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If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:
a) not reclassify the investment, as original classifications are irrevocable.
b) reclassify the investment as held to maturity and immediately recognize in net income any unrealized gain or loss on the reclassification date.
c) reclassify the investment as held to maturity and treat the fair value as of the date of reclassification as the investment's amortized cost basis for future amortization.
d) need to restate earnings, as the original classification was in error.
The cost associated with maintaining rural highways follows a predictable pattern. There're basically no costs for the first three years, but thereafter maintenance is needed for restriping, weed control, light replacement, shoulder repairs, etc.
Faith inherited an undivided interest in a parcel of land from her father on February 15, 2005. Her father had purchased the land on August 25, 1965, and his basis for the land was $325,000.
On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:
The company requires a minimum pretax return of 15% on all investment projects. The net present value of the proposed project is closest to:
The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?
Cost Behavior when costs are semivariable: Data from the payroll department of Dominguez Company for the past two months follow: What is the apparent variable cost per employee paid?
Should the rules be rewritten so that Coca-Cola must consolidate CCE rather than use the equity method? If so, at what level of ownership would the equity method no longer be appropriate?
Barr Company acquires 60, 10%, 5 year, $1,000 Community bonds on January 1, 2010 for $61,250. This includes a brokerage commission of $1,250. The journal entry to record this investment includes a debit to
The market price of a bond issued at a discount is the present value of its principal (face) amount at the market (effective) rate of interest:
On December 31, Year One, the Haynie Company is producing financial statements. How is this forward exchange contract reported?
What is the importance of the cash budget? Has anyone ever been involved in the budgeting process? Tell us about your experiences.
Top management has decided the transfers between the two divisions should be at $19. Compute the effect of the transfer on the net income for the Battery Division, Automotive Division, and the total company
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