in Brown Corporation assuming the same facts as in a., above, augmented by BZ's ownership of Brown shares?
Last year Bizmart had credit sales of $32 million and a net profit margin of 8%. If Bizmart had accounts receivable of $4.5 million, what was the length of the receivables conversion period?
Madison Industries is a manufacturer of sweaters. The information for March is as follows: Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
Calculate the gain or loss on the sale of the spray painter. Calculate the income statement effect, assuming that XYZ instead decided to give the spray painter to a charitable foundation.
XYZ Company accepted a national credit card for a $3,000 purchase. The cost of the goods sold is $2,400. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income?
For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is
A friend has $950 that has been saved from her part-time job. She will need her money-Calculate the interest earned on the savings account for six months.
Describe how these entries would be recorded in a computerized acconting system. Describe 1 ethical issue that could result from preperation of these manufacturing entries.
For the month of April, actual direct labor hours amounted to 2,000. In April, Thorp's standard direct labor rate per hour was:
Accurately computes the return on investment, economic profit, and economic value added for the current situation. (Assume that the after-tax cost of capital is 8%. The formulas used in your calculations must be included.)
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
Which of the following characteristics distinguishes a governmental or not-for-profit entity from a business entity?
Which of the following business has the burden of unlimited liability?
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