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Cucumber Company concluded at the beginning of 2013 that the company's ownership interest in PickelCo had decreased to the point that it became appropriate to begin accounting for its investment as available for sale, rather than using the equity method as it had been doing. The balance in the investment account is $75,000 at the time of the change, and accountants working with company records determined that the balance would have $50,000 if the investment had been accounted for as an available for sale investment. At the time of implementing the change to the available-for-sale method, if financial statements were prepared:
A. Net income and retained earnings will be lower by $25,000
B. Net income will be unchanged and retained earnings will be lower by $25,000
C. The accounts will be unchanged, because no adjustment is necessary
D. Other comprehensive income and accumulated other comprehensive income will be lower by $25,000.
What ratio of debt to equity does the IRS use as a rule of thumb to determine whether or not there is too much debt to equity in the corporate structure?
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Gore Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Gore reacquired 100 shares at $85 per share. On September 1, Gore reissued 60 shares at $90 per share.
tcc inc. is a manufacturer of heavy grade fabric uniforms for use in fire service law enforcement and extensive
Determine the basic earnings per share for Crystal Arts. Round answer to nearest whole cent.
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Identify four types of specialists that you would assemble to provide information to help set the materials price and quantity standards. Briefly explain why you chose each individual
1. after the accounts are adjusted and closed at the end of the fiscal year accounts receivable has a balance of 340000
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What basis will Cardinal Corporation have in the assets acquired from Finch Corporation?
Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006.
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