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During 2009, Edgemont Corporation had revenues of $230,000 and expenses, including income taxes, of $190,000. On December 31, 2008, Edgemont had assets of $350,000, liabilities of $80,000, and capital stock of $210,000. Edgemont paid a cash dividend of $25,000 in 2009. No additional stock was issued. Compute the retained earnings on December 31, 2008, and 2009.
A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue?
CAPM and Venture Capital
Prepare an answer sheet with the following column headings. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected th..
Each bond has twenty detachable warrants. The bonds and warrants were sold at 110. At the time the bond were issued each warrant had a market value to one percent of the face value of one bond.
The parent company's share of the fair value of the net assets of a subsidiary may exceed acquisition cost. How must this excess be treated in the preparation of the consolidated financial statements? What is the reasoning that supports this treat..
During the current year, Garrison Construction trades an old crane that has a book value of $80,000 (original cost $140,000 less accumulated depreciation $60,000) for a new crane from Keillor Manufacturing Co. the new crane cost Keillor $165,000 t..
What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
Why is it important to distinguish between upstream and downstream sales in the analysis of intercompany profit eliminations?
Why is depreciation for income tax purposes an important concern of taxpayers and how does tax depreciation differ from financial accounting depreciation?
What are the advantages and disadvantages of making individual managers either, cost center manages, investment center manager, profit center manager.
What is a characteristic line? How is this line used to estimate a stock's beta coefficient? Write out and explain the formula that relates total risk, market risk, and diversifiable risk.
Make the necessary adjusting journal entries at December 31, 2007, and December 31, 2008 to record depreciation for each year under the following depreciation methods: (a.) Straight-line. (b.) Double-declining-balance
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