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Knight Co. owned 80% of the common stock of Stoop Co. Stoop had 50,000 shares of $5 par value common stock and 2,000 shares of preferred stock outstanding. Each preferred share received an annual per share dividend of $10 and is convertible into four shares of common stock. Knight did not own any of Stoop's preferred stock. Stoop also had 600 bonds outstanding, each of which is convertible into ten shares of common stock. Stoop's annual after-tax interest expense for the bonds was $22,000. Knight did not own any of Stoop's bonds. Stoop reported income of $300,000 for 2011.
What was the amount of Stoop's earnings that should be included in calculating consolidated diluted earnings per share?
a) $300,000.
b) $240,000.
c) $257,600.
d) $322,000.
e) $201,250.
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
On February 28, 2009, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2009, was $2,100,000. The income tax rate is 40%.
The following materials standards have been established for a particular product: What is the materials quantity variance for the month?
Calculate the proceeds (issue price) of Learned Inc.'s, bonds on January 1, 2010, assuming that the bonds were sold to provide a market rate of return to the investor.
Briggs & Stratton Corporation is the world's largest maker of air-cooled gasoline engines for outdoor power equipment. The company's engines are used by the lawn and garden equipment industry.
Albacore company had 300,000 shares of common stock issued and outstanding. Albacore issued a 10% stock dividend on June 30. On September 30, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares..
List and describe one advantage and one disadvantage of raising external funds with debt, preferred stock, and common stock.
The rounded present value of an ordinary annuity for nine years at 9% is 6.0. What amount should N report as capitalized lease liability at December 31, 2009?
when long-lived assets are purchased with a loan, can a company report the net difference between the cost of the asset and the mortgage liability against the asset, instead of reporting the two amounts separately on the balance sheet?
Calculate annual returns for each of the last five (5) years for a company of your choice listed on the Australian Stock Exchange and compare these returns to the Australian market during the same period.
An employee received a paycheck from her employer in the amount of $776.35. The pay-check stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax, and $74. 65 for FICA. ..
A review of the accounting records of Rayford Manufacturing indicated that the company incurred the following payroll costs during the month of August.
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